RB Global, Inc. (‘RB Global’), together with its subsidiaries, operates as a global marketplace that provides value-added insights, services, transaction solutions for buyers and sellers of commercial assets and vehicles worldwide.
Through the company’s auction sites in 14 countries and digital platforms, the company serves customers and partners in approximately 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, l...
RB Global, Inc. (‘RB Global’), together with its subsidiaries, operates as a global marketplace that provides value-added insights, services, transaction solutions for buyers and sellers of commercial assets and vehicles worldwide.
Through the company’s auction sites in 14 countries and digital platforms, the company serves customers and partners in approximately 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining, and agriculture.
The company primarily facilitates transactions for customers in the automotive and commercial, construction, and transportation (‘CC&T’) sectors. The company’s customers are primarily automotive insurance companies, as well as end users, dealers, fleet owners, and original equipment manufacturers (‘OEMs’) of commercial assets and vehicles. Gross transaction value in the company’s CC&T sector includes equipment needed for earth moving, lift and material handling, as well as vocational and commercial trucks and trailers. The company’s automotive sector includes all consumer automotive vehicles. The other sector primarily includes assets and equipment in the agricultural, forestry, and energy industries, government surplus assets, smaller consumer recreational transportation items, and parts sold in its vehicle dismantling business. Each respective sector includes salvage and non-salvage transactions.
The company has a global presence, with operations primarily in the United States, Canada, Australia, and across Europe.
Competition
The company primarily competes with Copart, Inc., as well as with Total Resource Auctions, Inc., a subsidiary of Cox Enterprises, and certain other independent used vehicle auction companies that regularly remarket damaged and total loss vehicles.
Growth Strategy
The company has three key areas of strategic focus:
Achieve premium price performance for assets transacted across the company’s omnichannel marketplaces while effectively accommodating its partners' liquidity preferences.
Grow the company’s enterprise partner base, which includes insurance companies in its automotive sector and large fleet owners in its CC&T sector.
Focus on driving growth with the company’s regional CC&T customers, consisting of small and mid-sized businesses that highly value the personalized engagement and relationship with the company’s sales territory managers.
The company aims to achieve its growth strategy by modernizing its technology capabilities and strategically acquiring businesses and technologies to expand its capabilities and market reach.
Service Offerings
The company provides a global marketplace for its partners and customers to buy and sell a variety of asset classes by leveraging its proprietary transaction solutions, services, and market insights.
Solution
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.
SalvageSale: Full-service project management and salvage inventory support.
Ritchie Bros. Private Treaty: Confidential, negotiated sale of large equipment.
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.
CSAToday: Online portal that gives sellers the ability to manage their vehicle assets and monitor sales performance.
Financial Services
Ritchie Bros. Financial Services: Loan origination service that uses a brokerage model to match loan applicants with appropriate financial lending institutions.
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, Mascus, Boom & Bucket: Online equipment listing service, B2B dealer portal, and an online fixed price marketplace platform.
Refurbishing Services
Ritchie Bros. Refurbishing: Repair, paint, and other make-ready services.
Transportation 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: The leading provider of construction equipment market intelligence.
IAA Vehicle Score: A cutting-edge computer vision tool that assesses vehicle damage severity. The company’s automated Vehicle Score model provides fast and accurate ratings based on photos taken at vehicle check-in, saving time and money.
IAA Vehicle Value: A predictive model that uses machine learning and data mining methods to create an accurate, unbiased vehicle value.
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.
IAA Loan Payoff: Service that mitigates the time-consuming process of managing a total loss claim requiring loan payoff and title release.
DDI Technology: Electronic title and registration services for vehicle dealers and lenders.
Contract Options
The company offers consignors several contract options to meet their individual needs and sale objectives for selling assets, which include:
Straight commission contracts, where the consignor receives the gross proceeds from the sale less a pre-negotiated commission rate;
Fixed fee commission contracts, where the consignor receives the gross proceeds from the sale less a fixed flat fee; and
Guarantee contracts, where the consignor receives a guaranteed minimum amount plus an additional amount if proceeds exceed a specified level.
The company also offers its customers the option to enter into inventory contracts, where it purchases assets before they are resold in the auctions or marketplaces.
Other Value-Added Services
The company provides a wide array of value-added services to make the process of selling and buying equipment and vehicles convenient for its customers. The company also provides the following value-added services to its customers:
Title search services, 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, it 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; and
Handling all pre-auction marketing, as well as collection and disbursement of proceeds.
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 it operates.
The company is indirectly subject to the regulations of the Consumer Financial Protection Act of 2010 due to its vendor relationships with financial institutions.
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.