News Details

Ritchie Bros. launches new equipment insurance service at its European auctions on July 1

July 1, 2011

The Company is also introducing equipment financing and warranty at its auctions in the U.S. & Canada on July 1—these services to be launched in Europe in 2012

BREDA, THE NETHERLANDS (July 1, 2011) — Ritchie Bros. Auctioneers Inc. (NYSE and TSX: RBA), the world’s largest industrial auctioneer, is announcing the launch of a bundle of new valued-added services for its customers in Europe, the U.S., Canada and around the world. These new services, which include detailed equipment information, real-time auction results through www.rbauction.com, property and cargo insurance, equipment financing, and powertrain service warranties, will complement and further enhance the wide range of customer services already offered by the Company, including comfortable first-class auction facilities, flexible bidding options, convenient on-site refurbishing services and a 21-language web site.

"At Ritchie Bros., it’s all about our customers and we’ve run our business with that in mind for more than 50 years," said Peter Blake, Chief Executive Officer, Ritchie Bros. Auctioneers. "Our Company’s mission is to provide compelling business solutions that enable the world’s builders to easily and confidently exchange equipment. We believe with the launch of these new services we have taken another large step in that direction."

Detailed Equipment Information – launched globally July 1, 2011
Beginning July 1, Ritchie Bros. will collect and provide more equipment information online for all of its industrial auctions around the world. Available in 21 languages exclusively through Ritchie Bros.’ web site www.rbauction.com, detailed equipment information will include up to 50 high-resolution photographs of each item, allowing customers to more clearly see key components of an item, along with a multi-point summary of those components and comments on basic functionality. This new service will enable customers to assess equipment online more efficiently and in greater detail prior to inspecting it at the auction site in person.

For more information on detailed equipment information visit: www.rbauction.com/confidence

Real-time auction results through www.rbauction.com – launched globally July 1, 2011
Beginning July 1, Ritchie Bros. will provide real-time auction results for all customers viewing its auctions online through www.rbauction.com. Customers will instantly be able to see how much items have sold for and will be able to scroll back to see pricing for items they may have missed earlier in the day.

On-site Property & Cargo Insurance – launched in Europe, the U.S., Canada & Australia on July 1; launching to remaining global operations in 2012
Ritchie Bros. customers are now able to purchase optional on-site property and cargo insurance for equipment purchased or sold at Ritchie Bros. auctions in the U.S., Canada, Europe and Australia. On-site property insurance will protect a customer’s equipment while it is on a Ritchie Bros. auction site; cargo insurance will protect a customer’s equipment while it is in transit to or from a Ritchie Bros. auction site. Both of these insurance products are brokered by Marsh, one of the world’s leading insurance brokers and risk advisors.

Equipment Financing & Powertrain Service Warranties – launching in Europe & remaining global operations in 2012; launched in Canada & the U.S. on July 1
Ritchie Bros. will also be launching two other services—equipment financing and powertrain service warranties—for its U.S. and Canadian customers on July 1. These services will be launched in Europe and remaining global operations in 2012.

Ritchie Bros. Financial Services (RBFS) has partnered with leading equipment finance providers to bring fast, convenient, no-obligation financing options to Ritchie Bros. customers. Financing options include equipment loans and lease-to-own programs. Buyers are also now able to purchase an optional powertrain service warranty for select equipment available at Ritchie Bros. auctions in the U.S. and Canada (excluding equipment sold at on-the-farm agricultural auctions). All warranties are underwritten by AmTrust Group, a subsidiary of AmTrust Financial Services, Inc., a multi-national insurance company.

For more information on equipment financing, powertrain service warranties and/or on-site property and cargo insurance visit: http://www.rbauction.com/services

There are 63 upcoming unreserved auctions on the Ritchie Bros. auction calendar, including the Company’s 250th European auction, being held in St. Aubin sur Gaillon, France on July 5, and an auction in Caorso, Italy on July 14. For a complete list of auctions around the world, including dates and additional details, visit the Company’s web site at www.rbauction.com.

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world’s largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world’s builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

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For more information contact:
Alexander Ypeij, Communications Specialist Europe, Ritchie Bros. Auctioneers
Phone: +31.765.242.600 or email aypeij@rbauction.com