<SEC-DOCUMENT>0001104659-23-023070.txt : 20230217
<SEC-HEADER>0001104659-23-023070.hdr.sgml : 20230217
<ACCEPTANCE-DATETIME>20230217081815
ACCESSION NUMBER:		0001104659-23-023070
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230217
DATE AS OF CHANGE:		20230217

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:		23640362

	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>tm237230d1_dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
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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; text-align: center"></P>

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

<P STYLE="text-align: center; margin-top: 0pt; font: 14pt Times New Roman, Times, Serif; margin-bottom: 0pt">UNITED STATES</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"><B>&nbsp;</B></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: 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"><B>&nbsp;</B></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"><B>&nbsp;</B></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"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 95%">&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 STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&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 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>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&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 STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional materials</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&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 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>
    </TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" 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="3">
    <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="3">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="3" 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>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&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 STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&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 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>
    </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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Luxor Capital Releases Presentation to Fellow
Ritchie Bros. Shareholders</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; text-align: center"><I>Presentation Details Why Shareholders Should
Vote <B><U>AGAINST</U></B> RBA&rsquo;s Ill-Advised, Self-Serving and Value-Destructive Merger With IAA </I></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; text-align: center"><I>Urges Shareholders to Vote on the <B><U>GREEN</U></B>
Proxy Card <B><U>AGAINST</U></B> the IAA Merger</I></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">NEW YORK, Feb. 17, 2023 -- Luxor Capital Group, LP (&ldquo;Luxor&rdquo;),
as the manager of funds owning 4.7 million shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (&ldquo;RBA&rdquo;
or the &ldquo;Company&rdquo;), representing approximately 4.2% of the Company&rsquo;s outstanding shares, announced today that it has
released a presentation to RBA shareholders detailing its reasons for why RBA shareholders should oppose the proposed merger with IAA,
Inc. (NYSE: IAA) (the &ldquo;IAA Merger&rdquo;).</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">The Luxor presentation is available at <U>https://www.luxorcap.com/LuxRBA021623.pdf</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">&ldquo;The IAA Merger is the result of a deeply flawed and manipulated
process led by a management team with no experience in large scale M&amp;A and caught up in the fever of deal-making at any cost.</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">RBA reacted to the extraordinary shareholder opposition to its value-destroying
merger with baffling intransigence and issued a grossly mispriced security to an activist fund that will transfer value away from RBA
shareholders. The RBA Board&rsquo;s merger-at-any-cost approach has continued with its ever-changing justifications for the deal, making
management&rsquo;s <I>just trust us</I> defense ring increasingly hollow,&rdquo; said Doug Snyder, President of Luxor.</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">&ldquo;RBA is an unusually attractive and deeply undervalued business,
and shareholders will be substantially diluted by IAA&rsquo;s hugely challenged business. Along with other significant long-term RBA shareholders
who have publicly voiced their opposition, we strongly encourage our fellow shareholders to vote against the IAA Merger,&rdquo; continued
Mr. Snyder.</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>In its presentation, Luxor outlines why it believes that the IAA
Merger is an extremely value destructive error by the RBA board of directors (the &ldquo;Board&rdquo;) that must be corrected by a NO
vote:</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; text-align: center"><B><I>A deeply flawed and manipulated process</I></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">Almost a month after the IAA deal price was agreed to and two weeks
before the deal was announced, at a time when RBA was materially out-performing expectations, RBA manipulated the fairness opinion outcome
by introducing a new forecast well below its prior set of projections and required its advisors to rely on these low-ball estimates for
its valuation. Using the same DCF assumptions as those used by RBA&rsquo;s own advisors&rsquo; applied to the original set of projections
(which were later relabeled the upside case, despite being at the low-end of the publicly stated evergreen metrics), shows that the deal
did not work. In contrast, the RBA Board, in its extensive &ldquo;diligence&rdquo;, decided to take the seller&rsquo;s point of view and
use the identical aggressive IAA forecasts that IAA management provided.</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; text-align: center">Shareholders need to vote NO on a deal based on
