Ritchie Bros. conducts third public unreserved auction in Hyderabad, India

Online, June 22, 2010 (Newswire.com) - HYDERABAD, INDIA (JUNE 22, 2010) - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, sold more than 140 equipment items and trucks at an unreserved public auction in Hyderabad, India this week (June 9, 2010). The auction attracted more than 150 registered online and on-site bidders from 16 countries in the Middle East, Asia, Europe and North America. Every item was sold to the highest bidder-regardless of price-with no minimum bids or reserve prices. Buyers placed bids on equipment at the site in Hyderabad and online in real time at www.rbauction.com.

"We were pleased to welcome many new on-site and online bidders to our third unreserved auction," said Mr. Sameer Malhotra, Country Manager, Ritchie Bros. Auctioneers. "It was great to see first-time bidders from Egypt, the United Arab Emirates and Nepal bidding with confidence on the items they needed."

The June 9th Hyderabad auction featured a selection of excavators, trucks, cranes, dump trucks, forklifts, pavers, motor graders and loaders from the local market.

"India is a new market with strong potential for Ritchie Bros. We're seeing a greater level of participation from Indian bidders not just in Hyderabad, but also at our auctions worldwide," adds Mr. Malhotra. "Our unreserved auctions serve as an efficient method for our Indian customers to manage their equipment needs and they're traveling more and more to our auction sites in Spain, Dubai, and even to North America to buy and sell equipment."

Ritchie Bros. held its first auction in India in September 2009 and has already sold hundreds of items on behalf of consigning customers.

There are currently 72 upcoming unreserved equipment auctions listed on the Company's auction calendar at www.rbauction.com. More information about buying and selling equipment is also 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.

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For more information contact:
Alexander Ypeij, Communications Specialist Europe, Ritchie Bros. Auctioneers
Tel: +31.765.242.600 or e-mail: [email protected]
Or
Kim Schulz, Manager, Corporate Communications, Ritchie Bros. Auctioneers
Mobile (Canada): +1.604.788.5379 or e-mail: [email protected]
Or
Sameer Malhotra, Country Manager India, Ritchie Bros. Auctioneers
Tel: +91.11.4141.4444