Ritchie Bros. adds fifth auction to Olympia 2010 auction schedule

Customers get more opportunity to buy and sell equipment as demand for services grows

OLYMPIA, WA, May 20 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, will be conducting a multi-million dollar unreserved public equipment auction next week at its permanent auction site in Olympia on Thursday, May 27, 2010. More than 1,800 equipment items and trucks will fill the yard on auction day and be sold to the highest bidders - regardless of price - with no minimum bids or reserve prices. The auction will be the second of five unreserved auctions to be held at the Olympia site in 2010. Only four auctions have been conducted at the Olympia auction site each year until now.

Earlier this year, the Company announced it was seeking to move from its current location due to growth in its operations in the state of Washington. The Company has set its sights on a parcel of land in Lewis County, Washington.

"We've been outgrowing the site for the last few years," said Rob Giroux, Regional Manager, Ritchie Bros. Auctioneers. "With demand for our services growing, we've bumped up the number of auctions to be held at the site this year to five."

"We're also holding several off-site auctions - an average of six a year. In fact, we just conducted a very successful auction in Spokane in early May-the first one held there in nearly 20 years," Mr. Giroux added. "The support from customers and the local community was really amazing. Our off-site auctions allow us to reach buyers and sellers not familiar with us. We bring the auction to them and they get to experience first-hand what we do."

Close to 300 owners will be selling their equipment in the upcoming Olympia auction. Wubben Bros. Inc., a Vancouver, Washington-based contractor, will be selling 90 items as part of a complete dispersal, including hydraulic excavators, loader backhoes, crawler tractors and various trucks. The company also sold more than 70 equipment items - as part of their dispersal - in the May 5th Spokane auction.

"I've been using Ritchie Bros. for years and always have had a great experience with them," said Jerry Wubben, President, Wubben Bros. Inc. "The auction in Spokane worked to our advantage because one of our offices is close by. We received a good return on our equipment and I was pleased with the overall outcome. We'll be selling the rest of our fleet in the upcoming Olympia auction."

Other equipment being sold in the Olympia auction includes: nearly 80 hydraulic excavators; 25 wheel loaders, including an unused 2007Cat 950H; more than 40 dump trucks and 20 rollers; and an assortment of trucks and trailers, including 60 truck tractors and a 2008 Mountain 60-ton lowboy with a jeep and booster.

Smaller items and consumer goods will also be sold at the auction through the Company's Timed Auction (TAL) system. Bids can be placed on the Timed Auction lots online at rbauction.com, through internet kiosks at the auction site, by using free public wireless access at the site or by proxy.

The TAL system was also used at the last Olympia auction held on March 4 - 5, 2010.

"The feedback on and response to TAL in our last Olympia auction was fantastic," said Mr. Giroux. "We realized just how much time it saved our customers. It's why we've been able to plan a one-day auction at the site for the first time in six years-with the same volume of equipment. Now customers can buy the equipment they want and get back to work sooner."

Interested buyers can bid in person, online in real time at rbauction.com, or by proxy.

Equipment consignments are still being accepted; owners interested in selling their equipment in the May 27th auction can contact the Olympia auction site at +1.360.956.1500 to discuss their options.

    Olympia auction details:
    ------------------------
    -   Location: 13232 Case Road SW, Olympia, WA, 98512
    -   Auction site tel: +1.360.956.1500
    -   Date & time: Thursday, May 27, 2010, starting at 8:00 a.m. (local
        time)
    -   Unreserved auction is open to the public; registration to bid is
        free.
    -   Interested buyers can register to bid in person or over the internet
        days before the auction. Visit the auction site to register to bid in
        person; photo I.D. is required. First-time registered bidders are
        required to place a US$1,000 refundable deposit when they register.
    -   Internet bidders must register online before auction day at
        www.rbauction.com; at least 2-3 business days is recommended for
        first-time internet bidders
    -   Anyone can come to the auction site the week before auction day to
        inspect, test and compare items
    -   More information, including equipment details and photos, is
        available at www.rbauction.com

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 41 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