Ritchie Bros. Auctioneers Incorporated (RBA): Business Model Canvas [Dec-2025 Updated]

You're staring at the post-IAA structure for Ritchie Bros. Auctioneers Incorporated and wondering exactly where the value is now, right? Honestly, mapping out a global giant that mixes heavy equipment auctions with salvage vehicles takes a clear lens. So, here's the quick math: this Business Model Canvas shows how they plan to generate between $1.32 Billion and $1.38 Billion in Adjusted EBITDA for 2025, driven by Service Revenue hitting $845.0 Million in Q3 alone, all while chasing $100 Million to $120+ Million in cost synergies. Keep reading to see the nine building blocks that define this new powerhouse.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps RB Global, Inc. (the company operating as Ritchie Bros. Auctioneers Incorporated) moving, which is critical when you consider their Trailing Twelve Months (TTM) revenue hit $4.41 Billion USD as of November 2025.

Equipment Manufacturers and Consignment Volume

The relationship with major equipment manufacturers, like Caterpillar and John Deere, is about securing the high-quality, late-model inventory that drives the marketplace. While specific consignment volume from individual OEMs isn't public, the overall scale shows the importance of this flow. For instance, the premier global auction event in Orlando in February 2025 sold over 16,000+ equipment items, trucks, and vehicles, generating US$250+ million in Gross Transaction Value (GTV).

The Q3 2025 Gross Transaction Value (GTV) reached $3.9 Billion, which requires a steady stream of prime assets that OEM relationships help secure.

Insurance Companies and Fleet Owners via IAA

The acquisition of Insurance Auto Auctions (IAA) solidifies a key partnership channel for salvage vehicle supply. The broader Online Salvage Auction Market was expected to reach USD 10.74 billion in 2025. Insurance carriers were the anchor for supply, providing 79.82% of all consignments in 2024. IAA's Q2 2025 data showed negative equity transactions holding at a record-high 52.1%, indicating a strong, albeit complex, supply source flowing through the partnership.

Financial Service Providers for Equipment Financing

Ritchie Bros. Financial Services (RBFS) acts as the direct financing partner, often working with external capital sources to facilitate sales. In 2022, RBFS surpassed US$1 billion in annual funded volume, with approval rates above 80%. This service supports the core auction business, which saw Q3 2025 GTV of $3.9 Billion. RBFS offers specific incentives like $0 down and 90- or 120-day payment deferment options to move inventory.

The scale of financing is a major value-add, directly impacting transaction velocity across the platform.

Global Logistics and Transportation Partners

Moving assets is as important as selling them, especially given the global reach. Ritchie Bros. Auctioneers highlights service partners like VeriTread for logistics support, which is crucial for cross-border sales. In the February 2025 Orlando auction, only about 12% of equipment sold went to international buyers, meaning the remaining 88% sold to U.S. buyers needed efficient domestic movement. The company's EMEA Q3 2025 results showed over 18,300 lots sold, requiring significant transportation coordination.

These logistics integrations help bridge the gap between the global buyer base and the physical location of the assets.

OEMs and Dealers Integrated via SmartEquip

The partnership framework is deepened through the SmartEquip platform, which Ritchie Bros. acquired in 2021 for approximately US$175 million. SmartEquip is a multi-manufacturer platform that connects directly to Enterprise Resource Planning (ERP) systems for parts procurement. It supports close to 800 different equipment brands and facilitates electronic parts procurement. Over 90,000 technicians globally use the network, which processes almost $2 billion in annual transactions for parts and service support.

Here's the quick math: integrating parts commerce via SmartEquip directly supports equipment uptime for customers, which keeps them active and selling/buying more through the main auction channels.

The key partnership metrics supporting the $4.41 Billion USD TTM revenue are summarized below:

Partner Category	Key Metric/Data Point	Source Context Year/Period
Financing (RBFS)	Annual Funded Volume Exceeded $1 Billion USD	2022
Parts/OEM Integration (SmartEquip)	Supports close to 800 Equipment Brands	As of 2025
Parts/OEM Integration (SmartEquip)	Technicians Connected: Over 90,000	As of 2025
Salvage Supply (IAA)	Insurance Carrier Consignment Share: 79.82%	2024
Salvage Market Context (IAA)	Online Salvage Auction Market Size: USD 10.74 Billion	2025 Estimate
Core Auction Scale (Supporting Context)	Q3 2025 Gross Transaction Value (GTV)	$3.9 Billion

Finance: draft 13-week cash view by Friday.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Key Activities

You're looking at the core engine driving Ritchie Bros. Auctioneers Incorporated (RBA) as of late 2025. This is where the real work happens to turn their platform into the trusted global marketplace they aim to be.

