With IAA acquisition complete, Ritchie Bros. rebrands as RB Global
Rebranding in the wholesale world continued Tuesday.
Ritchie Bros. Auctioneers announced that with the successful closing of the IAA acquisition, the company is changing its corporate name to RB Global.
The company said in a news release that its 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.
Officials said 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.
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, according to the news release.
“The RB Global name signifies the transformation of our business into a premier global marketplace and more closely aligns with our strategy,” RB Global CEO Ann Fandozzi said.
“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,” Fandozzi continued. “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,” Fandozzi went on to say.
RB Global operates an 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 across asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, commercial accessories, agriculture, among others.
The move by RB Global arrived a week after KAR Global announced its brand change to OPENLANE.