<SEC-DOCUMENT>0001104659-23-030131.txt : 20230308
<SEC-HEADER>0001104659-23-030131.hdr.sgml : 20230308
<ACCEPTANCE-DATETIME>20230308163347
ACCESSION NUMBER:		0001104659-23-030131
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230308
DATE AS OF CHANGE:		20230308

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:		23716595

	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>tm238938d1_dfan14a.htm
<DESCRIPTION>DFAN14A
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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: 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>

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

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<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: 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>
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    <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>
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    <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>
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    <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>
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    <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">&#168;</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>
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    <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>
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    <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>
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    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
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    <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></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>

<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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 8, 2023, Luxor Capital Group, LP and certain affiliates issued
the following press release:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LUXOR REMINDS RITCHIE BROS. SHAREHOLDERS OF
DEADLINE TO VOTE AGAINST VALUE DESTRUCTIVE MERGER WITH IAA </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"><I>Shareholders Can Vote Against the IAA Merger
But Must Act by March 9, 2023</I></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"><I>Standalone RBA is the Best Path for Shareholder
Value Creation</I></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"><I>RBA Shareholders and both ISS and Glass Lewis
Oppose the IAA Merger </I></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"><B>NEW YORK, March 8, 2023</B> -- 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 released a letter to its
fellow RBA shareholders highlighting key reasons to 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"><U>The Full Text of the Letter Follows:</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">Dear Fellow Shareholders:</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">Your vote is needed to end an unfortunate period in RBA&rsquo;s history.
We share this investment in RBA with you and we believe in the future value of the Company on a stand-alone basis. Unfortunately, our
board of directors (the &ldquo;Board&rdquo;) has failed to act in our best interests and is myopically focused on trying to consummate
a transaction that shareholders and both of the leading independent proxy advisory firms have all recognized as a significant and unnecessary
risk to our investment.</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">Together, we can vote down the IAA Merger, return RBA to a path of
focused, shareholder value creation and reverse the damage done to the Company trajectory for long-term, sustainable value. History is
littered with companies making poor decisions on M&amp;A, particularly when predicated on manipulated projections and justified by baseless
assumptions of revenue &lsquo;synergies&rsquo; that bear significant costs and risks, and hold little to no basis in reality. As owners
of the business, we cannot allow this to happen to RBA and must stop this ill-conceived, enormously dilutive and value destructive transaction.</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 time to act is now and we urge all RBA shareholders to vote <B><U>AGAINST</U></B>
the IAA Merger on the <B><U>GREEN</U></B> proxy card.</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>Get Your Votes in Ahead of the Proxy Deadline</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">In light of RBA&rsquo;s vote cutoff timing, <B>it is important that
proxies are delivered by March 9, 2023, at 5:00 p.m. (Pacific Time)</B> to ensure your vote is counted. If you need assistance voting
your proxy, we encourage you to contact Luxor&rsquo;s proxy solicitor, Okapi Partners LLC, at (212) 297-0720 <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"><B>Significant Shareholders and the Leading Proxy Advisory Firms ISS and Glass Lewis Are Recommending You Vote No</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">Leading independent voices and significant RBA investors have stated,
in unequivocal terms, that this deal is value destructive to existing RBA investors. It is rare for both ISS and Glass Lewis to encourage
shareholders to vote against a publicly announced M&amp;A transaction, and their recommendations here are well-considered and strongly
worded.</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">Consider the statements of the leading proxy advisory firms as they
independently evaluated the prospects of the IAA merger. (Emphasis added)</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ISS, March 6, 2023, report: </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"><I>&quot;Coupling these concerns with <B>the significant sell-off on
the initial announcement, ongoing underperformance relative to wider indices</B>, and multiple compression, it appears that <B>RBA's strong
