Vehicle merchandising platform features precise
trim data, improved buying experience
WESTCHESTER, Ill., Jan. 25,
2024 /PRNewswire/ - 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 implemented the J.D. Power ChromeData VIN
Descriptions (CVD) service within the IAA Interact™ merchandising
platform. This is the next-generation solution for identifying,
describing, marketing vehicles, and providing specific details for
even more original equipment manufacturers (OEMs). IAA customers
can now access the specific trim-level information for over 90% of
the vehicles listed, including Ford and Toyota.
Buyers are now able to search for specific makes, models, and
trims with more confidence due to CVD's deep and comprehensive
vehicle data, configuration rules, and industry-leading
data-engineering capabilities. Improved data accuracy also helps to
ensure more appropriate sale prices on high-end trims and improve
the data science capabilities of IAA, specifically with the IAA
Vehicle Value™ predictive valuation model.
"We are excited to announce this enhancement to our
merchandising services, which provides more accurate VIN decoding
for our customers than was previously available," said Doug Rusch, Senior Vice President of Product
Management at RB Global. "The J.D. Power ChromeData VIN
Descriptions service will not only improve the IAA Interact
merchandising platform, but it will also improve the overall
customer experience for all users, buyers and sellers alike, by
providing more comprehensive data."
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 J.D. Power ChromeData VIN
Descriptions service implementation, the IAA Vehicle Value™
predictive valuation model, and other products described
and 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
Item 1A "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, 2022,
and IAA's periodic reports and other filings with the SEC,
including the risk factors identified under Item 1A "Risk Factors"
and the section titled "Summary of Risks Affecting our Business" in
IAA's most recent Annual Report on Form 10-K for the fiscal year
ended January 1, 2023. 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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SOURCE RB Global