The auction house also doubled revenue to over $1 billion. It attributed much of the increases to its $7.3 billion 2023 acquisition of motor vehicle auction company IAA Inc.

A broadened digital presence in B2B and retail auction sales and related services has thrust auctioneer RB Global Inc. to a higher financial performance level.

RB Global is making “excellent strides in attracting new international automotive buyers to our marketplace.
James Kessler, CEO
RB Global Inc.
JamesKessler_Ritchie-Bros-headshots-August-2022

James Kessler, CEO, RB Global 

The company’s first-quarter revenue surged 108% year over year to $1.1 billion, as gross transaction volume grew 115% to $4.1 billion. Net income rose to $107.4 million from a year-earlier net loss of $28.2 million.

RB Global attributed much of the increases to its Q2 2023 $7.3 billion acquisition of motor vehicle auction company IAA Inc. IAA, which still operates under the same name as an RB Global unit, sells via online auctions “lightly damaged, salvage, and clear-title vehicles, including cars, trucks and motorcycles, to buyers across the U.S. and in some international markets.”

RB Global is making “excellent strides in attracting new international automotive buyers to our marketplace, partially driven by IAA leverage and historical Ritchie Bros. relationships in Europe,” CEO James Kessler said on a Q1 earnings call this week. He added that the percentage of vehicles sold to international buyers hit an all-time high  in the quarter and complemented RB Global’s technology investments and process improvements to raise average selling prices by 3.3%.

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Following the IAA deal, RB Global changed its corporate name from Ritchie Bros. Auctioneers to reflect its globally expanded scope. Ritchie Bros. Auctioneers continues as an RB Global unit selling heavy trucks and construction equipment.

Responding to Yellow Corp.

Kessler also pointed to other ways that RB Global’s digital omnichannel platform serves as a “key differentiator” in the motor vehicle and equipment auction business.

For example, he said the bankruptcy filing last year of trucking company Yellow Corp. demonstrated “the power and versatility of our platform.” RB Global used the VeriTread “heavy-haul” service on its marketplace platform to source “competitively priced transportation services” to help move Yellow’s assets to RB Global and IAA  auction yards.

RB Global also operates the equipment and vehicle auction and buy-now marketplaces at IronPlanet.com and Mascus.com.

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RB Global’s brand portfolio includes:

  • Rouse Services, which provides an asset management, data-driven intelligence and performance benchmarking system;
  • SmartEquip Inc. (“SmartEquip”), a digital technology platform that supports customers’ management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].

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