Ritchie Bros. to Open New Auction Site In Houston

Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest on-site and online industrial auctioneer, is holding a three-day unreserved industrial equipment auction from March 25 to 27, 2009 at its brand new permanent auction site in Houston (15500 Eastex Freeway). The Company has been conducting unreserved public auctions at its former site off the I-10 East Highway since 1992, but needed more capacity to hold larger truck and equipment auctions. The Grand Opening of the new site will be celebrated with an official ribbon cutting ceremony during Day One of the three-day auction on March 25, 2009 at approximately 11 a.m.
 
The Company's new 130-acre Houston site replaces the former 40-acre auction facility and yard. The former property and buildings will be sold in a June Ritchie Bros. unreserved auction. At a Ritchie Bros. unreserved auction, there are no minimum reserves or prices - everything sells to the highest bidder on sale day regardless of price, and the owner is not permitted to participate in the sale.