standalone prospects, proven over a period of time through robust performance, offer a better understood and verified path</B> to shareholder
value creation.&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;<B>Credibility is a particularly important consideration
in this case, and it has been damaged</B> by the shifting narratives around the long-term strategy and evergreen targets, <B>as well as
the miscalculated treatment of shareholders&rsquo; concerns </B>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;Assessment of the potential risk-adjusted upside from the
acquisition necessarily incorporates a consideration of one&rsquo;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. <B>Together, these considerations suggest that the board prioritized getting the deal done over ensuring that this was
indeed the best path forward.&rdquo;</B></I></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"><I>&ldquo;During engagement with ISS, <B>RBA did not provide specific
responses to questions about areas of improvement at IAA, </B>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.</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><I>&ldquo;If there are no risks</I></B><I> or costs associated with
improving IAA, and it is available for sale at an attractive multiple, <B>there should have been other bidders. There are likely costs
and timing risks, and there is uncertainty associated with Copart&rsquo;s response to any moves made by IAA. These realities do not appear
to be sufficiently acknowledged by RBA.&rdquo;</B></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>Glass Lewis, March 6, 2023, report: </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><I>&ldquo;We believe RBA's board and management should remain focused
on delivering upon the Company's standalone plan as the better alternative</I></B><I> for generating superior shareholder returns and
risk-adjusted value going forward.&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;In our opinion, the terms and structure of the transaction
<B>do not appear to provide either a sufficient margin of safety or a sufficiently compelling value upside </B>for 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; color: #242424"><FONT STYLE="background-color: white"><I>&ldquo;<B>The
visibility into how and when achievement of any incremental revenue and EBITDA remains low</B>, in our view. If these opportunities were
so easily executed upon, IAA management might have realized them already.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white"><I>&ldquo;Furthermore,
despite assurances by the RBA board and management regarding the work done to diligence and verify these opportunities, <B>management's
changing tune on the rationale since the original deal announcement</B>, 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<B>, is not particularly confidence inspiring, in our view</B>.&rdquo;</I></FONT></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;Therefore, we believe <B>the proposed transaction offers
a dubious risk/reward proposition</B>, 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consider the Statements of our Fellow 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"><I>&ldquo;&hellip;<B>we have significant misgivings about the strategic
and financial rationale for this deal,</B> and think the structure and timing are concerning. Based on our current understanding and the
current deal terms, it is our intention to vote against the transaction.&rdquo;</I></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson, January 30, 2023, letter</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"><I>&ldquo;We believe that RBA's proposed acquisition of IAA, at the
current deal terms, <B>is a flawed transaction that burdens RBA shareholders with unnecessary risk </B>without providing enough credible
upside relative to the standalone RBA opportunity.&rdquo;</I></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eminence Capital, February 15, 2023, letter</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;the proposed acquisition of IAA by RBA (the &ldquo;Transaction&rdquo;)
<B>will destroy significant value for RBA shareholders</B> and is impossible to justify, especially in light of the extremely costly terms
of the investment by Starboard Value LP...&rdquo;</I></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep Field Asset Management, February 3, 2023, letter</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>Join Luxor and many other RBA shareholders in voting the <U>GREEN</U>
proxy <U>AGAINST</U> the IAA Merger by March 9, 2023, at 5:00 p.m. (Pacific Time).</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">We invite shareholders to please review our previous investor presentations,
which offer more detailed discussions surrounding our views of the standalone RBA business, the lack of strategic rationale for the IAA
Merger, the RBA Board&rsquo;s changing narrative, the poor governance process, the exorbitantly expensive and unnecessary Starboard financing
and more.</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>Feb 28<SUP>th</SUP>, 2023, Presentation:</B> <U>https://www.luxorcap.com/LuxorRBAVote.pdf</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Feb 17<SUP>th</SUP>, 2023, Presentation:</B> <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">Sincerely,</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</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">&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 third parties was neither sought nor obtained.</FONT></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">&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="border: Black 1pt solid; padding: 3pt 10pt; width: 100%; text-align: center; font-size: 10pt">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"><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 <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">&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">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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