Operating a global omnichannel marketplace (live and online auctions).

The combined entity is focused on advancing its omnichannel platform to boost buyer and seller activity across all channels. This activity is reflected in recent performance metrics. For the third quarter of 2025, Ritchie Bros. Auctioneers reported a 7% rise in gross transactional value (GTV) year-over-year. Unit volume growth supported this, with the automotive sector up 9% and the commercial construction and transportation sector up 14% year-over-year for the same period.

Integrating the IAA salvage vehicle marketplace operations.

Integrating IAA is a major activity, leveraging its existing infrastructure and market position. IAA provides access to a global buyer base located throughout over 170 countries. Furthermore, IAA brings a physical footprint of more than 210 facilities, which Ritchie Bros. Auctioneers Incorporated is using to accelerate its satellite yard expansion strategy. The combined company raised its full-year 2025 adjusted EBITDA guidance to between $1.35 billion and $1.38 billion following strong operational discipline and salvage volumes.

Providing asset management and data analytics (Rouse Services).

The data analytics function, anchored by Rouse Services, is key to providing insights and optimizing fleet management decisions. Rouse Services was acquired for approximately $275 million, comprised of $250 million in cash and $25 million of Ritchie Bros. stock. Rouse Services generates subscription-based revenue from three Data-as-a-service (DaaS) solutions: rental analytics, equipment sales support, and fleet appraisals. For instance, in the crane market through the third quarter of 2025, the total volume of mobile cranes sold via auction channels was down 44% year over year, a data point informed by Rouse analysis.

Executing cost synergies of $100 Million to $120+ Million by end of 2025.

Realizing cost synergies is a primary operational goal tied to the IAA transaction. Ritchie Bros. Auctioneers Incorporated expects to achieve annual run-rate cost synergies in the range of $100 million to $120+ million by the end of 2025. This expected realization contributed to the Q3 2025 performance, which saw adjusted EBITDA increase by 16% year-over-year.

The key operational metrics supporting the combined entity's efficiency include:

• On-time tow performance rate of 99.7% as of Q3 2025.
• Total performance rate of 99.8% as of Q3 2025.
• Yard capacity increased by approximately 25% through process improvements.

Global marketing to attract a deep pool of buyers across 170+ countries.

Attracting a deep pool of buyers is essential for maximizing Gross Transaction Value (GTV). The integration of IAA specifically aims to accelerate international buyer development. IAA already served a global buyer base located throughout over 170 countries. The company is also accelerating the growth of attached services to ensure service revenue growth outpaces GTV growth.

Here's a snapshot of the scale of operations and financial targets influencing these activities:

Metric	Value/Range	Period/Context
Full-Year 2025 Adjusted EBITDA Guidance	$1.35 billion to $1.38 billion	Full Year 2025 Forecast
Annual Run-Rate Cost Synergies Target	$100 Million to $120+ Million	By End of 2025
Q3 2025 Adjusted EBITDA Growth	16%	Year-over-Year
Q3 2025 GTV Growth	7%	Year-over-Year
IAA Global Buyer Reach	Over 170 countries	Pre-Acquisition/Integration Context
IAA Physical Facilities	More than 210 facilities	Pre-Acquisition/Integration Context
Rouse Services Acquisition Price	Approximately $275 million	Total Transaction Value

Finance: review the Q3 2025 GTV growth rate against the 2024 full-year figure by next Tuesday.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Key Resources

You're looking at the hard assets that power Ritchie Bros. Auctioneers Incorporated's global marketplace as of late 2025. This isn't about potential; it's about the scale of what's already in place.

Extensive global network of auction sites and yards

The physical footprint is substantial, especially after integrating IAA. Ritchie Bros. Auctioneers currently offers over 60 permanent auction sites and local yards, serving business needs across 14 countries. When combined with IAA's footprint, the total yard presence is stated to be 250+ facilities. The premier global auction event in Orlando in February 2025 utilized a facility spanning over 200 acres.

Key network statistics include:

• Ritchie Bros. permanent auction sites: Over 60.
• IAA facilities (as of early 2023): Over 210 across the US, Canada, and Europe.
• Combined yard footprint (as per strategic goal): 250+.
• Ritchie Bros. Auctioneers has been conducting auctions since 1958.

