Ritchie Bros.' California Site Hosts Record-Breaking Auction

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PERRIS, Calif.--Sept. 27, 2004--Ritchie Bros. Auctioneers (TSX:RBA) announces the results of its largest-ever auction in Perris, CA, generating gross auction sales over US$25 million.

The two-day unreserved auction, conducted September 22 and 23, attracted over 2,100 people from 19 countries and 40 U.S. states who registered to bid on more than 1,700 trucks and equipment items.

"We had a great cross section of trucks and equipment. We had it all, from a large number of truck tractors and construction equipment to cranes and crushing equipment," stated Steve Simpson, Divisional Manager for Ritchie Bros. Auctioneers. "The equipment, much of which was late-model, sold very well. We're very pleased with the sale."

The auction marked the Company's 65th auction in the Los Angeles area since its first sale there in 1983. The next Perris auction, scheduled for December 13 and 14, 2004, will be the Company's 20th auction at the 67-acre site, opened in March of 2000.

There are six upcoming unreserved industrial auctions on the Ritchie Bros. auction calendar this week including three-day auctions in Chicago, IL and Dubai, UAE. Equipment listings and auction information are available at the Company's web site, www.rbauction.com.

About Ritchie Bros. Auctioneers

Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through over 90 locations in more than 20 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, mining, forestry, petroleum, marine and agricultural industries. The Company maintains a web site at www.rbauction.com.