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Ritchie Bros. Auctioneers JANUARY 10 www. bus- ex. com 141 fair market value for their assets. This level of service has shown its worth in the recent downturn. Many companies have needed to cut overhead and raise money on surplus capital, and it has not been enough to put a For Sale sign out for passersby. Locally, everyone is in the same position, and that's when you need to approach a wider market. When Glen Staheli decided the time had come to sell his construction business in Edmonton, Alberta, in 2008, he asked Ritchie Bros. to sell millions of dollars of equipment, from hydraulic excavators and articulated dump trucks to generators and attachments. The three- day auction, conducted partly at the vendor's site and partly at Ritchie Bros.' Edmonton auction site, attracted more than 3,700 on- site and online bidders from 17 countries. " Ritchie Bros. sets the standard," said Staheli. " Everybody knows they conduct auctions to a certain standard: always professional, always unreserved. That's what attracts the bidders. It doesn't matter what the condition of your machine is or how good it looks if there's no one there to bid on it." Another year, another record: " We conducted a record six auctions at our Edmonton site this year to meet the needs of our customers," said regional manager Jake Lawson. " We helped thousands of people with equipment to sell, and thousands of bidders who were looking to buy." The company continues to expand and opened its newest permanent auction site in Polotitlan, Mexico, on December 8, 2009. Hundreds of bidders from 10 countries, including 29 Mexican states, joined local dignitaries and a large crowd of interested onlookers at the multimillion- dollar Grand Opening auction. Equipment in the auction was sold to buyers from as far away as Saudi Arabia, Egypt and Italy. petroleum and marine industries. These figures are impressive enough, but consider that the average sale last year brought in nearly 18 million from around 1,300 lots and attracted more than 1,400 bidders- 29 percent of them via the Internet. Most people prefer to bid in person, but if they can't make it to the auction they are able to bid in real time over the Internet. Indeed, it doesn't matter where in the world the bidders are. In 2008 online bidders purchased $ 700 million of equipment, and there are approved online bidders in no fewer than 181 countries. The records keep falling at Ritchie Bros. In February 2008 it conducted the largest auction in company history at its permanent auction site in Orlando, Florida. The five- day unreserved auction attracted 6,000 bidders from 71 countries and generated gross auction proceeds of $ 190 million. A more pedestrian $ 54 million sale at its Vancouver site in December 2009 topped off a record year at that location and for the company as a whole, bringing Vancouver's gross proceeds to $ 344 million- the most equipment ever sold at one Ritchie Bros. auction site in a single year. The principles under which these sales are conducted remain the same as they were at the very first sale: treating customers fairly and maintaining the highest standards of business ethics. Every Ritchie Bros. auction is completely unreserved- meaning there are no minimum bids and no reserve prices, and every item is sold to the highest bidder on auction day. Bid- ins and buy- backs are also forbidden, which means that only legitimate bidders are able to raise the bid price. The assurance that an auction is fair and transparent is what keeps a loyal and growing community of customers coming back; selling this way helps equipment sellers transcend local market conditions and achieve global Global Finishing Solutions is the world leader in advanced paint finishing environments. GFS paint booths and finishing systems are known around the world for their exceptional quality, superior performance, and unequaled levels of energy efficiency. GFS products include paint booths of all shapes and sizes, mix rooms, ovens, washers, dust collection, powder coating booths, and more! Global Finishing Solutions

142 www. bus- ex. com JANUARY 10 Street