Ritchie Bros. Auctioneers Incorporated announced that with the successful closing of the IAA, Inc. acquisition, the company is changing its corporate name to RB Global. The company's common shares will continue to be listed for trading on the New York Stock Exchange and on the Toronto Stock Exchange under the ticker "RBA."
RB Global will go-to-market and do business with customers under the Ritchie Bros. and IAA, Rouse and SmartEquip brands, among others, reflecting the brands' strong heritage and significant brand equity. In conjunction with the name change, RB Global has launched a new corporate website at www.RBGlobal.com.
RB Global operates a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles. Through its auction sites in 14 countries and digital platform, RB Global serves customers in more than 170 countries around the world across asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, commercial accessories, agriculture, among others.
"The RB Global name signifies the transformation of our business into a premier global marketplace and more closely aligns with our strategy," said Ann Fandozzi, CEO of RB Global.
"Over the last several years, we have worked to create a new growth platform that extends beyond auctions by building out our suite of solutions, enhancing our technology offerings and expanding our real estate footprint. The IAA acquisition accelerates these efforts, adding significant scale, reach and capabilities. As one company – RB Global – we have a unified vision for success and value creation. Our employees are excited to be part of this new company, and the progress we are making to advance our integration plan reinforces my confidence in the compelling upside ahead," said Fandozzi.
The name change, which was approved by the company's shareholders, will be made effective upon the filing of the articles of amendment in the coming days.