RB Global has outlined its strategic priorities following a review of its operations and revenue growth in 2024.
The company saw decent financial growth during the year, including increased revenue, net income, and gross transaction value. RB Global is an omnichannel marketplace company serving buyers of and sellers of commercial vehicles and heavy equipment.
RB Global net income increased 41% to $118.4 million. Meanwhile, the net income available to common stockholders grew 44% to $107.8 million.
CEO Jim Kessler shared the company’s direction during its latest earnings call, emphasizing efforts to improve pricing, expand partnerships, and strengthen customer relationships.
Kessler acknowledged the evolving market and the changing needs of business partners. However, he stressed that customers continue to seek a dependable partner that listens, understands, and provides solutions.
“We recognize that our partners’ needs are shifting, but our role remains the same — to be a trusted partner who delivers value at every stage,” Kessler said.
RB Global grows revenue in 2024
For the year ended Dec. 31, 2024, RB Global marked a 10% total revenue increase, to $1.1 billion.
RB Global service revenue grew 8% year over year to $875.5 million. Revenue from RB Global inventory sales rose 15% to $266.1 million.
Additionally, RB Global gross transaction value (GTV) increased 2% year over year to $4.1 billion.
RB Global’s strategy focuses on three key areas: optimizing pricing, expanding enterprise partnerships, and strengthening ties with regional customers.
The company is working to ensure strong price performance for assets sold through its marketplace. This includes managing supply, expanding its global buyer base, and using technology to enhance asset merchandising.
“We are leveraging data and analytics to drive stronger price performance and create more liquidity for our customers,” Kessler noted.
RB Global is building deeper relationships with large businesses, including insurance companies and fleet owners in the construction, transportation, and automotive sectors. The company is helping these partners improve profitability by optimizing asset life cycles. Tools like SmartEquip and VeriTread assist businesses in managing maintenance costs and transportation logistics.
“By strengthening our enterprise partnerships, we’re ensuring long-term growth and mutual success,” Kessler said.
RB Global’s focuses in 2025
Small and mid-sized businesses remain a key focus. RB Global is equipping its sales teams with better insights to provide more personalized services, strengthening existing relationships while attracting new customers.
In 2024, RB Global modernized its technology infrastructure and expanded its leadership team. A revamped rbauction.com was launched, built on a new platform designed for growth. The company also acquired Boom & Bucket, a fixed-price marketplace, to expand its omnichannel presence.
New leadership appointments included CFO Eric Guerin, COO Steve Lewis, and CTO Nancy King.
Looking ahead to 2025, Kessler noted that businesses in the construction, transportation, and technology sectors remain cautious but see growth opportunities. In the automotive sector, RB Global saw an increase in salvage industry activity due to weather-related events and rising total loss ratios. The company also reported record-high international buyer participation.
RB Global enters 2025 on a strong footing, having made progress on its strategic priorities while delivering financial growth.
“Our focus on innovation and operational efficiency has positioned us well for sustainable success,” Kessler concluded.
Sign up
Sign up for a complimentary subscription to Digital Commerce 360 B2B News. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn, X (formerly Twitter), Facebook and YouTube.