Mr. Greg Owens reports

IRONPLANET EXTENDS AND EXPANDS RELATIONSHIP WITH U.S. DEPARTMENT OF DEFENSE

Ritchie Bros. Auctioneers Inc. has provided an update. For the past three years, IronPlanet's GovPlanet marketplace has been helping the U.S. Defense Logistics Agency (DLA) sell thousands of its surplus assets. After seeing consistently strong returns, the DLA has extended its contract with GovPlanet until at least September, 2018.

"We sell hundreds of items per week for the DLA through our GovPlanet marketplace, including construction equipment, trucks, trailers, Humvees and more," said Greg Owens, group president, new sectors and ventures, Ritchie Bros. "Prior to their contract with us, the DLA sold all their surplus assets -- boots, ammunition cans, uniforms, equipment, et cetera -- to one general sales company, resulting in low returns. By selling through GovPlanet to our massive database of buyers, the DLA has achieved as much as 300 per cent higher returns on their assets."

Since the initial contract was signed with the Defense Logistics Agency in 2014, GovPlanet has sold more than 43,000 items for the agency, including over 10,000 Humvees, over 4,700 utility trailers and over 4,100 cargo trucks. The contract has multiyear extension options, to be revisited and exercised by the DLA.

GovPlanet was also recently selected by the Defense Contract Management Agency (DCMA) to liquidate surplus industrial equipment for both its Eastern and Western regions. With the new contract, GovPlanet has the opportunity to expand to other DCMA regions.

The DCMA is the Department of Defense (DoD) agency that works directly with defence suppliers to help ensure that DoD, federal and allied government supplies and services are delivered on time, at projected cost and meet all performance requirements. The DCMA directly contributes to the military readiness of the United States and its allies.

"Our GovPlanet marketplace has only been in operation for three years, but is already providing great benefits for many government agencies. Having both the DLA and DCMA as clients shows confidence in our platform and the value it can provide more public-sector entities across the United States and around the globe," said Mr. Owens.

Each week, on average, GovPlanet draws close to 90,000 attendees to its on-line auctions. Items sold on GovPlanet come with IronPlanet's exclusive IronClad Assurance equipment condition certifications, which give bidders the confidence to buy on-line.

About GovPlanet

GovPlanet, a Ritchie Bros. solution, was launched in 2014 to address the specialized equipment disposition needs of public entities, from federal, including military, to state, local and municipal. Each week, on average, GovPlanet draws close to 90,000 attendees to its on-line auctions. Items go into preview two weeks in advance and bidders can view photos, video and inspection reports. All items sold on GovPlanet have been inspected and come with IronPlanet's exclusive IronClad Assurance equipment condition certifications, which give bidders the confidence to buy on-line from anywhere in the world.

About Ritchie Bros. Auctioneers Inc.

Established in 1958, Ritchie Bros. is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers: The world's largest industrial auctioneer offers live auction events with on-line bidding; IronPlanet, an on-line marketplace with featured weekly auctions and providing its exclusive IronClad Assurance equipment condition certification; EquipmentOne, an on-line auction marketplace; Mascus, a leading European on-line equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company also offers sector-specific solutions, including GovPlanet, TruckPlanet and Kruse Energy Auctioneers, plus equipment financing and leasing through Ritchie Bros. Financial Services.