<SEC-DOCUMENT>0001104659-23-029067.txt : 20230306
<SEC-HEADER>0001104659-23-029067.hdr.sgml : 20230306
<ACCEPTANCE-DATETIME>20230306165536
ACCESSION NUMBER:		0001104659-23-029067
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230306
DATE AS OF CHANGE:		20230306

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:		23709657

	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>tm238657-1_dfan14a.htm
<DESCRIPTION>DFAN14A
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<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; 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>

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

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

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<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>

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    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
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    <TD COLSPAN="4">&nbsp;</TD>
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    <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>
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    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD>
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    <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>
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    <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>
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    <TD>&nbsp;</TD></TR>
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    <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>
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    <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></TR></TABLE>


<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></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 6, 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>ISS and Glass Lewis Both Recommend Ritchie Bros.
Shareholders Vote <U>AGAINST</U> IAA Merger </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>ISS Recommends Shareholders Vote Against the
IAA Merger Citing Better Standalone Path, Deal Risks, Strategic Rationale, Board Credibility and Deal Process</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Glass Lewis Criticizes IAA Merger&rsquo;s &ldquo;Excessive
Execution Risk, Procedural Concerns, Questionable Financial Assumptions, Unfavorable Relative Valuation, Dubious Risk/Reward Proposition&rdquo;
in its own Recommendation for Shareholders to Vote Against Merger</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>ISS and Glass Lewis Recommend That Standalone
Ritchie Bros. is the Best Alternative for Shareholders</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, March 6, 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, today announced that Institutional
Shareholder Services Inc. (&ldquo;ISS&rdquo;) and Glass, Lewis &amp; Co. (&ldquo;Glass Lewis&rdquo;), each a leading independent proxy
voting advisory firm, has recommended that RBA shareholders vote <B><U>AGAINST</U></B> 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">&ldquo;Today, both ISS and Glass Lewis issued well-considered recommendations
for Ritchie Bros.&rsquo;s shareholders to <B><U>Vote Against</U></B> the flawed and ill-advised merger with IAA. Using their own analysis,
these leading independent firms have confirmed Luxor&rsquo;s publicly articulated analysis and views. They now join the chorus of other
voices who have already, publicly and privately, said this deal should be voted down. It is clear that ISS and Glass Lewis agree that
a standalone Ritchie Bros. will drive more value for shareholders, with less risk, than a merger with IAA&rsquo;s second-tier business,&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;The ISS and Glass Lewis reports are a clear rebuke of the strategic
rationale of the merger, and corroborate Luxor&rsquo;s assessment that RBA is undervalued on a standalone basis. It is also clear that
the overall governance and process run by the Ritchie Bros. board was lacking. With this additional affirmation, we expect shareholders
to overwhelmingly Vote Against this merger and return Ritchie Bros. to its strong standalone path,&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"><B>ISS and Glass Lewis endorsed Luxor&rsquo;s case for opposing the
value destructive IAA Merger, and recommended that RBA shareholders vote AGAINST the ISS Merger noting*:</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"><U>ISS</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;On balance, the potential risks associated with this transaction
appear to outweigh the potential upside articulated by the board. Credibility is a particularly important consideration in this case,
and it has been impaired by the shifting narratives around the long-term strategy and evergreen targets, as well as the miscalculated
treatment of shareholders' concerns during the assessment of revised terms.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Coupling these concerns with the significant sell-off on
the initial announcement, ongoing underperformance relative to wider indices, and multiple compression, it appears that RBA's strong standalone
prospects, proven over a period of time through robust performance, offer a better understood and verified path to shareholder value creation.
As such, ISS recommends that shareholders vote against the proposed transaction.&rdquo;</I></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;In our opinion, the terms and structure of the transaction
do not appear to provide either a sufficient margin of safety or a sufficiently compelling value upside for RBA shareholders. Therefore,
we believe the proposed transaction offers a dubious risk/reward proposition, particularly when compared to what remains a strong and
growing RBA standalone business that is performing ahead of management projections and investor expectations.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;&hellip;we believe RBA's board and management should remain
focused on delivering upon the Company's</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>standalone plan as the better alternative for generating superior
shareholder returns and risk-adjusted value going forward&hellip; we recommend that shareholders vote <B>AGAINST</B> this proposal.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ISS and Glass Lewis appeared to agree with Luxor&rsquo;s contention
that RBA management lowered RBA&rsquo;s standalone valuation to justify the IAA Merger:</B></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"><U>ISS:</U></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"><I>&ldquo;There have been other surprising statements throughout this
process that appear to contradict RBA's prior communications with investors. RBA appears to have provided a conservative set of projections
to IAA, which were used as the basis for the fairness opinion; when challenged by shareholders on these numbers, RBA began describing
its evergreen model as aspirational, when it had been previously presented to investors as a long-term guidepost.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Assessment of the potential risk-adjusted upside from the
acquisition necessarily incorporates a consideration of one's trust in the board and management team, whose credibility has been impaired
by its communication strategy post-announcement, including walking back its long-term targets, as well as decisions made during the deal
process. Together, these considerations suggest that the board prioritized getting the deal done over ensuring that this was indeed the
best path forward.&rdquo;</I></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"><U>Glass Lewis:</U></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"><I>&ldquo;Ultimately, we see no basis for investors to rely on management's
base case forecasts for purposes of evaluating the expected economic impact of this transaction for existing RBA shareholders.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;&hellip;the RBA board's financial assessment of the proposed
merger, at least as reflected in the DCF analysis included in the fairness opinions prepared by the Company's financial advisors at the
direction of RBA management and the board, is fundamentally flawed.&rdquo;</I></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"><I>&ldquo;Contrary to RBA's assertions, an objective and intellectually
