<SEC-DOCUMENT>0001104659-23-004505.txt : 20230118
<SEC-HEADER>0001104659-23-004505.hdr.sgml : 20230118
<ACCEPTANCE-DATETIME>20230118110958
ACCESSION NUMBER:		0001104659-23-004505
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230118
DATE AS OF CHANGE:		20230118

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RITCHIE BROS AUCTIONEERS INC
		CENTRAL INDEX KEY:			0001046102
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13425
		FILM NUMBER:		23533471

	BUSINESS ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6
		BUSINESS PHONE:		7783315500

	MAIL ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Luxor Capital Group, LP
		CENTRAL INDEX KEY:			0001316580
		IRS NUMBER:				201394199
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-763-8000

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>tm233625d2_dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; font: 14pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule&nbsp;14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, For Use of the Commission Only (as permitted by 14a-6(e)(2))</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional materials</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Ritchie Bros. Auctioneers Incorporated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>(Name of Registrant as Specified in
    Its Charter)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Group, LP</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>LCG Holdings, LLC</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Lugard Road Capital GP, LLC</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Partners Offshore Master
    Fund, LP</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Partners Long Offshore
    Master Fund, LP</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Lugard Road Capital Master Fund, LP</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Partners, LP</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Management, LLC</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Christian Leone</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Jonathan Green</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement,
    if Other than the Registrant)</B></P></TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of filing fee (Check the appropriate box):</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 18, 2023, Luxor Capital Group, LP and certain affiliates
issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Luxor Capital Files Preliminary Proxy Statement
to Oppose Ritchie Bros. </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value Destructive Merger with IAA&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Luxor Plans to Solicit Proxies AGAINST IAA
Merger</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>IAA Merger risks permanent destruction of
over US$1.8 billion<SUP>1</SUP> of shareholder value</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>RBA&rsquo;s standalone businesses offer a
clear path for the Company to continue compounding its EBITDA by ~20% per year on an organic basis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NEW YORK, January 18, 2023 (GLOBE NEWSWIRE) -- Luxor Group Capital,
LP (&ldquo;Luxor&rdquo;), as the manager of funds owning&nbsp;4.2 million shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA)
(TSX: RBA) (&ldquo;RBA&rdquo; or the &ldquo;Company&rdquo;), representing approximately 3.6% of the Company&rsquo;s outstanding shares,
today announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) in connection
with its opposition to proposals to be presented at the upcoming special meeting of RBA shareholders (the &ldquo;Special Meeting&rdquo;)
relating to RBA&rsquo;s proposed merger with IAA, Inc. (NYSE: IAA) (the &ldquo;IAA Merger&rdquo;). The preliminary proxy statement is
available here: <A HREF="https://www.sec.gov/Archives/edgar/data/1046102/000110465923004487/tm233625d1_prec14a.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1046102/000110465923004487/tm233625d1_prec14a.htm</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Special Meeting, Luxor intends to vote <B><U>AGAINST</U></B>
the proposal to approve the issuance of RBA common shares to IAA stockholders in connection with the IAA Merger and <B><U>AGAINST</U></B>
the proposal to adjourn the Special Meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes
to approve the share issuance proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The preliminary proxy statement details Luxor&rsquo;s serious concerns
with the proposed merger between RBA and IAA, including Luxor&rsquo;s belief that:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Completion of the IAA Merger risks the permanent destruction of over US$1.8
billion<FONT STYLE="font-size: 10pt"><SUP>[1]</SUP></FONT> of shareholder value. RBA&rsquo;s shares are dramatically undervalued and should
not be used as an acquisition currency at this time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The IAA Merger would severely erode RBA&rsquo;s business quality and lacks
compelling industrial logic. IAA is a highly challenged business that is structurally disadvantaged to its primary competitor and rapidly losing market share. IAA will require a capital intensive, lengthy and highly uncertain turnaround to put a halt to its continuing loss of customers,
declining service levels and rapidly deteriorating earnings.&nbsp;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">RBA&rsquo;s standalone businesses offer a clear path for the Company to continue
compounding its EBITDA by ~20% per year on an organic basis. Given its growth profile and business quality, on a standalone basis, we
believe that RBA's shares are worth over 100% more than current trading levels. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>1</SUP> Given the Company&rsquo;s
strong earnings results announced concurrently with the announcement of the deal, Luxor believes that the deal announcement had a 25%+
negative impact on the value of the Company, which represents &gt;US$1.8 billion of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The IAA Merger will dilute RBA shareholders with the issuance of ~70% more
