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RB Global helps insurers, fleet owners, dealers and equipment users sell vehicles and commercial assets to buyers worldwide. Ritchie Bros. auctions equipment and vehicles, while IAA connects vehicle sellers and buyers, including those trading damaged vehicles and vehicles insurers deem not worth repairing. Physical auction sites and digital platforms support these sales, with services such as towing, inspections and title processing helping assets move from seller to buyer.
Most revenue comes from transaction fees and related services, with buyers contributing the largest share of service revenue. Sellers pay commissions or agreed fees, while buyers pay transaction fees; customers can also pay for services such as transportation and financing. RB Global earns a smaller portion of revenue by buying assets and reselling them itself.
The business depends on the supply of assets, buyer demand and sale prices. Insurance vehicle supply is particularly tied to accident frequency and decisions to classify vehicles as total losses. A small group of major vehicle suppliers accounts for a substantial share of revenue, and insurance-supplier agreements can be cancelled on short notice. Auction-site expansion requires government permits, while emissions and import rules can restrict which equipment customers may move or sell.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
RB Global’s results hinge on insurers’ total-loss vehicle volumes and commercial-equipment turnover, while privately held Manheim is an important rival in non-salvage vehicle auctions.
Copart competes with RB Global’s IAA to sell insurers’ total-loss vehicles and attract buyers such as dismantlers and used-car dealers. Watch Copart’s insurance-company vehicle volumes for a read on the salvage supply both marketplaces compete to handle.
OPENLANE competes with RB Global to help commercial sellers resell used vehicles, charging buyers and sellers fees and supporting sales with inspection, transportation and title services. Its business with North American manufacturers and their financing companies is the part to watch for competition over commercial vehicle supply.
ACV Auctions competes with RB Global for dealers and commercial sellers reselling non-salvage used vehicles through auctions. Its auction services for fleet, rental-car and financial businesses are the clearest place to watch this competition, rather than insurers’ total-loss vehicles.
Liquidity Services competes with RB Global for sellers of surplus equipment and other commercial assets, either selling on their behalf for a commission or buying inventory to resell. Watch its GovDeals and Capital Assets Group businesses for competition in government surplus and capital equipment.
Carvana’s ADESA wholesale auctions compete with RB Global’s services for reselling non-salvage vehicles, but Carvana earns most of its revenue selling used cars to retail buyers. ADESA, rather than Carvana’s retail sales, is the business to watch for this rivalry.
HERITAGE GLOBAL INC competes with RB Global for industrial-equipment sellers, helping them auction or liquidate assets and sometimes taking ownership itself. Its HGP Auction and Liquidation business is the relevant part to watch, rather than its financial-asset brokerage and lending operations.
ACV Auctions Inc. earningsACVA
ACV Auctions’ report will show how fleet, rental-car and financial-company sellers and dealers are using its auctions, which compete with RB Global for non-salvage vehicles.
Look at ACV’s auction activity and results from its fleet, rental-car and financial-company services. Stronger activity would show sellers and dealers are using this kind of non-salvage auction venue, supporting demand in a market RB Global also serves; weaker activity would point to cooling supply or buyer demand and a softer market for RB Global’s non-salvage auctions.
RB Global, Inc. earningsThis company
RB Global’s report will show whether buyer and seller activity on its auction marketplace is still growing the service-fee business.
Read gross transaction value (GTV)—the total proceeds from items sold through RB Global’s marketplaces—alongside service revenue. If both rise, more auction activity is flowing into commissions, buyer fees and optional services; if GTV rises but service revenue stalls or falls, activity is not translating into comparable fee income, pointing to weaker fee capture or use of optional services.
Copart Inc earningsCPRT
Copart’s report will show how many total-loss vehicles insurers send to auction, the supply Copart and RB Global’s IAA compete to handle.
Read Copart’s insurance-company vehicle volumes alongside auction activity. Rising volumes with stronger activity would indicate more insurer-supplied salvage vehicles for both marketplaces to handle; falling volumes would point to less supply for RB Global’s IAA to compete for and weaker support for its salvage-auction business.
