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Ritchie Bros. closes on new Raleigh-Durham property in North Carolina

April 19, 2011

Company to break ground on future 107±-acre auction site on June 10, 2010

RALEIGH-DURHAM, NC, April 19 /PRNewswire/ – After more than 10 years of service
at its current site in Statesville, Ritchie Bros. Auctioneers (NYSE and
TSX: RBA), the world’s largest industrial auctioneer, officially closed
on the property that will become the Company’s 107±-acre permanent
auction site north of Raleigh-Durham, North Carolina last week.
Construction of a new auction facility, complete with a refurbishment
facility and equipment yard, is scheduled to begin June 2011 with
expected completion targeted for mid 2012.

Ritchie Bros. began searching for a larger property to support its
growing operations in North Carolina in mid 2009, deciding on the
property located in the Falls Lake Commerce Industrial Park (800
Business Park Dr.) in Butner, NC in March 2010. The new site will
replace the Company’s 33±-acre Statesville permanent auction site
located approximately 40 minutes outside Charlotte, NC.

Ritchie Bros.’ long-standing history in the state of North Carolina
began with the purchase of the Statesville facility as part of its
acquisition of Forke Bros. Auctioneers back in 1999. The Company
conducted its first auction at the site on September 6 of the same
year. Since March 2004, 30 Statesville auctions have attracted more
than 30,000 bidder registrations and featured over 28,000 lots.

“Ritchie Bros. is very excited about the future opening of our new
Raleigh-Durham auction site and we look forward to officially breaking
ground this June,” said Curt Hinkelman, Sr. Vice President, Ritchie
Bros. Auctioneers. “The new facility, centrally located within the
state of North Carolina, will provide even greater ease of access to
the large number of customers throughout the region, as well as expand
the services we will be able to provide them, allowing for a more
comfortable and convenient auction experience.”

The new site has approximately 60± acres of equipment display area with
47± acres remaining undeveloped for future expansion. Ritchie Bros.
plans to build a 33,000-square-foot ± auction facility — with seating
capacity for 575 in its fully enclosed theater. The site’s auction
facility will also house a second auction theater with a Virtual Ramp
and seating capacity for 300 people. In the Virtual Ramp theater, large
photos of stationary lots are projected onto a large screen in front of
a seated bidding crowd.

The new auction facility will also house 10 Timed Auction Lot (TAL)
kiosks that will allow customers to bid on smaller items, such as
attachments and consumer goods, in an online Timed Auction. Bids are
placed a few days before and during the live auction, either online at
rbauction.com, using on-site internet kiosks or mobile devices, or by
proxy.

Construction of a new 16,000-square-foot± refurbishing facility,
complete with equipment wash area and painting and blasting booths, and
a 2,400-square-foot± equipment check-in building is also planned. Other
amenities will include an on-site catering facility offering food
services, free wireless internet, and a 10± acre customer parking lot.

The new site is 24 miles (approx. 39 kilometers) north of the
Raleigh-Durham International Airport and visible from Interstate 85,
with access via exit 189. A wide variety of accommodation and
restaurants are situated in close proximity to the site.

“We look forward to welcoming Ritchie Bros. to the town of Butner as
well as the sales tax and property tax Ritchie Bros. is expected to
generate for Granville County and the state of North Carolina,” said
Jay Tilley, Director, Granville County Department of Economic
Development. “Our excitement is now focused on working with Ritchie
Bros. through the construction phase of the project and with the
opportunity to welcome people from around the world to the region once
the new facility is complete.”

Ritchie Bros. will continue to conduct unreserved auctions at its
Statesville auction site until the new auction site in Butner, NC is
complete in mid 2012. The next auction at the Ritchie Bros. Statesville
location is set for the end of June 2011. The Company will be exploring
different options for disposition or redevelopment of the Statesville
property upon relocation to the new site, including soliciting offers
to lease or purchase.

An official ground-breaking ceremony at the Raleigh-Durham auction site
with local dignitaries and representatives from Ritchie Bros. present
will be held on June 10, 2011 starting at 10:00 am.

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. Ritchie
Bros. offers services that enable the world’s builders to easily and
confidently exchange equipment. The Company conducts hundreds of
unreserved public auctions each year, selling a broad range of used and
unused equipment, trucks and other assets utilized in the construction,
transportation, agricultural, material handling, mining, forestry,
petroleum and marine industries. Ritchie Bros. has over 110 locations
in more than 25 countries, including 43 auction sites worldwide. The
Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com

ATTENTION MEDIA: Photos and other media resources are available for use at http://www.rbauction.com/media.
Members of the public and the media can follow Ritchie Bros. on Twitter
@RitchieBros.

SOURCE Ritchie Bros. Auctioneers


Source: newswire



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