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Ritchie Bros.
Auctioneers (NYSE: RBA, TSX: RBA), the world's largest industrial
auctioneer, today announced at the Associated Equipment Distributors
(AED) Annual Meeting and CONDEX in Las Vegas, Nevada, that it
has selected Accruit LLC, as its exclusive provider of 1031 Like-Kind
Exchange (LKE) services in the United States.
Ritchie Bros. has further announced that Peter Blake, Chief Executive
Officer of Ritchie Bros Auctioneers, has accepted an appointment
to the board of directors of Accruit.
"We are continually seeking new ways to bring value to our customers,
and we believe that the tax deferral Accruit makes possible for equipment sellers
in the U.S. will be valuable to our American customers," said Mr. Blake. "Accruit
has taken the Like-Kind Exchange and made it easy and cost effective for all
qualified equipment sellers."
"We are honored and excited to be chosen as the exclusive provider of
LKE services by Ritchie Bros. Auctioneers," said Craig McSavaney, Accruit's
President and Chief Executive Officer, "and we are thrilled to welcome
Peter Blake to our board. We have the utmost respect for Ritchie Bros. and
their phenomenal worldwide success, and we look forward to providing the opportunity
to take advantage of the cash flow and tax deferral benefits of Accruit's
LKE program to their U.S. customers."
Starting immediately, Accruit and Ritchie Bros. will work together
to inform Ritchie Bros. customers of the process for and benefits
available through an LKE program. These activities will include
co-hosted informational seminars at Ritchie Bros. locations, as
well as Accruit attendance at all Ritchie Bros. auctions in the
U.S. and web-based information specific to Ritchie Bros. customers.
Accruit, LLC, headquartered in Denver, Colorado and founded in
2000, is the only Qualified Intermediary to provide fully managed
personal property 1031 Like-Kind Exchange services. Accruit is
the preferred service provider to numerous industry associations,
including AED, CPA networks, and several equipment manufacturers.
Accruit is a member of transportation associations including American
Trucking Associations (ATA) and Truckload Carriers Association
(TCA). Accruit is also a member of the National Accounting and
Finance Committee (NAFC) as well as the Federation of Exchange
Accommodators (FEA), the country's only association for Qualified
Intermediaries and the LKE industry (www.1031.org). For
more information on Accruit, visit www.accruit.com or
call 877-793-9215.
Ritchie Bros. is the world's largest auctioneer of industrial
equipment, operating through over 110 locations in more than 25
countries around the world. The Company sells, through unreserved
public auctions, a broad range of used and unused industrial equipment
including equipment utilized in the construction, transportation,
material handling, mining, forestry, petroleum, marine, real estate,
and agricultural industries. The Company maintains a web site at
www.rbauction.com.
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