RB Global is the new name for Ritchie Bros. Auctioneers, following the company’s successful acquisition of IAA Inc. RB Global’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.

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 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.

“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.”

KAR Auction Services is rebranding to reflect the company’s transformation to a more asset-light, digital marketplace company. OPENLANE signals a new simplified, customer-first approach to used vehicle remarketing. 

OPENLANE will serve as both the parent company brand and the go-to-market brand for the company’s digital marketplaces in the U.S., Canada and Europe.

Consolidating platforms, offerings and operations into OPENLANE will help focus the company’s strategy and investments, accelerate innovation and simplify the overall customer experience. The company’s corporate name will change to OPENLANE Inc. effective May 15, 2023. The company’s common stock will continue trading on the New York Stock Exchange under the ticker symbol “KAR.”

 “Our vision is to build the world’s greatest digital marketplace for used vehicles, and we are advancing that vision by bringing together all of our sellers, buyers and vehicles under OPENLANE,” said Peter Kelly, CEO. “Over the past decade, we’ve built and acquired some of the leading digital platforms in our industry. Combining the best features and functionality from this technology and unifying our supporting operations will help us create the fastest, easiest and most active digital marketplace available. With flexible sale formats and thousands of cars offered each day—including exclusive, first access to a significant majority of North America’s off-lease inventory—customers will be able to list, bid and buy anytime, anywhere.”

 In 2022, the company’s marketplaces facilitated the sale of approximately 1.3 million vehicles, with a gross merchandise value of over $23 billion, across a network of more than 50,000 franchise and independent dealers, OEMs, financial institutions, rental and recovery companies and fleet operators.

 The first OPENLANE branded marketplace will be launched in Canada where the company will combine the existing ADESA and TradeRev platforms beginning in June 2023. In the U.S., the company successfully integrated CARWAVE into BacklotCars in 2022 and is currently rolling out the new live-auction format on a national scale. Once completed, the company will focus on integrating its U.S. dealer-to-dealer and off-lease platforms into a new, combined marketplace. And in Europe, the company has completed its consolidation of the ADESA Europe, ADESA UK and GWListe dealer-to-dealer technology into a single, consolidated marketplace that is expected to also adopt the OPENLANE brand.

 “KAR catalyzed the digital transformation of remarketing through our acquisition of OPENLANE in 2011. So, it is fitting to anchor the next era of our company—and our industry—on the OPENLANE brand,” Kelly said. “From CPO-ready off-lease cars to higher-mileage older vehicles, to fleet, rentals, recoveries and everything in between, OPENLANE will have the right car for every lot in every geography. And with thousands of unique users engaging on our marketplaces each day, sellers can have confidence they’re receiving the best, most competitive market price available.”