Proprietary digital auction platforms

The digital backbone supports massive transaction volumes. For the third quarter of 2025, the Gross Transaction Value (GTV) reached $3.9 Billion. Total revenue for that same quarter climbed to $1.1 Billion, with service revenue being a major component at $845.0 million. The service revenue take rate expanded to 22.3% in Q1 2025.

Platform/Metric	Value/Data Point	Period/Context
Total Revenue	$1.1 Billion	Q3 2025
Gross Transaction Value (GTV)	$3.9 Billion	Q3 2025
Service Revenue	$845.0 million	Q3 2025
Service Revenue Take Rate	22.3%	Q1 2025
Orlando 2025 Items Sold	Over 16,000	February 2025

Comprehensive asset data and pricing intelligence

Rouse Services provides the intelligence layer. The acquisition of Rouse Services was valued at approximately US$275 million, broken down into US$250 million in cash and $25 million in common stock. Rouse Rental Insights has grown its global customer base from 5 companies in 2011 to over 400 today. The Rouse Services team consists of about 60 employees.

Strong brand equity and trust from the unreserved auction model

The unreserved model drives high engagement. During the early months of 2025, the company sold over 20,000 assets, marking a 17% year-on-year increase. The February 2025 Orlando event attracted over 19,000 bidders from more than 75 countries. For construction and industrial lots in EMEA during Q3 2025, over 12,500 bidders participated, setting a five-year record.

Skilled technology and sales teams for digital transformation

The talent pool supports the omnichannel strategy. The integration of platforms and services requires specialized personnel. The Rouse Services team, a key data asset, has about 60 employees. The overall RB Global entity serves customers in over 170 countries.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose RB Global, Inc., operating under the Ritchie Bros. and IAA brands, to move their assets. It's about trust built on scale and transparency, which translates directly into financial outcomes for sellers and buyers alike.

• - Price transparency and market liquidity through unreserved auctions.
• - End-to-end asset disposition solutions, including financing and logistics.
• - Access to a global buyer base in 170+ countries for sellers.
• - Data-driven insights for asset valuation and lifecycle management.
• - Diversified inventory, including heavy equipment and salvage vehicles (IAA).

The unreserved auction format is the bedrock of price discovery. This commitment to selling without a reserve price drives competitive bidding, which is clearly reflected in recent engagement metrics. For instance, the premier global auction event in Orlando, Florida, in February 2025, saw over 19,000+ registered participants competing for 16,000+ equipment items, trucks, and vehicles, generating US$250+ million in Gross Transaction Value (GTV). This liquidity is a direct value proposition.

The company has successfully evolved into a full-service asset management provider, moving beyond just the auctioneer role. This is evident in the financial split of their revenue streams. In the third quarter of 2025, the total revenue hit $1.1 Billion, with service revenue accounting for $845.0 million of that total, an 8% year-over-year increase. The service revenue take rate-the percentage of GTV kept from services-expanded to approximately 22.3% in Q1 2025, showing strong customer adoption of these added solutions.

The global reach ensures sellers tap into the widest possible pool of buyers, which supports strong returns. The scale of this reach is quantifiable across recent events:

Metric	Data Point (Late 2025 Activity)	Source Context
Buyers from Countries (Dubai Auction, Feb 2025)	82 countries	Ritchie Bros. Dubai auction lots sold to buyers from 82 countries.
Bidders from Countries (Orlando Auction, Feb 2025)	75+ countries	Orlando premier global auction attracted people from 75+ countries.
Buyers from Countries (UK Auctions, Feb/Mar 2025)	36 countries	Combined UK auctions attracted buyers from 36 countries.
Top Buyer Geographies	Australia, Italy, Spain, Germany, France	Identified top buyer countries across multiple 2025 campaigns.

The integration of IAA significantly diversifies the inventory, adding a major presence in the vehicle remarketing vertical, which is adjacent to their core heavy equipment business. The acquisition was valued at approximately $7.3 billion, including the assumption of $1 billion in debt. IAA itself was delivering an annual GTV of approximately $8.6 billion (as of late 2022). The combined entity is targeting significant operational efficiencies, with expected annual run-rate cost synergies between $100 to $120 million by the end of 2025.

For sellers needing immediate capital deployment, the speed of the transaction is a key benefit. Proceeds from consignments can be received in as little as 21 days. Furthermore, the company offers data-driven intelligence through specialized subsidiaries. Rouse Services provides end-to-end asset management and data-driven intelligence, while SmartEquip supports equipment lifecycle management and parts procurement. This ecosystem supports the overall RB Global, Inc. financial performance, with the full-year 2025 Adjusted EBITDA projected to range between $1,350 million to $1,380 million.

