RM Divests Interest in Canadian Classic Car Auction

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BLENHEIM, ONTARIO, CANADA, September 11, 2009 − RM Auctions announced today it is divesting its interest in the Toronto classic car auction held biannually at the International Centre in Mississauga, Ontario effective immediately. The event’s founder and former RM consignment specialist, Dan Spendick, assumes sole interest in this Canadian venue.

RM is a global leader in the presentation of catalog-quality vintage motor car auction events and single-owner collections. This strategic development is consistent with the Company’s efforts to build upon these strengths by more clearly defining its brand identity and continuing to expand its presence in the European market.

“We’re streamlining the business by increasingly focusing our expertise on the investment-grade segment of the collector car market and exploring international growth opportunities,” said Rob Myers, Chairman and Founder, RM Auctions.

“Danny has been successfully running Toronto’s only classic car auction since its inception in 1990 and has been a valuable member of the RM team since 1992. We wish him continued success as he branches back out on his own,” he added.

As a result of this transaction, Dan Spendick will form a new and separate corporate entity called Collector Car Productions.

“Having been a partner at RM for 17 years has been a fabulous experience and if I could turn back time, I wouldn’t change a thing,” says Dan Spendick. “My strength as a car specialist has always been in ’30s, ’40s, ’50s, and ’60s mainstream cars, and I will continue to use this experience to develop my new company’s business model. Rob has been a great inspiration to me over the years and I know that RM will continue to be a leader in the industry specializing in high-end classics and exotics, and I wish Rob, his partners and staff nothing but the best”.

Collector Car Productions kicks off its auction schedule with the presentation of the Al Webster Collection October 16-17 in Bradford West Gwillimbury, Ontario, followed closely by the fall Classic Car Auction of Toronto, October 23-25 at the International Centre in Mississauga.

For more information on RM, visit www.rmauctions.com.

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