Ritchie Bros. Auctioneers, a leading auctioneer of industrial equipment, announced a new live auction Internet bidding service. rbauctionBid-Live service allows customers to follow Ritchie Bros. live auctions, hear the auctioneer and place bids, all live and in real-time over the Internet. Customers who are unable to attend an auction, but have satisfied themselves as to the condition and value of a particular piece of equipment, can use the service to place their bids over the Internet.

According to Dave Ritchie, Chairman and CEO of Ritchie Bros., the rbauctionBid-Live service has been designed to address the unique needs of the used equipment industry. "Used trucks and equipment can't be sold like commodities or collectibles. It is important that all bidders, including our Internet bidders, have the opportunity to inspect, test and compare the equipment, and then bid on it in a fair and open environment."

Auction Management Solutions, Inc., a software development company based in Tampa, Florida, designed the live-bidding system that integrates seamlessly with Ritchie Bros.' live auctions. The service is now being rolled out to most Ritchie Bros. auction facilities and by the end of 2002 it is expected that this service will be an integral part of most Ritchie Bros. auctions. On the date of the launch, over 1,000 Ritchie Bros. customers had already registered to use the rbauctionBid-Live service and successful rbauctionBid-Live buyers had purchased over $9 million worth of trucks and equipment. Ritchie Bros. is a public company; its common shares trade on the New York Stock Exchange under the ticker symbol RBA. http://www.rbauction.com