Ritchie Bros. Auctioneers Holds its Largest Unreserved Industrial Auction

VANCOUVER, British Columbia--Feb. 2, 20067, 2006--Ritchie Bros. Auctioneers Incorporated (TSX:RBA) the world's largest industrial auctioneer, today announced that it recently conducted its largest auction in company history. On February 21 - 25, 2006, the Company held an unreserved auction in Orlando, Florida, generating gross auction sales of more than US$113 million. The previous record held by the Company was US$79 million.

More than 5,125 registered bidders from 56 countries and all 50 U.S. states registered to bid on over 5,000 truck and equipment items at the five-day auction. 81% of purchases went to buyers from outside the state of Florida; 25% went to buyers from outside the United States.

"A successful auction like this, together with our strong sale in Phoenix earlier in the month, certainly sends a very positive signal to the equipment market," said Gary Seybold, Ritchie Bros. Florida Regional Manager. "The size of the auction reflects the momentum we have been enjoying at our auction sites around the world. More and more equipment owners are participating in our unreserved auctions because they want access to the global marketplace."

The auction included over 135 wheel loaders, 120 loader backhoes, 200 crawler tractors, 210 hydraulic excavators and 72 articulated dump trucks. Day 5 was strictly a truck and trailer auction day, with over 700 trucks and trailers being sold.

Seybold added: "Our team worked non-stop in the weeks leading up to the auction, enabling us to put on a first-class auction for our customers. We painted over 300 items and cleaned another 500 items in the refurbishing facilities at our auction site. We recently expanded our yard and it was completely full. We had the largest crowd we've ever seen in Orlando. This auction represents an excellent start to the year for Ritchie Bros. As for our team in Florida, we're already looking forward to our next sale in May."

In addition to being the Company's largest-ever auction, the Orlando sale also set new records for internet business. A record 1,306 people registered to use the Company's rbauctionBid-Live service, which allows interested bidders to participate in the auction over the internet, live and in real-time. 580 items were purchased online, accounting for over US$19 million worth of trucks and equipment items. The internet participants were buyers or runner-up bidders on 27% of the lots available for online bidding.

"Prices were high across the board, showing that the global market is strong," said Peter Blake, Chief Executive Officer of Ritchie Bros. Auctioneers. "We are extremely proud of our team in Florida. The yard and customer service teams worked hard for our customers. They did a terrific job and deserve the accolades."

There are currently over 37,000 truck and equipment items featured in more than 40 unreserved industrial and 100 agricultural auctions in the upcoming Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions, including equipment that will be sold, are available on www.rbauction.com.

Attention Media: An aerial photo showing this Orlando yard/auction is available in the archives on the CP Network in Canada (until March 22) and on the AP Network in the USA (until March 1). To view the aerial photo, you can also check this link: http://www.ccnmatthews.com/news/mmlib/img.jsp?action=showPhoto&login=t rue&photoId=1063

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 equipment including equipment 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.

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.

Ritchie Bros. Auctioneers Incorporated (TSX:RBA)