shares while&nbsp;<I>substantially and permanently lowering&nbsp;</I>the combined Company&rsquo;s trading multiple and EBITDA growth rate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Post-merger integration and operations will inevitably require RBA to shift
management attention and critical resources to IAA&rsquo;s structurally challenged business.&nbsp;This will take the Company&rsquo;s focus
away from numerous operational initiatives at RBA that are poised to generate additional upside for RBA shareholders without dilution
or commensurate risk.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>RBA has announced a scheduled record date
of January 25, 2023 as the record date for stockholders to be eligible to vote at the Special Meeting.</B> We remind shareholders that,
as currently scheduled, only shares of RBA common stock held as of such date may be voted at the Special Meeting. Shareholders should
therefore acquire or, to the extent pledged or loaned, recall, any shares they intend to vote at the Special Meeting by January 25, 2023.
Any shares not acquired or recalled as of the record date will be unable to be voted at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders do not have to take any action at this time. Luxor has
filed a preliminary proxy statement with the SEC and intends to file a definitive proxy statement and send proxy material to RBA shareholders
in advance of the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Luxor Capital Group, LP:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxor Capital Group, LP is a multi-billion-dollar investment manager,
which was founded in 2002 and is based in New York. It makes investments through its fundamental, long-term oriented investment process.
The firm has an extensive history of investing in global marketplaces businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Luxor Capital Group, LP, together with the
other Participants (as defined below), has filed a preliminary proxy statement and intends to file a definitive proxy statement and accompanying
GREEN proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit proxies in connection with a special
meeting of the shareholders of Ritchie Bros. Auctioneers Incorporated, a company organized under the federal laws of Canada (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS
OF THE COMPANY TO READ THE PROXY STATEMENT AND ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS RELATED
TO THE SOLICITATION WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE
AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT
AND OTHER RELEVANT DOCUMENTS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS&rsquo;
PROXY SOLICITORS, OKAPI PARTNERS LLC BY PHONE AT (877) 629-6356 (TOLL-FREE) OR BY EMAIL TO INFO@OKAPIPARTNERS.COM, OR TO SHORECREST GROUP
BY PHONE AT (888) 637-5789 (TOLL-FREE) OR BY <FONT STYLE="text-transform: uppercase">EMAIL AT contact@shorecrestgroup.com</FONT>. The
participants in the proxy solicitation in connection with the Company&rsquo;s special meeting of shareholders are expected to be Luxor
Capital Group, LP (&ldquo;Luxor&rdquo;), LCG Holdings, LLC (&ldquo;LCG Holdings&rdquo;), Lugard Road Capital GP, LLC (&ldquo;Lugard GP&rdquo;),
Luxor Capital Partners Offshore Master Fund, LP (&ldquo;Luxor Offshore Master Fund&rdquo;), Luxor Capital Partners Long Offshore Master
Fund, LP (&ldquo;Luxor Long Offshore Master Fund&rdquo;), Luxor Capital Partners, LP (&ldquo;Luxor Partners&rdquo;), Lugard Road Capital
Master Fund, LP (&ldquo;Lugard Road Master Fund&rdquo;, and together with Luxor Offshore Master Fund, Luxor Long Offshore Master Fund,
and Luxor Partners, the &ldquo;Funds&rdquo;), Luxor Management, LLC (&ldquo;Luxor Management&rdquo;), and Christian Leone, and Jonathan
Green (together, the &ldquo;Participants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the close of business on January 18, 2023, Luxor Long Offshore
Master Fund held 6,187 RBA common shares (&ldquo;RBA Common Shares&rdquo;), Luxor Partners held 494,802 RBA Common Shares, Lugard Road
Master Fund held 3,397,244 RBA Common Shares, and Luxor Offshore Master Fund held 310,989 RBA Common Shares. LCG Holdings is the general
partner of Luxor Offshore Master Fund, Luxor Long Offshore Master Fund, and Luxor Partners, and may be deemed to beneficially own 811,978
RBA Common Shares. LugardGP is the general partner of Lugard Road Master Fund, and may be deemed to beneficially own 3,397,244 RBA Common
Shares. Luxor is the investment manager of each of the Funds, and Luxor Management is the general partner of Luxor, and each may be deemed
to beneficially own the aggregate of 4,209,222 RBA Common Shares held by the Funds as of the close of business on January 18, 2023. Mr.
Leone is the managing member of each of Luxor Management and LCG Holdings and a managing member of Lugard GP and may be deemed to beneficially
own 4,209,222 RBA Common Shares. Mr. Green is a managing member of Lugard GP, and may be deemed to beneficially own 3,397,244 RBA Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release is for informational purposes only and is not a
solicitation of proxies. Any proxies solicited in respect of the Special Meeting will be solicited by Luxor pursuant to the definitive
proxy statement or as otherwise permitted by applicable corporate and securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Contacts</B><BR>
Douglas Friedman<BR>
Luxor Capital Group, LP<BR>
<U>RBA@luxorcap.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Harnett &amp; Bruce Goldfarb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Okapi Partners LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(212) 297-0720</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Info@okapipartners.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contacts</B><BR>
Douglas Snyder<BR>
Luxor Capital Group, LP<BR>
<U>RBA@luxorcap.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dan Gagnier &amp; Riyaz Lalani&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gagnier Communications&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(646) 342-8087&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>luxor@gagnierfc.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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