Mr. Ravi Saligram reports

RITCHIE BROS. REPORTS FIRST QUARTER 2018 RESULTS

Ritchie Bros. Auctioneers Inc. has provided the following results for the three months ended March 31, 2018 (all figures are presented in U.S. dollars).

Net income attributable to stockholders of $17.1 million improved 65% compared to $10.4 million for the same quarter in 2017. Diluted earnings per share ("EPS") attributable to stockholders increased 60% to $0.16 versus $0.10 in the first quarter of 2017. Other key first quarter highlights included:

Consolidated results:

• Total revenues, as presented under the new revenue standard, were $260.2 million; a 30% increase over the first quarter of 2017
• Total Company agency proceeds1 (non-GAAP measure) of $169.8 million increased 36% from $124.5 million in the first quarter of 2017
• Cash provided by operating activities of $67.2 million
• Repayment of $29.2 million in long-term debt in the first quarter of 2018
• Declared quarterly dividend of $0.17 per common share

Auctions & Marketplaces ("A&M") segment:

• Gross Transaction Value ("GTV")2 of $1.2 billion increased 29% from $0.9 billion in the first quarter of 2017
• Total revenues of $232.6 million increased 30% from $179.1 million in the first quarter of 2017
• A&M agency proceeds3 (non-GAAP measure) of $156.8 million increased 36% from $115.7 million in the first quarter of 2017
• A&M revenue rate improved 10 basis points ("bps") over the first quarter of 2017; and A&M agency proceeds rate4 (non-GAAP measure) improved 60 bps over the first quarter of 2017

"We achieved strong revenue and agency proceeds growth in the first quarter as our teams leveraged the capabilities of the combined company to win new business, tap into existing customers and drive multi-channel offerings despite supply constraints and fewer auctions and selling days. In the quarter, over 70% of our live industrial auctions posted strong year-on-year growth comps across major geographies through excellent price realization and improvement in rate," said Ravi Saligram, Chief Executive Officer.

Saligram continued, "we are encouraged to see early signs of recovery starting in Canada and growth momentum internationally but continue to navigate very tight supply conditions in the US market. RBFS, Mascus and the Government business performed extremely well and we are beginning to experience the benefits of the Caterpillar Alliance. Overall, we're off to a good start in the year and will continue to be focused on executing against our multi-channel initiatives."

Effective January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers ("Topic 606"). Revenues on inventory sales and ancillary and logistical services are presented gross of the related expenses rather than net. Accordingly, in addition to total revenues, the Company has added a new metric to our disclosures called agency proceeds (non-GAAP measure), which presents revenues as previously reported and is calculated as total revenues under Topic 606 less the cost of inventory sold and ancillary and logistical service expenses.

1 Agency proceeds is a non-GAAP financial measure calculated by subtracting the cost of inventory sold and ancillary and logistical service expenses from total revenues. Agency proceeds is an element of the performance criteria for certain annual short-term incentive awards we grant to our employees and officers. Agency proceeds is reconciled to the most directly comparable GAAP measure from the Company's consolidated financial statements under "Non-GAAP Measures".

2GTV represents total proceeds from all items sold at our live on site auctions and online marketplaces. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in our consolidated financial statements.

3A&M agency proceeds is a non-GAAP financial measure that provides useful information about the performance of our A&M contracts for different financial periods. A&M agency proceeds is calculated as A&M total revenues less cost of inventory sold and is reconciled to the most directly comparable GAAP measures in our consolidated financial statements under "Non-GAAP Measures".

4A&M agency proceeds rate is a non-GAAP financial measure that provides useful information about the performance of our operations by comparing the margins we earn on our contracts for different financial periods. A&M agency proceeds rate is calculated by dividing A&M agency proceeds (non-GAAP measure) by GTV. A&M agency proceeds rate is reconciled to the most directly comparable GAAP measures in our consolidated financial statements under "Non-GAAP Measures".

Financial Overview

                   (in U.S. $000's, except EPS)

                                           Three months ended March 31,
                                                        2018      2017

Service revenues                                  $  176,016  $123,379   
Revenue from inventory sales                          84,162    76,048
Total revenues                                       260,178   199,427
Costs of services                                     36,657    24,340
Cost of inventory sold                                75,791    63,401
Selling, general and administrative expenses          97,470    70,575
Acquisition-related costs                              1,633     8,627
Operating income                                      32,873    23,597
Net income attributable to stockholders               17,138    10,377
Diluted earnings per share attributable
to stockholders                                   $     0.16  $   0.10   
Diluted adjusted EPS attributable to
stockholders (non-GAAP measure)                   $     0.16  $   0.12   
GTV                                               $1,160,712  $899,410   
Agency proceeds (non-GAAP measure)                $  169,807  $124,499   
A&M revenue                                       $  232,567  $179,078
A&M revenue rate                                       20.0%     19.9%
A&M agency proceeds (non-GAAP measure)            $  156,776  $115,677
A&M agency proceeds rate (non-GAAP measure)            13.5%     12.9%

Results of operations - first quarter update

For the three months ended March 31, 2018

Consolidated Performance Highlights

Total revenues increased 30% to $260.2 million in the first quarter. Total revenue growth driven by incremental volume from the acquisition of IronPlanet Holdings, Inc. (the "Acquisition"), live auction performance, an increase in the volume of inventory contracts in Canada and Europe and the partial fee harmonization implemented in the first quarter. Foreign exchange had a positive impact on total revenues in the first quarter of 2018.

