News
$61 million of equipment in Ritchie Bros. Edmonton Auction

October
26, 2012, Edmonton, AB /CNW/ – Ritchie Bros. Auctioneers,
the world's largest industrial auctioneer, sold more than CA$61 million (US$61+
million) of heavy equipment and trucks during an unreserved public auction in Edmonton,
Alberta on October 24 & 25, 2012.

October
26, 2012, Edmonton, AB /CNW/ – Ritchie Bros. Auctioneers (NYSE and TSX: RBA),
the world's largest industrial auctioneer, sold more than CA$61 million (US$61+
million) of heavy equipment and trucks during an unreserved public auction in Edmonton,
Alberta on October 24 & 25, 2012. More than 5,400 registered bidders
competed for more than 4,900 equipment items and trucks sold in the auction.
Every item was sold to the highest bidder, regardless of price—without minimum
bids or reserve prices.

"Our
latest Edmonton auction featured equipment from a record number of sellers
across Alberta and the world," said Jim Rotlisberger, Regional Sales Manager,
Ritchie Bros. Auctioneers. "We experienced good pricing on both days of
the auction and more than half of the registered bidders participated online.
The high percentage of online participation this week was most likely due to
the large number of surrounding winter storms in Alberta. Online bidders were
able to inspect the equipment on our website, bid from home and avoid the snow
while on-site bidders participated from our heated auction facility—it's great
that we are able to offer our customers a variety of ways to bid on all the
equipment available."

More
than 5,400 people from 31 countries, including 9 Canadian provinces and 2
territories registered to bid in person or online in the auction. Bidders from
outside Alberta purchased close to CA$18 million (US$18+ million) or 29 percent
of total gross auction proceeds. More than 2,750 of the bidders taking part in
the auction registered to bid online (51 percent) and purchased more than CA$21
million (US$21+ million) of equipment available online.

The
auction featured equipment from more than 740 sellers—a new Canadian record,
including more than 50 equipment items and trucks for Terry Stenberg Oilfield
Services, an oilfield construction and lease reclamation company based in
Central Alberta.

"We
are very happy with the results on our equipment thanks in large part to the
power of internet bidding, which opened up the market for our equipment all the
way from Edmonton to Peru," said Stace Stenberg, Operations Manager, Terry
Stenberg Oilfield Services. "Recently my father decided to retire and
chose Ritchie Bros. to sell his equipment fleet because of the quality of
equipment they attract, the customer service they provide and the comfort and
convenience they provide to bidders—especially here in Edmonton where bidders
are able to sit in an enclosed, warm facility and bid, not stand outside in the
cold. It was also very important to us that Ritchie Bros. sells all equipment
unreserved because we don't want to sit and wait to sell the equipment auction
after auction—we want it all sold today, and it did."

AUCTION
QUICK FACTS: EDMONTON, AB – OCTOBER 24 & 25, 2012

• Gross
  Auction Proceeds
  – CA$61+ million (US$61+ million)
• Amount
  sold to online bidders – CA$21+ million (US$21+ million)
• Unique
  bidders (total)
  – 5,400+
• Unique
  online bidders
  – 2,750+ (51 percent)
• Lots
  sold – 4,900+
• Number
  of sellers
  – 740+
• 
  

The
Ritchie Bros. auction calendar currently features more than 80 unreserved
public auctions around the world. Visit www.rbauction.com for a complete list of upcoming
auctions.