manipulated projections that do not reflect the reality of either company&rsquo;s business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>RBA has incredible standalone prospects</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBA is an unusually attractive and deeply undervalued business with
a dominant market position built over many decades. The Company remains in the early innings of monetizing its market position as it unlocks
potential revenue streams, akin to what countless marketplaces have done before it. Again, using RBA&rsquo;s own advisors&rsquo; DCF assumptions
on the mid-point of the evergreen metrics, with capex ~25% above historical levels, the business is worth ~$111 per share at the mid-point
on a standalone basis &ndash; and we believe far more &ndash; as the business continues to out-perform as evidenced by the Q4 results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The combination will destroy billions in
RBA shareholder value</I></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">As highlighted by the 18% stock drop on the day of announcement, the
plurality of negative sell-side opinions, and the continued underperformance of RBA shares relative to the NASDAQ of &gt;15%, the deal
clearly lacks strategic rationale. In response, the Company has repeatedly shifted its narrative, first citing diversification, then making
the focus RBA&rsquo;s yards being used for IAA, then moving on to fanciful revenue synergies, and now squarely resting their case on the
potential satellite yard benefit <I>for RBA</I>. As a reminder, RBA is not the company that initiated this negotiation in seek of a suitor
and is not in need of help. Completely debunking the Company&rsquo;s claims that satellite yards are a justification for this disastrous
deal, as recently as May of 2022, the Company said about opening up satellite yards on its own: &ldquo;we can stand up yards and hire
sales folks at a pretty good clip.&rdquo; We do not think a &gt;$7 billion acquisition is necessary for what the Company can achieve on
a standalone basis at a cost of ~$30 million or less.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>RBA responded to opposition to the IAA Merger
by punishing RBA shareholders</I></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">The proxy statement made it abundantly clear that the RBA Board and
management are not open to feedback and wish to force the deal through by any means necessary. Many large, long term and prominent RBA
shareholders beyond Luxor have publicly come out in opposition to the deal. In response to this significant opposition, RBA bought a hollow
endorsement from Starboard Value, an activist fund, by issuing an egregiously mispriced security without seriously looking for alternative
financing partners, resulting in $99-154 million of common shareholder wealth transfer.</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; text-align: center"><B>Luxor invites its fellow RBA shareholders to
review its presentation and join Luxor and many other RBA shareholders in voting the <U>GREEN</U> proxy <U>AGAINST</U> the IAA Merger.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">If you require assistance in voting your&nbsp;<B><U>GREEN</U></B>&nbsp;proxy or would like to receive updates, please call Okapi Partners toll-free at + 1 (877) 629-6356 or Shorecrest Group at + 1 (888) 637-5789.<BR>
<BR>
After reading the information provided, if you agree that the IAA Merger is not in the best interest of RBA or its shareholders, we urge you to take the time to vote AGAINST using your GREEN proxy card. If you have already voted using the Company&rsquo;s white proxy card, you have every right to change your vote by using the GREEN proxy card that is being mailed to shareholders of record. Only the latest-dated validly executed proxy that you submit will be counted. Please follow the instructions on the GREEN proxy card to vote using one of the available methods provided. To ensure your vote is counted, we recommend that you vote on the internet where possible, so your vote is received before March 9, 2023 at 5:00 p.m. (Pacific Time).<BR>
<BR>
YOUR VOTE IS IMPORTANT IN DETERMINING THE FUTURE OF RITCHIE BROS.</TD></TR>
  </TABLE>
<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">&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">Luxor Capital Group, LP, LCG Holdings, LLC, Lugard Road Capital GP,
LLC, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Long Offshore Master Fund, LP, Luxor Capital Partners, LP,
Lugard Road Capital Master Fund, LP, Luxor Management, LLC, Christian Leone, and Jonathan Green (collectively, the &ldquo;Participants&rdquo;)
have filed 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 (the &ldquo;Special Meeting&rdquo;) of the shareholders of Ritchie
Bros. Auctioneers Incorporated, a company organized under the federal laws of Canada (the &ldquo;Company&rdquo;). All shareholders of
the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants,
as they contain important information, including additional information related to the Participants. The definitive proxy statement and
an accompanying GREEN proxy card will be furnished to some or all of the Company&rsquo;s shareholders and will be, along with other relevant
documents, available at no charge from the Participants&rsquo; proxy solicitors, Okapi Partners LLC by phone at (877) 629-6356 (Toll
Free) or by email to <U>info@okapipartners.com</U>, or to Shorecrest Group by phone at (888) 637-5789 (Toll Free) or by email at contact@shorecrestgroup.com.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive
proxy statement filed by the Participants with the SEC on February 13, 2023. This document is available free of charge on the SEC website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">Investor Contacts</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">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<BR>
Okapi Partners LLC<BR>
(212) 297-0720<BR>
<U>Info@okapipartners.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">Media</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<BR>
Gagnier Communications<BR>
(646) 342-8087<BR>
<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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