Strategic alliance to expand IAA’s global buyer
base in the Middle East
RB Global, Inc. (NYSE: RBA) (TSX: RBA), a trusted global
marketplace for insights, services and transaction solutions for
commercial assets and vehicles, today announced that IAA has
launched a new Market Alliance with North America Trading L.L.C. in
the country of Oman. Through this agreement, IAA will open auction
centers in three cities strategically located throughout Oman by
the end of 2025. This strategic alliance reaffirms IAA’s commitment
to expanding its global buyer base by providing local services and
assistance in new markets.
“We are excited to expand our international customer base with
IAA’s new Market Alliance in the Middle East,” said Scott Guenther,
Senior Vice President, North America Operations at IAA. “North
America Trading has an excellent reputation and team located in
Oman who will help IAA connect with a base of new buyers. Through
market alliances, IAA continues to seek new opportunities to drive
international growth and demonstrate strong price performance.”
“We look forward to helping IAA streamline the process of buying
and importing vehicles for customers in Oman,” said Kastytis
Latvys, President and Owner of Atlantic Express Corporation, parent
company of North America Trading L.L.C. “In collaboration with
IAA’s technology, our team will support local customers in
purchasing vehicles tailored to their unique needs and
preferences.”
About RB Global
RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel
marketplace that provides value-added insights, services and
transaction solutions for buyers and sellers of commercial assets
and vehicles worldwide. Through its auction sites in 14 countries
and digital platform, RB Global serves customers in more than 170
countries across a variety of asset classes, including automotive,
commercial transportation, construction, government surplus,
lifting and material handling, energy, mining and agriculture. The
company’s marketplace brands include Ritchie Bros., the world’s
largest auctioneer of commercial assets and vehicles offering
online bidding, and IAA, a leading global digital marketplace
connecting vehicle buyers and sellers. RB Global’s portfolio of
brands also includes Rouse Services, which provides a complete
end-to-end asset management, data-driven intelligence and
performance benchmarking system; SmartEquip, an innovative
technology platform that supports customers’ management of the
equipment lifecycle and integrates parts procurement with both OEMs
and dealers; Xcira, a leader in live simulcast auction
technologies; and VeriTread, an online marketplace for heavy haul
transport.
Forward-Looking Statements
Certain statements contained in this release contain include
forward-looking information within the meaning of Canadian
securities legislation and forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”). Forward-looking statements may
include statements relating to future events and anticipated
results of operations, business strategies, the expected timing and
associated benefits with respect to the new market alliance in Oman
and other subjects of this release on our business and plans
regarding our growth strategies, and to our customers and company
generally, and other aspects of RBA’s or IAA’s respective
businesses, operations, financial condition or operating results
and other statements that are not historical facts. Words such as
“should,” “may,” “will,” “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates” “could,” “can,”
“intends,” “target,” “goal,” “projects,” “contemplates,”
“believes,” “predicts,” “potential,” “continue,” “foresees,”
“forecasts,” “estimates,” “opportunity” and similar expressions
identify forward- looking statements. It is uncertain whether any
of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do, what impact they will
have on the results of operations and financial condition of the
combined companies or the price of RBA’s common shares. Therefore,
you should not place undue reliance on any such statements and
caution must be exercised in relying on forward-looking statements.
While RBA’s management believe the assumptions underlying the
forward-looking statements are reasonable, these forward-looking
statements involve certain risks and uncertainties, many of which
are beyond RBA’s control, that could cause actual results to differ
materially from those indicated in such forward-looking statements,
including but not limited to: the effects of the business
combination of RBA and IAA, including the combined company’s future
financial condition, results of operations, strategy and plans;
potential adverse reactions or changes to business or employee
relationships, including those resulting from the completion of the
merger; the diversion of management time on transaction-related
issues; the response of competitors to the merger; the ultimate
difficulty, timing, cost and results of integrating the operations
of RBA and IAA; the fact that operating costs and business
disruption may be greater than expected following the consummation
of the merger; the effect of the consummation of the merger on the
trading price of RBA’s common shares; the ability of RBA to retain
and hire key personnel and employees; the significant costs
associated with the merger; the outcome of any legal proceedings
that could be instituted against RBA; the ability of the combined
company to realize anticipated synergies in the amount, manner or
timeframe expected or at all; the failure of the combined company
to realize potential revenue, EBITDA, growth, operational
enhancement, expansion or other value creation opportunities from
the sources or in the amount, manner or timeframe expected or at
all; the failure of the trading multiple of the combined company to
normalize or re-rate and other fluctuations in such trading
multiple; changes in capital markets and the ability of the
combined company to generate cash flow and/or finance operations in
the manner expected or to de-lever in the timeframe expected; the
failure of RBA or the combined company to meet financial forecasts
and/or KPI targets; legislative, regulatory and economic
developments affecting the business of RBA; general economic and
market developments and conditions; the evolving legal, regulatory
and tax regimes under which RBA operates; unpredictability and
severity of catastrophic events, including, but not limited to,
pandemics, acts of terrorism or outbreak of war or hostilities, as
well as RBA’s response to any of the aforementioned factors. Other
risks that could cause actual results to differ materially from
those described in the forward-looking statements are included in
RBA’s periodic reports and other filings with the Securities and
Exchange Commission (“SEC”) and/or applicable Canadian securities
regulatory authorities, including the risk factors identified under
“Risk Factors” and the section titled “Summary of Risk Factors” in
RBA’s most recent Annual Report on Form 10-K for the fiscal year
ended December 31, 2023, and other periodic reports and other
filings with the SEC. The forward-looking statements included in
this release are made only as of the date hereof. While the list of
factors presented here is considered representative, no such list
should be considered to be a complete statement of all potential
risks and uncertainties. Many of these risk factors are outside of
our control, and as such, they involve risks which are not
currently known that could cause actual results to differ
materially from those discussed or implied herein. RBA does not
undertake any obligation to update any forward-looking statements
to reflect actual results, new information, future events, changes
in its expectations or other circumstances that exist after the
date as of which the forward-looking statements were made, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241121313101/en/
RB Global Contacts Media Inquiries: Val Alitovska
| RB Global, Inc. Director, Corporate Communications (312) 505-9900
valitovska@rbglobal.com
Analyst Inquiries: Sameer Rathod | RB Global, Inc. VP,
Investor Relations/Market Intelligence (510) 381-7584
srathod@rbglobal.com
RB Global (NYSE:RBA)
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