Ritchie Bros. Auctioneers conducts first auction in Turkey, attracts hunderds of people

PRLog (Press Release) - Nov 24, 2009 -
Unreserved equipment auction in Istanbul attracts hundreds of people

Istanbul, 23 November 2009 – Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world’s largest industrial auctioneer, conducted its first ever auction in Turkey last Saturday. The Company welcomed hundreds of people at the sale in Istanbul, of which more than 120 registered to bid on used and unused construction equipment and trucks.

More than 150 items were sold at the auction on Saturday, including excavators, wheel loaders, tractors, all-terrain cranes, lifts, and trucks. Equipment buyers were able to place bids both on-site in Istanbul and online simultaneously.

“The participation at our first auction in Turkey was overwhelming,” says Ritchie Bros. Auctioneers Senior Vice President and Managing Director Europe, Asia and the Middle East Guylain Turgeon. “It was fantastic to see that the auction attracted hundreds of people. Many of the bidders were first-timers, but that didn’t stop them from successfully buying equipment and trucks. We are impressed with how the customers were easily able to adapt to the fast-paced auction. Overall, this has been a great experience for us and a warm confirmation from existing and new Turkish customers that our unreserved auction method is of value in Turkey.”

Every Ritchie Bros. auction is unreserved, meaning there are no minimum bids or reserve prices. All items sell on auction day, regardless of price. The Company also forbids owners from bidding on their own items, which ensures that the bidders set the prices, not the sellers. The Company’s unreserved auction method is world renowned for its transparency and fairness, which benefits both buyers and sellers.

About Ritchie Bros.
Established in 1958 in Canada, 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 39 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.

For more information contact:
Barbaros Guc, Territory Manager, Ritchie Bros. Auctioneers
Tel: +90.533.763.1170

Or Alexander Ypeij, Communications Specialist Europe, Ritchie Bros. Auctioneers
Tel: +31.765.242.600 or email: aypeij@rbauction.com

Or Kim Schulz, Manager, Corporate Communications, Ritchie Bros. Auctioneers (Canadian head office)
Cell: +1.604.788.5379 or email kschulz@rbauction.com