Proxibid and Cat® Auction Services Begin Online Bidding for Inaugural Cat Auction Services Auction

Omaha, NE ─ November 3, 2008 ─ Proxibid, the world’s largest provider of live auction webcasting services, today announced that auction registration and online pre-bidding is now available for Cat Auction Services’ Inaugural auction, slated to take place November 12 at 9:00 a.m. CST in Des Moines, IA. To register for this auction, or to place a pre-bid, please visit www.proxibid.com/catauctions.

More than 250 lots of high quality Cat equipment, including excavators, articulated trucks, motor graders, compactors, track tractors, pull scrapers and track loaders, dump trucks, trailers and other construction-related equipment will cross the auction block during the event.

Auction highlights include:

Lot# Description

31 2002 Cat 980G Wheel Loader, SN 0AWH00645, GP Bkt, Cab, A/C, Ride Control

34 2005 Cat 740 Articulated Truck, SN 0AXM01842, A/C, Ext. Warranty Options

47 2004 Cat 160H Motor Grader, SN 0ASD00338, 14’ MB, A/C, Ext. Warranty Options

77 Cat D7HLGP Track Type Tractor, SN 04FG05593, S Blade w/Tilt, Cab, A/C

118 2000 Cat 365B Excavator, SN 09TZ00387, 62” Sand Bkt, 16’ Stk, Ext. Warranty Options

“We are thrilled to be able to bring Cat Auction Services to an online, global audience,” said Rick Albin, President and CEO of Cat Auction Services. “With markets fluctuating daily, businesses are looking for ways to procure high quality equipment at the best prices possible. Bidders from across the globe can log on, bid and win knowing they are getting the best equipment at the best prices.”

Cat Auction Services, a partnership of Cat dealers, is focused on creating value and reducing risk for both buyers and sellers by offering more assurances than other auction companies through detailed inspections, a range of warranty options on qualified Cat equipment, and limited-time parts incentives for all Caterpillar equipment, as well as unparalleled Cat dealer parts and service support before and after the sale. By offering the auctions live, online through Proxibid, bidders from across the globe will have the opportunity to participate in the auctions, just as if they were at the live event.

Proxibid provides live audio and video streaming for auctions, enabling the bidder to see and hear the auction in real-time, giving them the feeling they are at the live event. Bidders from across the globe can log on, bid and win from the comfort of their home or office. For Auctioneers, Proxibid’s full-service solution offers a worry-free online solution. From personalized account managers to a multi-lingual call center that is open before, during and after all live auction webcasts and everything in between, Proxibid handles every aspect of the online auction.

For more information about this auction, register to bid or to pre-bid, please visit www.proxibid.com/catauctions.

About Proxibid

Since 2002, Proxibid has webcast more than 11,000 auctions – more than any other company in the industry. The company hosts more than 100 equipment auctions each month, and has more heavy equipment inventory than any other live, online auction provider in the industry. Proxibid’s proprietary live Internet bidding service and Web site were developed by auctioneers and industry-leading professionals to provide our bidders with the most user-friendly and comprehensive live online auction experience possible.

Proxibid’s customer service and support is unmatched in the industry. The company’s toll-free support center is open before, during and after every live auction, and is staffed with bi-lingual auction specialists who assist both bidders and auctioneers. For more information about Proxibid, please visit us online at www.proxibid.com.

About Cat Auction Services

Cat Auction Services was formed in 2008 and is a unique partnership of Cat dealers. Cat Auction Services enhances dealer offerings to give customers another option in buying and selling used equipment. The company’s expertise in the heavy equipment industry and world-class product support capabilities allow them to offer a level of quality and assurance never before seen in the auction industry. Visit www.catauctions.com for more information.

Media Contact:

Dana Kaufman

dkaufman@proxibid.com

402.505.7770

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