Ritchie Bros. to hold 26 open houses for MW Johnson Twin Cities home auction

MINNEAPOLIS, MN, March 19 /PRNewswire-FirstCall/ - On Saturday, March 22, open houses will be held at 26 brand new MW Johnson homes being sold at an unreserved Ritchie Bros. auction inMinneapolis on March 29, 2008. The townhouses and single-family homes are located in both Minnesota and Wisconsin in new family-oriented neighborhoods within 60 miles of the Twin Cities. Each of them will be open to the public from 1 - 4 p.m. this Saturday, giving interested buyers the opportunity to inspect the homes and decide how much they would be willing to bid on auction day. Ritchie Bros. Auctioneers (NYSE and TSX: RBA) will conduct the auction at 1 p.m. on Saturday, March 29 at the Minneapolis Convention Center. The auction will be strictly unreserved, with no minimum bids and no reserve prices.

"Interested homebuyers should not miss this opportunity to inspect and then bid on the home of their dreams," said Kieran Holm, Ritchie Bros. Regional Manager. "Come to the open house and decide what you would be willing to pay for your new home. Then register to bid for the auction on March 29. You can bid in confidence at our unreserved auctions knowing there are no hidden reserves and no artificial price manipulation. We will sell all 26 brand new MW Johnson homes to the highest bidders on March 29 - regardless of price."

Ritchie Bros. is also conducting free "auction buying" seminars at 6:30 p.m. on Wednesday, March 26 and Thursday, March 27, 2008 at MW Johnson Construction (17685 Juniper Path, Lakeville, Minnesota). Ritchie Bros. representatives will demonstrate the process of bidding and buying, explain common auction terms and answer any questions. The seminar is free but seating is limited. Phone 652-892-5200 to reserve your seat at the seminar.

OPEN HOUSES

1 - 4 p.m. - Saturday, March 22, 2008

Minnesota (Apple Valley, Elk River, Farmington,Jordan Lakeville, Mankato, Minneapolis, Montgomery, Monticello, Red Wing, Shakopee, St. Cloud,St. Paul, Woodbury)

Wisconsin (Baldwin, Hammond, Hudson, NewRichmond, Prescott, River Falls, Roberts)

    Go to www.rbauction.com/twincities for home details and addresses.

    AUCTION BUYING SEMINAR
    6:30 p.m. - Wednesday and Thursday, March 26 & 27, 2008
    MW Johnson Construction (17685 Juniper Path, Lakeville, MN)

    UNRESERVED AUCTION
    1 p.m. (registration starts at 11 a.m.) - Saturday, March 29, 2008

Minneapolis Convention Center (1301 Second Avenue South,Minneapolis MN - Room 211 A-D)

Further information, including details on all 26 homes being sold, is available at www.rbauction.com/twincities. Interested bidders can also contact Steve Speer, Ritchie Bros. Territory Manager, at 612-518-0095.

About Ritchie Bros.

Established in 1958, 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 web site at www.rbauction.com.

    Fact Sheet: Ritchie Bros. Unreserved Real Estate Auctions

    Who is Ritchie Bros. Auctioneers?

Established in 1958, Ritchie Bros. is the world's largest industrial auctioneer, selling more than $3.18 billion of industrial and commercial assets in 2007 alone. Ritchie Bros. has been selling real estate by unreserved auction at the request of customers since the early 1980s, but established its dedicated Real Estate Auction Division in 2005 due to the growing demand for its real estate auction services.

Ritchie Bros. has more than 950 employees in 110 locations around the world, including 38 full-service auction sites. The Company's worldwide headquarters are located inVancouver, BC,Canada and U.S. headquarters in Lincoln, Nebraska. Ritchie Bros. is listed on the NYSE and TSX under the trading symbol RBA.

What is the difference between Ritchie Bros. auctions and other real estate auctions?

Every Ritchie Bros. auction is strictly unreserved, which means there are no minimum bids and no reserve prices. Ritchie Bros. also maintains a strict "no bid-ins and no buy backs" policy, which means that consignors (sellers) and their agents are contractually forbidden from offering bids on their own items in the auction. As a result, prices are set by legitimate bidders - not by Ritchie Bros. or the seller - and every item is sold to a new owner on auction day. Ritchie Bros. auctions are open to the public and registration is free.

Unlike Ritchie Bros. auctions, many real estate auctions have reserve prices, which are sometimes not disclosed to the bidders. At these types of auctions, if no one offers a bid greater than the reserve price, the item is removed from the auction and not sold. There are absolutely no reserve prices at Ritchie Bros. auctions; everything is sold on auction day.

What does unreserved mean?

"Unreserved" means there are absolutely no minimum bids and no reserve prices set on the items being sold in the auction. As a result, every item is sold to the highest bidder on auction day - regardless of price. An unreserved auction is sometimes referred to as an "absolute" auction.

How many auctions has Ritchie Bros. conducted?

Ritchie Bros. has conducted almost 3,600 unreserved auctions in its 50-year history - and every single one has been strictly unreserved. In 2007, Ritchie Bros. conducted more than 350 unreserved public auctions, selling close to $40 million of residential, recreational, commercial and agricultural real estate.

What types of properties has Ritchie Bros. sold?

Ritchie Bros. has sold many different types of real estate by unreserved auction, including the Jewel in Lake City golf course and home sites (more than 100 total) in Lake City, Minnesota. Among the hundreds of properties sold to the highest bidders at unreserved Ritchie Bros. auctions in 2007:

    -   36.5-acre Ritchie Bros. auction site in Denver, Colorado
    -   45-acre commercial/industrial property in Ponoka, Alberta
    -   36-home residential subdivision in Quesnel, British Columbia
    -   1,700 square foot luxury condo overlooking the Texas Motor Speedway
        in Fort Worth, Texas
    -   320+/- acres of agricultural/recreational land in Stettler County,
        Alberta

    How can I bid at a Ritchie Bros. auction?

Bidding at a Ritchie Bros. auction is easy. Take the time to inspect the item you are interested in before auction day - whether it's a piece of equipment or a piece of property - and decide how much you are willing to bid. Read the terms and conditions of bidding and payment on the Ritchie Bros. web site at www.rbrealestate.com. On auction day, simply register to bid - it's free and requires only proof of identification. If you can't make it to the auction site on auction day, register to bid online using the Ritchie Bros. real-time internet bidding service, rbauctionBid-Live.

How can I find out more about Ritchie Bros. real estate auctions?

For more information about Ritchie Bros. and for details about upcoming real estate auctions, go to the Ritchie Bros. web site at www.rbrealestate.com or phone 1.877.675.LAND (5263).

CONTACT: Kieran Holm, Regional Manager - Real Estate Auction Division, Ritchie Bros. Auctioneers, Tel: (817) 372-7219 Or Kim Schulz, Corporate Communications Manager, Ritchie Bros. Auctioneers, Head office, tel: (604) 304-3830 or email kschulz@rbauction.com

SOURCE Ritchie Bros. Auctioneers (America) Inc.

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Copyright © 2008, NewsBlaze, Daily News

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