RBGlobal

What began out of necessity in a small Canadian town has evolved into the world's leading marketplace for heavy equipment and industrial assets. The story of Ritchie Bros. Auctioneers started in 1958 in Kelowna, British Columbia. Three brothers—Ken, Dave, and John Ritchie—found themselves needing to pay off a bank debt for their family furniture store. On a friend's suggestion, they decided to hold an auction to sell surplus inventory. The event was a resounding success, the debt was paid, and the brothers discovered a powerful new business model. This initial success spurred them to conduct regular auctions, and they soon realized the immense potential beyond household goods. In 1963, they held their first unreserved industrial auction, selling over $600,000 worth of equipment and setting the course for the company's future. This pivot to industrial equipment was a turning point, establishing the foundation for what would become a global enterprise.

The company's growth was built on the core principle of the unreserved auction, where every item sells to the highest bidder without minimums or reserves. This transparent and fair approach built immense trust with both buyers and sellers, fueling rapid expansion. By the late 1960s, Ritchie Bros. had crossed the border into the United States, and by 1985, they had sold over a billion dollars' worth of equipment. The late 1980s marked the beginning of their international journey, with the first European auction held in 1987, followed by expansion into Australia, Asia, the Middle East, and beyond. To fund further growth, the company went public in 1998, listing on the New York Stock Exchange. Embracing the digital age, Ritchie Bros. began broadcasting auctions online as early as 1999 and later acquired key online players like IronPlanet in 2017. The 2023 acquisition of IAA, Inc. and the formation of the parent company, RB Global, cemented its status as a comprehensive, multi-channel asset management and disposition powerhouse, offering a vast suite of solutions to a global customer base across dozens of industries.