The overall financial scale underscores the value proposition's effectiveness. RB Global, Inc. reported a Trailing Twelve Months (TTM) revenue of $4.41 Billion USD as of November 2025.

Finance: draft 13-week cash view by Friday.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Customer Relationships

You're looking at how Ritchie Bros. Auctioneers Incorporated (RBA) keeps its massive, global customer base engaged, and honestly, it's a mix of high-touch service and powerful digital self-service tools. The numbers from late 2025 show this dual approach is working, especially as they push their value-added services.

Dedicated sales force for high-value consignors and fleet managers

For the biggest asset owners, RBA relies on direct relationships, which is why the recent acquisition of J.M. Wood Auction Co., Inc. for approximately $235 million was strategic-it directly enhances geographic reach and customer relationships. This personal touch supports the movement of large fleets. For instance, marketplace services revenue growth was recently driven by an increase in transportation services, specifically tied to a large consignment contract in the United States. You see this scale reflected in their global footprint, serving customers in over 170 countries.

Self-service digital tools for bidding, buying, and listing assets

The digital side is where the volume comes from, blending live auctions with platforms like Marketplace-E. The early part of 2025 saw a significant digital uptake: bidder activity across Ritchie Bros. auctions and Marketplace-E increased by 21% year-on-year. During the "Start 2025 Strong" campaign, over 17,300 participants were recorded across these platforms. Even at a major event like the February 2025 Orlando premier global auction, the event attracted 19,000+ people from 75+ countries, showing the digital reach of their physical events. The EMEA region also saw over 12,500 bidders during Q3 2025.

Value-added services (financing, logistics) for increased customer stickiness

This is where RBA is building real stickiness. They aren't just moving iron; they are facilitating the entire transaction lifecycle. The focus on these services is clearly translating to the top line. Here's the quick math on how service revenue stacks up against total revenue for recent quarters:

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue	$1,108.6 million	$1,186 million	$1.1 Billion
Service Revenue	$852.5 million	$887.2 million	$845.0 million
Gross Transaction Value (GTV)	$3,828.9 million	N/A	$3.9 Billion

The growth in these services is key; in Q3 2025, the company reported service revenue of $845.0 million, a major driver of the total revenue. Customers are engaging with options like Ritchie Bros. Financial Services and VeriTread for transport at major sales.

Transparent, unreserved auction process to build buyer trust

The foundation of the relationship remains the unreserved auction model. This means every item sells to the highest bidder, with no hidden re-lists or seller buy-backs. This commitment to transparency is a major draw for buyers globally, as evidenced by the international participation in their sales. For example, the Dubai auction in February 2025 sold lots to buyers from 82 countries.

Account management for large-scale industrial and insurance clients

Beyond individual transactions, RBA manages relationships with large entities, including insurance companies and major industrial players. The company's ability to drive a 14% year-over-year growth in Gross Transaction Value in the commercial construction and transportation sector alone during Q3 2025 shows they are the trusted partner for these large-scale disposals. This requires dedicated account management to handle the logistics and financial coordination for these substantial consignments.

Finance: draft 13-week cash view by Friday.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Channels

You're looking at how Ritchie Bros. Auctioneers Incorporated, now operating as RB Global, Inc., gets its services and assets in front of buyers and sellers as of late 2025. The channel strategy is clearly omnichannel, blending the traditional auction experience with a growing digital footprint. The scale of their operation is significant; the company has a presence in over 170 countries globally.

The core of the business remains the high-touch, high-transparency auction events. The third quarter of 2025 showed strong engagement, particularly in Europe, the Middle East, and Africa (EMEA).

Here's a look at the volume moving through the primary live and online auction events during Q3 2025:

Channel Segment	Metric	Value (Q3 2025)
Construction & Industrial Auctions	Lots Sold	More than 18,300
Construction & Industrial Auctions	Bidders Drawn	Over 12,500
Construction & Industrial Auctions	Buyers Secured	Over 4,600
Transport Auctions	Lots Sold	Over 820
Transport Auctions	Bidders Drawn	More than 2,800
Transport Auctions	Buyers Secured	560

For context on the financial scale these channels drive, the total Gross Transaction Value (GTV) for Q3 2025 reached $3.9 Billion, contributing to a total revenue of $1.1 Billion for the quarter. The full-year 2025 Adjusted EBITDA guidance is projected to range between $1,320 million and $1,380 million.

