Ritchie Bros Auctioneers Inc was incorporated on December 12, 1997 in Canada under the Canada Business Corporation Act. The Company operates as an industrial auctioneer selling industrial equipment and other assets for the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries at its unreserved auctions worldwide. The Companys purpose is to use unreserved auctions to create a global marketplace for its customers. It attracts a base of bidders from around the world to its auctions. The Companys marketing efforts help to attract bidders, and they are willing to travel long distances or participate online in part because of its reputation for conducting fair auctions. These diverse, multinational bidding audiences provide a marketplace that allows its auctions to transcend local market conditions. It operates mainly in the auction segment of the global industrial equipment marketplace. The Companys target markets within that marketplace are the used truck and equipment segment. It competes for potential purchasers of industrial equipment with other auction companies and with non-auction competitors such as equipment manufacturers, distributors and dealers, and equipment rental companies. The majority of its buyers are end users of equipment (retail buyers), such as contractors, with the remainder being mainly truck and equipment dealers, rental companies and brokers (wholesale buyers). The Companys operations are subject to a variety of federal, provincial, state and local laws, rules and regulations relating to, among other things, the auction business, imports and exports of equipment, worker health and safety and the use, storage, discharge and disposal of environmentally sensitive materials.