Shareholder Approval Marks Important Milestone Toward Completing IAA Transaction and Accelerating Ritchie Bros.' Strategy to Create Premier Global Marketplace with Long Runway for Outstanding Growth and Value Creation

VANCOUVER, BC, March 14, 2023 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSX:RBA) ("Ritchie Bros.") announced that, based on the preliminary vote count provided by its proxy solicitors following the Company's Special Meeting of Shareholders (the "Special Meeting") held earlier today, Ritchie Bros. shareholders voted to approve the proposed acquisition of IAA, Inc. (NYSE:IAA) ("IAA"). Ritchie Bros. will file final, certified voting results on a Form 8-K with the U.S. Securities and Exchange Commission as soon as practicable.

Ann Fandozzi, CEO of Ritchie Bros., said, "We thank our shareholders for their confidence in the Ritchie Bros. team, our strategy and the significant value creation potential we can unlock through the Ritchie Bros. + IAA combination. We have a proven record of delivering on our stakeholder commitments and look forward to continuing this record with IAA – providing outstanding returns for our investors, exciting opportunities for our employees and enabling our customers to be even more successful by tapping into Ritchie Bros.' marketplace of value-added insights, services and transaction solutions."

"We greatly value the varied perspectives that have been shared and the engagement we have had with our shareholders since announcing the IAA transaction," continued Ms. Fandozzi.

Ritchie Bros. Shareholders Vote To Approve IAA Acquisition At Special Meeting