IAA Announces New Market Alliance in Oman

Rhea-AI Summary

RB Global's subsidiary IAA has announced a new Market Alliance with North America Trading L.L.C. in Oman. Through this strategic partnership, IAA plans to open auction centers in three cities across Oman by the end of 2025. The alliance aims to expand IAA's global buyer base in the Middle East by providing local services and assistance. North America Trading will help IAA connect with new buyers and support local customers in purchasing and importing vehicles tailored to their needs, leveraging IAA's technology.

Positive

• Expansion into new Middle East market through strategic alliance
• Planned opening of three auction centers in Oman by 2025
• Potential for increased international buyer base and revenue growth

Negative

• None.

Insights

Market Research Analyst

The strategic alliance between IAA and North America Trading L.L.C. represents a calculated expansion into the Middle Eastern market, specifically targeting Oman. The plan to establish three auction centers by 2025 indicates a measured approach to market penetration. While this expansion could potentially increase RBA's market reach and buyer base, the immediate financial impact appears

The Middle Eastern used vehicle market presents unique opportunities due to high demand for imported vehicles and strong purchasing power. However, success will largely depend on execution, local market adaptation and the ability to navigate regional business practices. This alliance primarily focuses on operational expansion rather than immediate revenue generation, suggesting a longer-term strategic play rather than short-term financial gains.

Strategic alliance to expand IAA’s global buyer base in the Middle East

WESTCHESTER, Ill.--(BUSINESS WIRE)-- 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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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

Source: RB Global

FAQ

What is RBA's new market alliance in Oman?

RBA's subsidiary IAA has formed a market alliance with North America Trading L.L.C. to establish auction centers in Oman and expand its presence in the Middle East.

How many auction centers will RBA open in Oman?

RBA plans to open three auction centers strategically located throughout Oman by the end of 2025.

What is the purpose of RBA's expansion into Oman?

The expansion aims to grow IAA's global buyer base by providing local services and assistance in the Middle East market, potentially driving international growth and price performance.