Agency proceeds (non-GAAP measure) improved 36% to $169.8 million versus $124.5 million in the first quarter of 2017 driven by GTV and service revenues growth and higher fee revenues.

Cost of services increased 51% to $36.7 million in the first quarter. The increase was primarily due to the Acquisition and the costs associated with the inspection and appraisal activities that support our online channels. The increase is also due to an increase in GTV at our live on site auctions over the comparative period and the growth of our ancillary business.

Selling, general and administrative ("SG&A") expenses increased $26.9 million, or 38% in the first quarter of 2018 compared to the first quarter of 2017. This increase is primarily due to the Acquisition, investment in talent to support new businesses and initiatives, and $4.6 million in share unit expenses in the first quarter of 2018 compared to $0.6 million in the first quarter of 2017. The $4.0 million increase in share unit expenses was primarily due to mark-to-market costs driven by a growth in the Company's share price, as well as incremental compensation costs resulting from a performance share unit modification on March 1, 2018.

Operating income increased 39% during the first quarter of 2018 to $32.9 million, compared to the first quarter of 2017. This increase is primarily driven from higher total revenues and lower acquisition-related costs, partially offset by higher costs of services and SG&A expenses. There were no adjusting items impacting operating income results in the first quarter of 2018.

Net income attributable to stockholders increased $6.8 million, or 65%, in the first quarter of 2018 compared to the first quarter of 2017. This improvement is primarily due to operating income growth and lower income taxes partially offset by the increases in interest expense due to the increased indebtedness to fund the Acquisition.

Primarily for the same reasons noted above, diluted EPS attributable to stockholders improved 60% to $0.16 in the first quarter of 2018 compared to diluted EPS attributable to stockholders of $0.10 in the first quarter of 2017.

Auctions & Marketplaces Performance Highlights

GTV increased 29% to $1.2 billion in the first quarter compared to $0.9 billion in the first quarter of 2017. The increase is primarily attributable to the incremental volume from the Acquisition, together with the significant year over year growth from the Orlando auction in the quarter. The increase was partially offset by the continuing equipment supply constraints, as well as the reduction of live on site auctions and sale days over the comparative period.

Total revenues increased 30% to $232.6 million in the first quarter compared to $179.1 million in the first quarter of 2017. Total revenue growth driven by incremental volume from the Acquisition, live auction performance, an increase in the volume of inventory contracts in Canada and Europe and the partial fee harmonization implemented in the first quarter. A&M revenue rate, which the Company calculates as A&M total revenues divided by GTV, for first quarter was 20.0%, a 10-basis point increase over the same quarter last year.

A&M agency proceeds (non-GAAP measure) improved 36% to $156.8 million versus $115.7 million in the first quarter of 2017 driven by GTV and service revenues growth and higher fee revenues. The overall A&M agency proceeds rate (non-GAAP measure) improved 60 basis points to 13.5% from 12.9% in the first quarter of 2017.

New Accounting Standard

The Company adopted the new accounting standard related to revenue recognition effective January 1,2018. The prior periods presented here have been restated to reflect adoption of this new standard.

Dividend Information

Quarterly dividend

The Company declared on May 10, 2018, a quarterly cash dividend of $0.17 per common share payable on June 20, 2018 to shareholders of record on May 30, 2018.

Q1 2018 Earnings Conference Call

Ritchie Bros. is hosting a conference call to discuss its financial results for the quarter ended March 31, 2018, at 8am Pacific time / 11 am Eastern time / 4 pm GMT on May 11, 2018. The replay of the webcast will be available through June 11, 2018.

Conference call and webcast details are available on the company's website.

About Ritchie Bros.

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) 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.

We seek Safe Harbor.

Three months ended March 31,                                2018        2017
                                                                            
GTV                                                 $  1,160,712$    899,410
Service revenues                                    $    176,016$    123,379
Revenue from inventory sales                              84,162      76,048
Total revenues                                           260,178     199,427
Cost of services                                          36,657      24,340
Cost of inventory sold                                    75,791      63,401
Selling, general and administrative expenses              97,470      70,575
Acquisition-related costs                                  1,633       8,627
Depreciation and amortization expenses                    16,191      10,338
Gain on disposition of property, plant and equipment       (345)       (721)
Foreign exchange gain                                       (92)       (730)
Total operating expenses                                 227,305     175,830
Operating income                                          32,873      23,597
Interest expense                                        (11,310)     (8,133)
Other, net                                                   913       2,284
Income before income taxes                                22,476      17,748
Income tax expense                                         5,269       7,315
Net income                                          $     17,207$     10,433
Net income attributable to:                                                 
              Stockholders                                17,138      10,377
              Non-controlling interests                       69          56
                                                    $     17,207$     10,433
Earnings per share attributable                                             
to stockholders:                                                            
              Basic                                 $       0.16$       0.10
              Diluted                               $       0.16$       0.10

We seek Safe Harbor.