Auctioneering Company Reports Record Year

September 28, 2010

Vancouver, BC – Ritchie Bros. Auctioneers announced a preliminary gross auction proceeds estimate of $3.57billion for 2008.

This represents a 12-percent increase over 2007 gross auction proceeds, making 2008 the largest year in the company's 50-year history.

Ritchie Bros. conducted 193 unreserved industrial auctions in 13 countries throughout North America, Europe, the Middle East, Asia, and Australia in 2008. The company also conducted 147 unreserved agricultural auctions in 2008. The company set 12 regional gross auction proceeds records in 2008, including: Las Vegas, $54 million (March 13-15) and Albuquerque, regional record (June 30).

One of Ritchie Bros.' strategic initiatives involves expanding and improving its international network of auction sites. The company made significant headway on this front in 2008, including the establishment of a new regional auction unit in Las Vegas.