Press Release

Ritchie Bros. Auctioneers Incorporated (TSX:RBA)(NYSE:RBA) today announced the signing of a letter of intent to acquire the auction business and assets of Clarke Auctioneers Ltd., a Rouleau, Saskatchewan-based auctioneer of agricultural equipment. This acquisition is intended to expand Ritchie Bros.’ presence in the used agricultural equipment and land markets in Saskatchewan, Canada. Darren and Jordan Clarke, auctioneers and principals of Clarke Auctioneers, are expected to join Ritchie Bros.’ agricultural team in Saskatchewan effective March 15, 2007.

“We are very excited to have the Clarke brothers and their crew joining our team,” said Peter Blake, Ritchie Bros. Chief Executive Officer. “They will play an import role in the continued expansion of our agricultural operations in Saskatchewan and farther a field. We look forward to working with their customers and providing them access to our global marketplace.”

There are now over 60 Saskatchewan auctions on the busy Ritchie Bros. agricultural spring calendar. Many of these auctions include real estate as well as other farm assets. The complete calendar and listings with several photos can be accessed via the Ritchie Bros. Auctioneers web site at www.rbauction.com, along with information about their popular live internet bidding service.

Terms of the transaction will not be disclosed because its size will not be considered material relative to the Company’s consolidated operations. The acquisition is expected to close on or about March 15, 2007.

Posted: 02|16|07 at 7:34 am. Filed under: Auction News.