The digital marketplaces are crucial for extending reach beyond the main live events. Ritchie Bros. Auctioneers leverages a suite of specialized online platforms:

• IronPlanet: Provides weekly featured auctions and the exclusive IronClad Assurance®, which certifies equipment description accuracy.
• Marketplace-E: A 24/7 online marketplace offering instant purchase options like Make Offer and Buy Now.
• Mascus: Functions as the leading European equipment listing service, connecting buyers and sellers through its database.

The integration of the IAA digital marketplace, following the merger that formed RB Global, Inc., brings the salvage and total-loss vehicle segment into the broader ecosystem, though specific 2025 channel metrics for IAA weren't detailed in the latest reports.

The mobile app is a key component for real-time interaction, allowing users to bid online in any live auction or via other convenient online options. This digital access supports the physical network, which is substantial. Ritchie Bros. Auctioneers maintains over 60 permanent auction sites and local yards globally for asset inspection and pickup. Approximately two-thirds of the company's activities are concentrated in North America.

The physical sites support the core live auctions, which are open to anyone and sell every item to the highest bidder, as seen in the premier Canadian event in April-May 2025, which attracted bidders from over 50 countries and generated nearly CA$225 million in GTV.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Ritchie Bros. Auctioneers Incorporated (RBA), now operating as RB Global, Inc., and it's a diverse mix that spans the entire lifecycle of heavy commercial assets. This isn't just about one type of seller or buyer; it's about enabling the world's builders across multiple, specialized verticals. The scale of this customer base is reflected in the Trailing Twelve Months (TTM) revenue as of November 2025, which stands at a strong $4.41 Billion USD.

The core of the business remains focused on the heavy equipment and commercial vehicle ecosystem. The company's Q3 2025 results showed total revenue climbing to $1.1 Billion, an increase of 11% year-over-year, driven by these segments. To give you a sense of the breadth, here's how the key customer groups contribute to the Gross Transaction Value (GTV) activity:

Customer Segment	Relevant Activity/Data Point (2025)	Channel/Focus
Commercial Construction & Transportation Companies	GTV growth of 14% year-over-year in Q3 2025. Experienced an 18% GTV decline in Q1 2025.	Ritchie Bros. Auctions, Rouse Retail Insights
Insurance Companies (IAA Sellers)	11 of the top 14 U.S. insurers have a relationship with IAA.	IAA Platform (Total-loss, damaged vehicles)
Fleet Owners & Rental Companies	Primary consignors for IAA inventory alongside insurers.	IAA, Ritchie Bros. Private Treaty
Agricultural, Energy, & Mining Users	Core sectors for RBA's industrial equipment sales.	Ritchie Bros. Auctions, IronPlanet
Equipment Dealers & Rental Companies	Manage fleet turnover, feeding inventory into the marketplace.	Omnichannel Marketplace
Lifting/Material Handling Sector	Scissor lift pricing showed improvement across geographies in Q3 2025.	Ritchie Bros. Auctions

You'll notice the volatility in the construction and transportation segment; Q1 2025 saw an 18% decline in GTV for that sector, but by Q3 2025, it rebounded to show 14% growth year-over-year. That's defintely the kind of swing you watch closely when assessing near-term risk.

The acquisition of IAA brought in a significant new customer dynamic, primarily focused on vehicle remarketing. For IAA sellers, the reliance on major players is high; historically, 11 of the top 14 U.S. insurers maintained relationships with IAA. These sellers, along with fleet lease and rental car companies, feed inventory into IAA's digital channels.

The buyer base is equally global and diverse, supporting the company's full-year 2025 Adjusted EBITDA guidance range of $1.32 Billion to $1.38 Billion. The customer segments are served through a multi-channel platform that reaches buyers in over 170 countries.

The company's strategy is to deepen engagement across these groups by offering more than just the transaction. For instance, the service revenue take rate-the percentage of GTV kept from services-expanded to approximately 22.3% in Q1 2025, showing these segments are adopting the ancillary services.

Here are the key customer groups that drive the marketplace activity:

• Commercial construction and transportation companies (sellers and buyers).
• Insurance companies and fleet owners (primary consignors for IAA).
• Agricultural, energy, and mining equipment users globally.
• Equipment dealers and rental companies managing fleet turnover.
• Government surplus and lifting/material handling sectors.

Finance: draft 13-week cash view by Friday.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Cost Structure

You're looking at the expenses Ritchie Bros. Auctioneers Incorporated (RBA) racks up to keep its global marketplace running. Honestly, a big chunk of this is locked in before a single piece of equipment sells.

