Ritchie Bros. Attracts Bidders From Around the World to Large Phoenix Auction

Ritchie Bros. Auctioneers (TSX: RBA)(NYSE: RBA), the world's largest auctioneer of trucks and industrial equipment, last week conducted an unreserved public auction in Phoenix, Arizona that generated approximately US$20 million in gross auction sales. The auction was held May 3-4, 2007 at the Company's permanent auction facility in Phoenix. The two-day sale featured nearly 1,900 items and attracted more than 1,600 registered bidders from 15 countries, including 42 U.S. states and eight Canadian provinces. Almost 60 per cent of the equipment in the auction went to buyers from outside the state of Arizona.

Nearly 1,500 lots in the auction were available for bidding over the internet, live and in real time, using the Company's online bidding service, rbauctionBid-Live. A total of 625 of the registered bidders participated online in the auction, and approximately US$5 million worth of trucks and equipment was purchased online. eBidders were winner or runner-up bidder on more than 25 per cent of the equipment offered through rbauctionBid-Live.

"The internet played a big role in this auction," said Dan White, Ritchie Bros. Regional Manager. "With our ability to reach customers from around the world, the local slowdown in the construction industry had very little effect on the equipment prices we achieved for our consignors. The aggregate equipment, especially the jaw crushers and cone crushers, definitely exceeded our price expectations."

The auction featured a complete dispersal for QMAX Company, as well as a range of construction, transportation and other equipment from LaFarge, Lamb Excavation Inc., Red Mountain Machinery Company, Road Jammers Machinery, RSC, Sunstate Equipment Co., Sunbelt Rentals, and more than 300 other consignors.

QMAX sold a complete aggregate crushing spread through the auction, including crushers, conveyers, hydraulic excavators, trucks and trailers. As with every item consigned to a Ritchie Bros. auction, the equipment was sold unreserved to the highest bidder, regardless of price.

"I wasn't worried about selling unreserved," said Elaine Fann, owner and president of QMAX. "We've bought and sold through Ritchie Bros. auctions many times, and I wouldn't have used anyone else for this dispersal; I'm very confident in their performance and reputation. I've been to many auctions, and there are never as many people at other auctions as there are at Ritchie Bros. auctions. The staff is very professional and friendly, and we've built up a relationship over the years. It's very important to me to deal with people and companies that I can trust. I'm very pleased with the results of the auction."

There are currently 48 unreserved industrial auctions and 42 unreserved agricultural auctions on the upcoming Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions are available on www.rbauction.com.

About Ritchie Bros.

Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company 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, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a website at www.rbauction.com.

Investors and potential investors should note that this information may not be indicative of the overall financial performance of the Company for this or any period.