Mr. Ravi Saligram reports

RITCHIE BROS. HOLDS MASSIVE RECORD-BREAKING AUCTION IN ORLANDO, FL

Twelve thousand plus equipment items and trucks have been sold in just six days. It is hard to believe, but that is what Ritchie Bros. Auctioneers Inc. did in its Orlando, Fla., auction last week. This is the company's premier auction each year, and this year it did it better than ever, reaching over $278-million (U.S.) in sales, making it Ritchie's largest auction ever in its 60-year history.

More than 13,350 bidders from 90 countries registered to participate in the Orlando auction (Feb. 19 to Feb. 24, 2018), including over 8,600 on-line bidders who purchased over $123-million (U.S.) (44 per cent) of the equipment. U.S. bidders purchased approximately 80 per cent of the equipment in the auction, while international bidders from such countries as Canada, Mexico, Ecuador, Australia and China purchased 20 per cent of the equipment.

"We created history last week, with a record plus $278-million (U.S.) auction, which was a 24-per-cent increase compared to the combined Ritchie Bros. and IronPlanet GTV from last year -- a monumental event for the used heavy equipment and transportation sectors," said Ravi Saligram, chief executive officer, Ritchie Bros. "We consider this to be a barometer of both end-user demand as well as superb execution of our sales, marketing and operations teams. Despite continued tightness of supply, which we expect to persist, our teams leveraged existing customer relationships, and penetrated new accounts. The auction results showcase the potential power of the Ritchie Bros. Auctioneers and IronPlanet combination and that the innovations we implemented in Orlando significantly enhanced the customer experience for sellers and buyers. I would like to thank our customers for their enduring trust and our employees who made this auction a tremendous success."

Jeff Jeter, president of U.S. sales for Ritchie Bros., added: "We are pleased with the execution of our sales team and encouraged by the strong price performance throughout the week through most equipment categories and sectors, continuing the trend we've seen in our events early this year, including our auctions in Phoenix, Houston and Tipton, as well as our weekly on-line auctions through IronPlanet. We sold 12 per cent more lots this year compared to the combined Ritchie Bros. Auctioneers and IronPlanet Orlando auctions last February and saw a price per lot increase of 11 per cent."

Ritchie Bros. leveraged technology in new ways in Orlando this year to provide consignors more convenient selling options and offer buyers increased comfort and transparency into the auction process. For select items, the company offered a virtual consignment option to sell off-site items with IronClad Assurance, seamlessly integrating those items with the rest of the assets located in Orlando. Ritchie Bros. also set up a huge tent in the yard with air conditioning and seating for up to 700 bidders, providing comfort to bidders in a third auction ring instead of walking them item to item to sell out in the yard. And, for the first time ever, Ritchie Bros. brought its on-line auction clerks to Orlando to catch on-line bids right in the auction theatre, providing amazing transparency to its on-line process.

What customers were saying about the auction:

• "I love this February sale because it's so huge and there's so many buyers," said Olen Harvey of Neway Truck Sales & Leasing Inc. "Plus, with the Internet you're all over the world -- a lot of stuff is exported. There's a market here for everyone."
• "When you come to Orlando, it's not like any other auction you've ever attended," said Alton Hutto of Lad Construction. "Ritchie Bros. puts on the most excellent show I have ever seen. You've got to see this at least one time in your life. I have never met a group of people from anywhere in the world that were more professional than Ritchie Bros. They make you feel like family when they're working with you."
• "Ritchie Bros. is so convenient," said Raul Munilla of MCM. "You can find just about any piece of equipment that you need, for any specific job at their Orlando auction. And, if for some reason you can't find it in Orlando, you can locate it through the Ritchie Bros. network around the world."

Auction quick facts: Orlando, Fla. (Feb. 19 to Feb. 24, 2018):

• Gross transactional value: over $278-million (U.S.) (new company record);
• Amount sold to on-line bidders: over $123-million (U.S.) (new company record);
• Total registered bidders (on site and on-line): over 13,350 (new Orlando site record);
• On-line registered bidders: over 8,600;
• Number of lots sold: over 12,500 (new company record);
• Number of sellers: over 1,050 (new Orlando site record).

The record-breaking equipment selection in Orlando included over 760 excavators, 525 compactors, over 470 skid steers, over 455 truck tractors, over 380 loaders, over 365 boom and scissor lifts, over 295 dozers, over 165 articulated dump trucks, over 155 cranes, over 125 loader backhoes, and more.

Ritchie Bros. currently has dozens of upcoming events on its auction calendar, visit the company's website for more info.

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.