About Ritchie Bros. Auctioneers

RB Global, Inc. and its subsidiaries (RB Global) operate as a global marketplace that connects sellers and buyers of commercial assets and vehicles. Through the company’s omnichannel platform, the company facilitates transactions for customers in primarily the automotive, construction, and commercial transportation sectors. The company also serves customers in the agriculture, energy, and natural resources sectors, as well as government entities. The company’s customers primarily include automotive insurance companies, as well as end users, dealers, fleet owners, and original equipment manufacturers (‘OEMs’) of commercial assets and vehicles. The company also provides its customers value-added marketplace services, technology solutions for vehicle merchandising, platforms for lifecycle management of assets, and a market data intelligence platform to help customers make more informed business decisions. The company has a global presence, primarily with operations in the United States, Canada and across Europe. On March 20, 2023, the company completed the acquisition of IAA, Inc. (IAA), a leading global digital marketplace connecting vehicle buyers and sellers with operations throughout the United States, Canada, and the United Kingdom. IAA facilitates the marketing and sale of total loss, damaged and low-value vehicles for a full spectrum of sellers, including insurance companies, dealerships, fleet lease and rental car companies and charitable organizations. Additionally, IAA serves a global buyer base with vehicles, vehicle rebuild requirements, replacement part inventory or scrap demand. On January 3, 2023, the company also acquired a 75% controlling interest in VeriTread LLC (‘VeriTread’). VeriTread is a transportation technology company in the United States that provides an online marketplace solution for open deck transport, connecting shippers and service providers. Growth Strategy The company sees significant opportunities to grow its business profitably by leveraging the company’s existing platform and industry presence to become the trusted global marketplace for transaction solutions, insights, and services for commercial assets and vehicles. The company excels at partnering with customers who share its commitment to building trusted relationships. By understanding and responding to the company’s customers changing needs and preferences, the company cultivates lasting and robust relationships. This has fueled sustained growth across the company’s diverse marketplace, where a vast range of sectors offers opportunities for expansion and success. The core elements of the strategy include best customer experience and modern architecture. The company is committed to growing its business by prioritizing and focusing on the needs of its customers and the company’s partners. Service Offerings The company offers its customers multiple distinct, complementary, multi-channel brand solutions that address the range of their buying and selling needs for commercial assets, vehicles and other types of assets. The company’s global customer base has a variety of transaction options, breadth of services, and the widest selection of used equipment and vehicles available to them. The below illustrate the various channels and brand solutions available to the company’s customers. Transaction Solutions RB Auction: Onsite and online marketplace for selling and buying used equipment. IronPlanet: Online marketplace for selling and buying used equipment. Marketplace-E: Online make offer/buy now format. GovPlanet: Online marketplace for the sale of government and military assets. IAA AuctionNow: Online auction bidding and buying solution, that features inventory located at physical branches and offsite locations. Available to a global buyer audience. IAA Buy Now: Online buy now format available between scheduled auctions, leveraging ML based pricing recommendations. IAA Custom Bid: Bidding tool that provides buyers focused on recycling the ability to set pre-bids in an auction based on vehicle attributes. IAA Timed Auctions: Timed auction format that allows for competitive bidding and sale prior to a scheduled auction. Ritchie Bros. Private Treaty: Confidential, negotiated sale of large equipment. Financial Services Ritchie Bros. Financial Services: Loan origination service that uses a brokerage model to match loan applicants with appropriate financial lending institutions. IAA Loan Payoff: Service that mitigates the time-consuming process of managing a total loss claim requiring loan payoff and title release. Appraisal Services Rouse Appraisals: Unbiased, certified appraisal services. Inspection Services Ritchie Bros. Inspections: Truck and heavy equipment inspections. IAA Inspection Services: Remote inspections and appraisals for salvage vehicles. Listings Services Ritchie List: Online equipment listing service and B2B dealer portal. Mascus: Online equipment listing service and B2B dealer portal. Refurbishing Services Ritchie Bros. Refurbishing: Repair, paint, and other make-ready services. Transportation & Logistics Services Ritchie Bros. Logistics: End-to-end transportation and customs clearance solution for sellers and buyers with shipping needs. VeriTread Transport: Online transportation marketplace, connecting shippers and carriers. IAA Transport: Integrated shipping solution allowing buyers to schedule shipment of vehicles during the checkout process. IAA Tow App: Mobile dispatch solution that assists the tow network. Data Services Rouse Services: The leading provider of construction equipment market intelligence. CSAToday: Online reporting and analysis tool that gives sellers the ability to manage their vehicle assets and monitor sales performance. IAA Market Value: A solution for sellers looking to estimate the values of their vehicles based on user-provided information and historical auction data. Parts Services SmartEquip: Online marketplace connecting equipment owners with parts manufacturers. Catastrophe Response Services Catastrophe (CAT) Services: Industry-leading strategic catastrophe response service focused on real estate capacity, operational execution, transportation logistics and vehicle merchandising and selling. Title Services IAA Title Services: Full suite of title services that facilitate the title documentation, settlement and retrieval process. Contract Options The company offers consignors several contract options to meet their individual needs and sale objectives for selling used equipment or vehicles, which include: Straight commission contracts, where the consignor receives the gross proceeds from the sale less a pre-negotiated commission rate; Fixed commission contracts, where the consignor receives the gross proceeds from the sale less a pre-negotiated fixed commission fee; Guarantee commission contracts, where the consignor receives a guaranteed minimum amount plus an additional amount if proceeds exceed a specified level; and Inventory contracts, where the company purchase, take custody, and hold used equipment and other assets before they are resold in the ordinary course of business. The company collectively refers to guarantee and inventory contracts as underwritten or ‘at-risk’ contracts. Other Value-Added Services The company also provides a wide array of value-added services to make the process of selling and buying equipment and vehicles convenient for the company’s customers. In addition to the services listed in the table above, the company provides the following value-added services to its customers: Conducting title searches, where registries are commercially available, to help ensure equipment sold through RB Global is free and clear of all liens and encumbrances (if the company is not able to deliver clear title, the company provides a full refund up to the purchase price to the buyer); Making equipment available for inspection, testing, and comparison by prospective buyers; Displaying high-quality, zoomable photographs of equipment on the company’s website; Providing 360-degree video inspection technology to increase buyer confidence in equipment being purchased; Providing industry-leading professional equipment inspections and reports; Providing free detailed equipment information on the company’s website for most equipment; Providing access to commercial transportation companies and customs brokerages through the company’s logistical services; Handling all pre-auction marketing, as well as collection and disbursement of proceeds; Providing equipment sales and rental data intelligence and performance benchmarking solutions; and Providing an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both original equipment manufacturers and dealers. Governmental Regulations and Environmental Laws Some of the transport vehicles used at the company’s marketplaces are regulated by the U.S. Department of Transportation or similar regulatory agencies in the other countries in which the company operates. The company is indirectly subject to the regulations of the Consumer Financial Protection Act of 2010 due to the company’s vendor relationships with financial institutions. Competition The company primarily competes with Copart, Inc., Total Resource Auctions, Inc., a subsidiary of Cox Enterprises, and certain independent used vehicle auction companies that regularly remarket damaged and total loss vehicles. History The company was founded in 1958. It was incorporated in 1997. The company was formerly known as Ritchie Bros. Auctioneers Incorporated and changed its name to RB Global, Inc. in 2023.