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Thousands of equipment items sold in $29 million unreserved Ritchie Bros. Dubai auction

Posted on: Monday, 17 August 2009, 06:00 CDT

DUBAI, UAE, Aug. 17 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, conducted a three-day unreserved auction in Dubai, UAE from August 10-12, 2009, generating gross auction proceeds in excess of US$29 million. More than 440 on-site and online bidders from 48 countries participated in the auction, which featured more than 2,100 equipment items and trucks. Highlights of the auction included a large selection of 2009 unused Komatsu equipment, including a PC400 excavator and several WA470 wheel loaders, which sold for US$230,000 each.

"This successful August sale built on momentum from our record breaking sale in June. It is gratifying to know we've surpassed US$100 million in gross auction proceeds in Dubai for the first three quarters of the year - the first time we've achieved this since we started conducting auctions in Dubai," said Steve Barritt, Regional Manager, Ritchie Bros. Auctioneers.

Buyers from as far away as Canada, Australia, the United States and the United Kingdom purchased in excess of US$12 million of equipment and trucks (41 per cent of gross auction proceeds).

Ritchie Bros. has 58 unreserved auctions on its upcoming auction calendar at www.rbauction.com, including the next public auction at its permanent auction site in Dubai (December 14 - 16, 2009) and the Company's first auction in Hyderabad, India on September 25, 2009.

Investors and potential investors should note that this information may not be indicative of the overall financial performance of the Company for this or any period.

About Ritchie Bros.

Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. The Company has over 110 locations in more than 25 countries, including 39 auction sites worldwide. Ritchie Bros. sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

SOURCE Ritchie Bros. Auctioneers

Source: PR Newswire

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