Ritchie Bros. Auctioneers and Travelers Financial announce formation of Ritchie Bros. Financial Services

New company to provide lease and financing solutions to buyers of equipment offered at Ritchie Bros. auctions throughout the U.S. and Canada

VANCOUVER, BC, CANADA (March 21, 2011) — Ritchie Bros. Auctioneers Inc. (NYSE and TSX: RBA) and Travelers Financial Corporation today announced the formation of Ritchie Bros. Financial Services. The new entity will commence operations July 1, 2011 and will provide lease and financing solutions to buyers at Ritchie Bros. auctions throughout the U.S. and Canada.

“Our new customer finance program is part of the bundle of value-added services being launched this July that will help our customers feel more confident when they bid at our auctions,” said Bob Armstrong, Chief Operating Officer, Ritchie Bros. Auctioneers. “By providing our customers with financing solutions, we will make it more convenient for them to find the equipment they need for their next project as well as the financing they need—all at the same location.”

Travelers Financial Corporation CEO, Jim Case, added, “We are pleased to provide support to Ritchie Bros. Financial Services in delivering the benefits of a broad credit offering to Ritchie Bros. customers. Flexible, affordable programs are being developed primarily for equipment acquisitions in the $10,000 to $250,000 range, with competitive credit terms, provided by our lending partners, that will meet a broad range of customer requirements.”

Ritchie Bros. Financial Services will provide user friendly pre-auction credit approvals to assist buyers throughout the U.S. and Canada in making informed and successful auction bids and they will then benefit from fast-tracked funding.

More details about the Ritchie Bros. customer finance program will be announced closer to the July 1 launch.

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.

About Travelers Financial Corporation
Founded in 1986, Travelers is one of the largest independent finance and leasing companies in Canada. Travelers offers a wide range of asset based financing solutions to commercial and industrial sectors including heavy equipment, aircraft, transportation, mining, gas, oil, manufacturing, construction and government infrastructure, as well as automobile leasing.  For more information about Travelers visit www.travelersfinancial.com.

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For more information contact:
Jim Case, CEO, Travelers Financial Group
Phone: +1.604.473.3806 or email: jcase@travelersfinancial.com

Or

Jose Vargas, Corporate Communications Specialist, Ritchie Bros. Auctioneers
Phone: +1.778.331.5439 or email jvargas@rbauction.com