Ritchie Bros. Auctioneers to Hold First China Auction in Spring 2013

Ritchie Bros. Auctioneers plans to hold in Spring 2013, the first unreserved public auction in China. Although relatively new to the Chinese heavy equipment market, unreserved industrial auctions have been a quick and easy method for equipment buyers and sellers to conduct business on a global scale. Ritchie Bros. announced that it will bring the certainty of unreserved auctions to Chinese equipment buyers and sellers now that the Company's Wholly Owned Foreign Enterprise application has been approved by the Chinese government. Ritchie Bros. is the first foreign auction company to receive this approval.

Ritchie Bros. has formally leased land in the Tianzhu Free Trade Zone (Shunyi, Beijing) in preparation for its first unreserved public auction in China. Strategically located within minutes of Beijing Capital International Airport, the Tianzhu Free Trade Zone is connected to one of China's largest roll-on, roll-off ports in Tianjin.

"We have used Ritchie Bros. auction services literally all over the world," said Sam Farley, used equipment manager, AMECO U.S.A., who during 2011  bought and sold at Ritchie Bros. unreserved auctions in the Middle East and North America. "Their method of advertising, their customer base, the flyers that they send out, their e-mail advertising, their internet support services – are without equal in the industry."

Showcasing China to the world: the unreserved public auction

At an unreserved auction each item sells on auction day to the highest bidder—regardless of price—with no minimum bids or reserve prices. Sellers are not allowed to bid on their own equipment to drive up the price. Interested buyers can bid on equipment on auction day at the auction site, or live and online at www.rbauction.com, or they can also place a proxy bid.

"We strongly believe in the unreserved auction process as it is the most fair and transparent way for equipment buyers and sellers to conduct business," said Peter Blake, CEO, Ritchie Bros. Auctioneers. "As a buyer, you can be confident that the item you want to buy will sell on auction day to the highest bidder—regardless of price. This hallmark of our business has helped build confidence and trust among our customers. And as a seller, you can be certain that you will get global fair market value for your equipment on auction day, since we invite the world to the sale of your equipment."

In 2011, the company sold $3.7 billion of equipment at 339 unreserved industrial and agricultural auctions around the world.

Ritchie Bros.current customer base includes Chinese original equipment manufacturersand construction companies that have been selling their equipment at auctions overseas and learning about the international equipment market. Ritchie Bros. has also been working with Chinese government officials to acquire the proper permits for holding auctions in China.

"We established our presence in China in 2004," added Chris Edwards, Ritchie Bros. general manager for China, Korea and Mongolia. "We have been learning China's market, customer needs and behaviors, regulations and business processes. Our goal has always been to be a good, educated citizen in China."

There are currently 81 upcoming auctions on the 2012 Ritchie Bros. auction calendar, including unreserved auctions in Australia, Spain, France, the United Arab Emirates, Mexico, the U.S. and Canada.