BWI: First Unreserved Equipment Auction by Ritchie Bros. on September 25, 2009 in Hyderabad, India

Press release from Business Wire India
Source: Ritchie Bros.
Thursday, August 27, 2009 06:38 PM IST (01:08 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Media & entertainment, Retailers; Technology
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First Unreserved Equipment Auction by Ritchie Bros. on September 25, 2009 in Hyderabad, India
World's Largest Industrial Auctioneer ready for Indian Equipment Market and will be conducting free "How to Bid" Seminars for Interested Equipment Buyers

Hyderabad, Andhra Pradesh, India, Thursday, August 27, 2009 -- (Business Wire India) -- Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, will conduct its first ever auction in India on September 25, 2009 in Hyderabad. A large selection of construction, transportation and agricultural equipment items will be sold with no minimum bids or reserve prices on auction day. The auction is open to the public; registration to bid is free. The unreserved public auction is expected to attract an international crowd of bidders.

Interested buyers can bid in person at the Hyderabad auction site, online in real time through the Ritchie Bros. web site (www.rbauction.com) or by proxy. To help interested equipment buyers, Ritchie Bros. will also be conducting a free "How to Bid" seminar in Hyderabad on September 11, 2009.

"We've welcomed a growing number of equipment buyers and sellers from India and surrounding countries to our unreserved public auctions around the world over the past decade; now we're ready to bring our auctions to India," said Guylain Turgeon, Senior Vice President and Managing Director, Ritchie Bros. Auctioneers. "There are many interesting construction and infrastructure projects being planned and undertaken in India, especially since the latest election. More than ever, Indian companies need good quality, used equipment that can be purchased at fair market prices and put to work instantly, which is exactly what we offer at our unreserved public auctions."

Every Ritchie Bros. auction is unreserved, meaning there are no minimum bids or reserve prices. Ritchie Bros. also forbids owners from bidding on their own items, which ensures that the bidders set the prices, not the sellers.

Sameer Malhotra, Ritchie Bros. Country Manager India, is looking forward to the first unreserved Ritchie Bros. auction in his home country. "Ritchie Bros. has always believed in sustainable growth based upon enduring customer relationships and that is how we've approached the Indian market," said Mr. Malhotra. "We already have hundreds of Indian customers who've travelled to experience the benefits of a Ritchie Bros. auction in person: the large selection of used and unused equipment, the exciting atmosphere and most of all, the fair and transparent bidding process. Now it's time to bring that experience closer to home."

Ritchie Bros. will sell a large selection of equipment on September 25 in Hyderabad, including cranes, hydraulic excavators, wheel loaders, crawler tractors and dump trucks. Additional items will be added to the auction catalog in the coming weeks. Ritchie Bros. welcomes anyone with equipment to sell to contact the Ritchie Bros. office in New Delhi at +91.11.4141.4444 to talk about selling their items at the Hyderabad auction.

"Ritchie Bros. is a full-service auction company, " Mr. Malhotra explained. "We take care of everything for equipment sellers, including appraisals, worldwide advertising and marketing, meeting with potential buyers and collecting and disbursing the proceeds of sale. Sellers can rest easy knowing that every detail is taken care of and that they will receive the proceeds of sale within three weeks of the auction. Selling through Ritchie Bros. is a fast, efficient way of turning equipment into cash. If you have equipment or trucks to sell, contact us today and have your machines sold to bidders from around the world at the first unreserved Ritchie Bros. auction in India."

Sandeep Garg, president of the New Delhi-based company Punj Lloyd Ltd., has been a Ritchie Bros. customer for several years. "Ritchie Bros. auctions are amazing," said Mr. Garg. "The selection of equipment is incredible, the pace of the auction is fast and the whole process is very fair and efficient. I know that the equipment will be sold, I can inspect it before the auction and, if I'm the successful bidder, the equipment is available right away."

Free "How to Bid" seminar details

-- Location: Hotel Taj Banjara Hyderabad, Road No. 1, Banjara Hills, Hyderabad, India
-- Time and date: 6 p.m., Friday, September 11, 2009
-- RSVP by phone or email: mgrennell@rbauction.com or +91.11.4141.4444

Auction details

-- Location: Rajiv Gandhi International Airport, Shamshabad, Ranga Reddy district, Pin-500409, Andhra Pradesh, India (phone: +91.11.4141.4444)
-- Time and date: Friday, September 25, 2009 (auction starts at 9:30 a.m.)
-- How to bid:

1. In person - registration begins at the auction site several days before the auction. Photo I.D. is required.

2.Online in real time - register online at www.rbauction.com, at least 2 - 3 days before the auction for first-time internet bidders.

3. By proxy - phone the auction site to place a proxy bid.

-- The auction is open to the public; registration to bid is free. Bidders must place a refundable bid deposit equivalent to greater of 25% of their estimated purchases or Rs. 10,00,000. More information for bidders can be found at www.rbauction.com/india.

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. The Company has over 110 locations in more than 25 countries, including 39 auction sites worldwide. Ritchie Bros. sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.


CONTACT DETAILS
Sameer Malhotra, Country Manager, Ritchie Bros. Auctioneers, +91 (11) 41414444, smalthotra@rbauction.com
Alexander Ypeij, Communications Specialist Europe, Ritchie Bros. Auctioneers, +31.765.242.600, aypeij@rbauction.com
Vicki Cunningham, Corporate Communications Specialist, Ritchie Bros. Auctioneers, +1.604.329.7663, vcunningham@rbauction.com
Tanvi Sharma, Positive Communications, +91 9871058649, +91 (11) 43440044, tanvi@positiveindia.biz

KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, IT, MEDIA, RETAIL, TECHNOLOGY

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