honest analysis shows that management's so-called base case forecasts, which were used to justify both the original and the revised transaction
from a financial standpoint, are far too punitive to RBA's standalone prospects and value.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;&hellip;our analysis indicates that RBA&rsquo;s shares were
somewhat undervalued at the time of the time deal announcement, an unfavorable aspect that has only worsened since the deal announcement,
making the significant share issuance requires to complete the merger that much more unpalatable for existing RBA shareholders, in our
view.&rdquo;</I></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></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></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>ISS and Glass Lewis criticized RBA&rsquo;s deal process and the
misalignment of interests present in the IAA Merger:</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"><U>ISS:</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"><I>&ldquo;RBA's solution to initial opposition by RBA and IAA shareholders
appears to have been inappropriately focused on acceding to the demands of the IAA opposing shareholder&hellip; the company issued a lucrative
convertible security to a previously uninvolved investor, which drew public opposition from three additional RBA shareholders. With the
potential dilution associated with the convert, as well as another layer in the capital structure above common shares with guaranteed
dividend payments, it is hard to credibly argue that the revised deal is an improvement for RBA shareholders.&rdquo;</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"><U>Glass Lewis:</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"><I>&ldquo;&hellip;we have serious concerns regarding the process leading
up to the transaction, the need to revise the deal terms in an attempt to quell shareholder angst, the potentially misaligned interests
and incentives of certain vested parties, the overly conservative RBA standalone forecasts used as an attempt to justify the economics
of the deal to existing RBA shareholders, and other unfavorable valuation aspects of the transaction.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ISS and Glass Lewis joined Luxor in questioning the achievability
of the purported synergies of the IAA Merger:</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"><U>ISS:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;As with questions around synergies, execution risks, and
the rationale for the revised terms, the board's response to the question on the financial forecast used in the analysis of the transaction
is puzzling and concerning, and raises questions about its credibility. Its claim that the evergreen targets are aspirational contradicts
the company's numerous communications with investors since the 2020 analyst day. It also raises the question of how shareholders should
view the synergy targets the board has been providing since announcing the transaction.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;By not acknowledging any significant operational issues at
IAA or providing any specific guidance on how it plans to fix them, RBA has invited speculation. During engagement with ISS, RBA did not
provide specific responses to questions about areas of improvement at IAA, nor to those focused on the costs associated with improving
IAA topline and margins. According to RBA, having meetings with top level executives at insurance companies and training sales reps on
account management and customer service will be sufficient and effective&hellip;these responses appear to be unrealistic understatements.
If there are no risks or costs associated with improving IAA, and it is available for sale at an attractive multiple, there should have
been other bidders. There are likely costs and timing risks, and there is uncertainty associated with CPRT's response to any moves made
by IAA. These realities do not appear to be sufficiently acknowledged by RBA.&rdquo;</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"><U>Glass Lewis:</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"><I>&ldquo;&hellip;we are generally skeptical of mergers that are heavily
predicated on revenue/EBITDA synergies and valuation re-rating potential, as is the case here.&rdquo;</I></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;More broadly, we note most of the incremental EBITDA opportunities,
which were only touted after the merger received investor backlash, relate primarily to the standalone IAA business and don't seem to
require a merger at all.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;The visibility into how and when achievement of any incremental
revenue and EBITDA remains low, in our view. If these opportunities were so easily executed upon, IAA management might have realized them
already. Furthermore, despite assurances by the RBA board and management regarding the work done to diligence and verify these opportunities,
management's changing tune on the rationale since the original deal announcement, from adding scale and diversification, to focusing on
using IAA's yard capacity, to using RBA's yard capacity to shore up CAT response, to taking back share in IAA's market and growing IAA's
business in entirely new vectors, is not particularly confidence inspiring, in our view.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><B>ISS and Glass Lewis Support Luxor&rsquo;s View the
Standalone Business is Exceptional on its Own with Glass Lewis Highlighting the Shares Appear to be Undervalued&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><U>ISS:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><I>&ldquo;RBA's operational performance over the past
six years points to a stable, growing, profitable business with strong cash flow generation and return metrics. The company's TSR over
the same time period has been consistent with its strong operational performance, although outperformance relative to peers and indices
had narrowed in the 12 months ending on the unaffected date. Upon announcement of the transaction, there was an immediate and sustained
decline in investor sentiment, reflected through multiple compression, and the company has continued to underperform the wider market
since the initial double-digit drop in the share price. The negative sentiment appears to be driven by questions about how the IAA deal
fits into the company's stated strategy and the uncertainty introduced into the business as a result of the significant exposure to the
salvage auto auction sector resulting from the combination.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><U>Glass Lewis:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><I>&ldquo;In our opinion, the terms and structure of
the transaction do not appear to provide either a sufficient margin of safety or a sufficiently compelling value upside for RBA shareholders.
Therefore, we believe the proposed transaction offers a dubious risk/reward proposition, particularly when compared to what remains a
strong and growing RBA standalone business that is performing ahead of management projections and investor expectations.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121"><I>&ldquo;In particular, our analysis indicates that
RBA's shares were somewhat undervalued at the time of the deal announcement, an unfavorable aspect that has only worsened since the deal
announcement...&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="background-color: white">*Permission to
use quotations from the ISS and Glass Lewis reports was neither sought nor obtained.</FONT></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>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>

<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"></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">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 CommGlass Lewision (&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 info@okapipartners.com, 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>
RBA@luxorcap.com</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>
Info@okapipartners.com</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"></P>

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<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">Dan Gagnier &amp; Riyaz Lalani<BR>
Gagnier Communications<BR>
(646) 342-8087<BR>
luxor@gagnierfc.com</P>

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

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