WESTCHESTER, IL., May 9, 2023 /CNW/- Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (the "Company") today 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," continued Ms. 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.

About Ritchie Bros.:

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offering live auction events with online bidding; IronPlanet, an online marketplace with weekly featured auctions and providing the exclusive IronClad Assurance^(R) equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Ritchie List, a self-serve listing service for North America; Mascus, a leading European online equipment listing service; Ritchie Bros. Private Treaty, offering privately negotiated sales; and sector-specific solutions GovPlanet, TruckPlanet, and Kruse Energy. The Company's suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together 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; plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media.

For more information, please contact:
Ian Malinski
Media Relations Manager
+1.778.331.5432
CorpComm@rbauction.com

For investor inquiries, please contact:
Sameer Rathod
Vice President, Investor Relations & Market Intelligence
+1.510.381.7584
srathod@ritchiebros.com