Ritchie Bros. Concludes Large Equipment Auctions in Europe and North America

    VANCOUVER, British Columbia--March 24, 2003--Ritchie Bros. Auctioneers announced today that it sold over 8,700 items of equipment in four auctions last week, resulting in gross auction sales of approximately over US$90 million. The two largest auctions were held on March 19, 20, and 21 at the Company's permanent auction sites in Moerdijk (Rotterdam), The Netherlands and Fort Worth, Texas.
    The three-day Moerdijk sale attracted more than 1,400 registered bidders from 60 countries who purchased 2,959 trucks and equipment items. The auction generated gross auction sales of over 35 million EUR.
    "Real-time online bidding is gaining momentum at our European auctions," commented Rob McLeod, Senior Manager of Operations for Ritchie Bros. Auctioneers in Europe. Over 1 million EUR worth of trucks and equipment were bought over the Internet, via the rbauctionBid-Live service.
    The three-day auction in Fort Worth generated gross auction sales of over US$32 million. More than 2,600 bidders from 46 US states and 29 countries bought 3,046 items. Internet bidders represented approximately 20% of total registered bidders and they purchased a record-breaking US$5.8 million worth of trucks equipment.
    This week's auction schedule includes nine auctions in four countries, including the Company's first-ever auction in Greece, and the sale of the three PacifiCat catamaran fast ferries in Vancouver, BC. Information on all upcoming sales and the rbauctionBid-Live service is available on the Company's web site, www.rbauction.com.
    Ritchie Bros. is the world's leading auctioneer of industrial equipment, operating through over 90 locations throughout the world. The Company sells, through unreserved public auctions, a broad range of industrial equipment including equipment utilized in the construction, transportation, marine, mining, forestry, petroleum and agricultural industries. Ritchie Bros. is a public company; its common shares trade on the New York Stock Exchange under the ticker symbol RBA. It maintains a web site at 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.