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Ritchie Bros. to conduct live simulcast of Japan auction at Brisbane site

10/18/2010

Live auction simulcast connects Australian buyers to Japanese equipment market saving them time and money

BRISBANE, AUSTRALIA (October 18, 2010) – Ritchie Bros. Auctioneers, (NYSE and TSX: RBA), the world’s largest industrial auctioneer, will conduct a second live simulcast of its Narita, Japan auction at the Company’s permanent auction site in Brisbane, Australia. The auction, open to the public, will be broadcast in real time on a theatre screen starting at approximately 10:00 a.m. (Brisbane time) on Thursday, October 28, 2010. The live simulcast of the Narita auction will provide Australian equipment buyers with the opportunity to bid on items in the Narita auction without having to leave the country. Bids can be made in person at the Brisbane auction site, online in real time at www.rbauction.com, or by proxy.

Ritchie Bros. conducted its first live simulcast of a Narita, Japan auction at the Brisbane site in May of this year. Nearly 300 bidders from 29 countries, including multiple bidders from Australia, competed for 120+ equipment items in the Narita auction. Brash Contracting, an Australian excavating and earthmoving contractor, attended the live simulcast at the Brisbane site, purchasing a 2007 Caterpillar 980H wheel loader now being used in an Australian mining operation on Melville Island.

“We’ve bought and sold with Ritchie Bros. before within Australia, but this was our first time purchasing a piece of equipment outside the country,” said Leon Brunt, co-owner of Brash Contracting. “The simulcast really worked well for us and we took advantage of the transportation companies available on-site during the simulcast to figure out shipping costs and needs. Ritchie Bros. made it easy and accessible for us to buy the wheel loader from Japan. Even with shipping costs factored into our purchasing decision, we saved a lot of money and time buying it from there.”

More than 80+ equipment items will be sold in the October 28 Narita auction and simulcast, including a large selection of unused and late model Caterpillar crawler tractors, vibratory smooth drum rollers, tandem vibratory drum rollers and 20+ 2008 New Holland TL5060 MFWD agricultural tractors. Other equipment being sold includes hydraulic excavators, motor graders and bucket and van trucks.

As with every Ritchie Bros. auction, the Narita auction and simulcast will be unreserved, meaning every item of equipment will be sold to the highest bidders on auction day—regardless of price—with no minimum bids or reserve prices. Transportation companies and customs brokers will also be present at the Brisbane auction site during the live Narita simulcast to assist customers with their shipping needs.

“Using live simulcast technology at the Brisbane site is opening up new opportunities for Australian equipment buyers and exposing them to new markets outside the country, like Japan, that have good quality gear,” said Warwick Mackrell, Vice President, Ritchie Bros. Auctioneers. “We plan to continue to hold live simulcasts of our Narita auctions at the Brisbane site from now on. The ability to provide this kind of easy and convenient service is exciting—buyers get the benefits of being at a live auction held in another country without having to go there in person.”

Narita auction simulcast details:

  • Location: Ritchie Bros.’ Brisbane permanent auction site at 1-57 Burnside Road, Yatala, QLD, 4207
  • Brisbane auction site tel: 07.3382.4444
  • Time & date: Thursday, October 28, 2010 – Narita auction simulcast at 10:00 a.m. (Brisbane time)
  • Unreserved auction is open to the public; registration to bid is free
  • Interested buyers can bid in person at the Narita auction site in Japan, in person at the Brisbane auction site, online in real time at rbauction.com or by proxy
  • Ritchie Bros. will also be hosting a free auction buying workshop at its Brisbane site at 9 a.m. (local time) on auction day to show you how to buy and import equipment from Japan.
  • More information about the auction, including full 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 42 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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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

For more information contact:
Warwick Mackrell, Vice President, Ritchie Bros. Auctioneers
Brisbane auction site tel: 07.3382.4444
Or
Kim Schulz, Manager, Corporate Communications, Ritchie Bros. Auctioneers
Phone: +1.778.331.5442 or email kschulz@rbauction.com

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