The cost structure is heavily weighted toward maintaining its physical and digital footprint. This includes high fixed costs for global auction sites and yard operations. These are the necessary overheads for the physical locations that support both live and online auctions across its many brands, like Ritchie Bros. and IAA. Also, you have significant technology and platform development expenses; keeping those digital marketplaces robust and secure is a constant, non-negotiable spend.

The personnel costs are substantial, falling under Selling, General, and Administrative (SG&A) costs for a global sales force. This covers the teams needed to secure consignments and manage the worldwide operations. For context, Selling and Administration Expenses were reported at $189.4 million for the fiscal quarter ending in December of 2024. The company also faces variable costs tied directly to the volume of physical assets moved.

A key variable cost component is the cost of inventory sales. While the revenue side saw a notable jump, the associated cost followed suit, with Inventory Sales Revenue rising 19% in the first quarter of 2025. This shows the direct cost associated with the physical goods that pass through their system.

Here's a quick look at the top-line cost metric for the most recent period available:

Cost Metric	Amount (Q1 2025)	Period Covered
Total Operating Expenses	$919.5 Million	Three months ended March 31, 2025
Inventory Sales Revenue Growth	19% increase	Year-over-year for Q1 2025
Selling and Administration Expenses (Reference)	$189.4 Million	Quarter ending December 2024

The overall expense profile reflects a hybrid model. You have the heavy, non-negotiable fixed costs underpinning the physical infrastructure, plus the variable costs that scale with the volume of inventory sales. The company is actively managing these expenses while investing in the digital side of the business.

The primary cost drivers you need to watch are:

• - High fixed costs tied to global auction sites and yards.
• - Ongoing investment in technology and platform development.
• - SG&A for the worldwide sales and support teams.
• - Cost of inventory sales, which moves with physical asset volume.

Finance: draft 13-week cash view by Friday.

Ritchie Bros. Auctioneers Incorporated (RBA) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Ritchie Bros. Auctioneers Incorporated (RBA), which is now operating as RB Global, Inc., and how it converts marketplace activity into hard revenue as of late 2025. The revenue streams are clearly segmented between the core transaction fees and the growing ancillary services that wrap around the equipment sales.

The primary service-based revenue, which comes from commissions and fees on transactions, was strong in the third quarter of 2025. You saw Service Revenue hit $845.0 Million in Q3 2025. This number reflects the success of their integrated marketplace model, where the service revenue take rate expanded to 21.7% in that quarter.

Beyond commissions, the company generates significant income from Inventory Sales Revenue, which is the revenue generated from buying and reselling equipment directly. For Q3 2025, this segment contributed $247.7 Million to the top line, marking a substantial 23% jump year-over-year. The total revenue for that quarter reached $1.1 Billion, based on a Gross Transaction Value (GTV) of $3.9 Billion.

The fees charged to buyers are a critical component of the service revenue. For US bids, the structure you need to track is detailed, but the specific point you mentioned is the initial tier. The buyer fee is 10% on US bids $\le$ $25,000. The structure is tiered, and for the highest-value items, the maximum fee is $3,750. Honestly, understanding these fee tiers is key to modeling your final cost of acquisition.

Here's the quick math on the full US buyer fee schedule, effective for all events opening for bidding on or after January 1, 2025, as it shows the full picture of that revenue stream:

Winning Bid for a Lot (USD)	Transaction Fee
$25,000 or less	10% of the winning bid; with a minimum fee of USD $100 per Lot
Greater than $25,000 up to and including $75,000	5% of the winning bid; with a minimum fee of USD $2,500 per Lot
Greater than $75,000	USD $3,750

The final major revenue pillar involves fees from value-added services. This is where Ritchie Bros. Auctioneers Incorporated (RBA) moves beyond simple brokerage. You're seeing revenue generated from their full ecosystem, which includes:

• Financing solutions for buyers.
• Logistics and shipping services, like their full-service door-to-door offerings.
• Data and Software-as-a-Service (SaaS) tools, such as Rouse Appraisal and SmartEquip.

These services help drive the overall service revenue take rate higher, proving that selling the ecosystem is just as important as selling the asset itself. The confidence in this multi-faceted approach is reflected in the full-year 2025 guidance. The company projects its Adjusted EBITDA for the full year 2025 to be between $1.32 Billion and $1.38 Billion. Finance: draft 13-week cash view by Friday.