Mission Statement, Vision, & Core Values of Ritchie Bros. Auctioneers Incorporated (RBA)

Have you ever wondered what drives a company that handles billions in equipment transactions each year? What are the guiding principles behind Ritchie Bros. Auctioneers Incorporated (RBA), a leading global marketplace for commercial assets and vehicles? Understanding their mission, vision, and core values can offer valuable insights into their operations and strategic direction.

In 2024, Ritchie Bros. saw a 14% year-over-year increase in Gross Transaction Value (GTV), reaching $15.9 billion, and a 16% rise in total revenue to $4.28 billion. Net income doubled to $412.8 million. Are these figures just numbers, or do they reflect a deeper commitment to certain values? Read on to discover the core beliefs that shape this industry giant.

Ritchie Bros. Auctioneers Incorporated (RBA) An Overview of

Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) stands as a global leader in asset management and disposition, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks, and other assets. Founded in 1958, the company has a long history of innovation in the auction industry, pioneering the use of unreserved auctions to ensure fair market value for both buyers and sellers. Ritchie Bros. operates through a multi-channel platform, including live on-site auctions, online bidding, and a suite of digital services, providing unparalleled access to a global network of buyers and sellers. As of April 2025, Ritchie Bros. continues to expand its service offerings, leveraging technology and data analytics to enhance the customer experience and drive growth. This comprehensive approach has solidified its position as a trusted partner for industries such as construction, transportation, agriculture, energy, mining, and government.

In the fiscal year 2024, Ritchie Bros. reported record-breaking revenue, driven by strong performance across its core segments. The company's main product sales, including heavy equipment and trucks, saw significant growth, contributing substantially to the overall revenue increase. Specific financial figures from the 2024 reports highlight the company's robust performance:

• Total revenue reached $1.97 billion, up 15% year over year.
• Service revenue increased to $1.3 billion, demonstrating the strength of the company's value-added services.
• Equipment sales amounted to $670 million, reflecting strong demand in the used equipment market.
• Adjusted earnings per share (EPS) grew to $3.50, showcasing improved profitability.

These results underscore Ritchie Bros.' ability to capitalize on market opportunities and deliver value to its shareholders. The company's strategic focus on expanding its digital capabilities and enhancing its customer service has been instrumental in driving growth and profitability.

Ritchie Bros. Auctioneers Incorporated is recognized as a leading company in the disposition of assets and remarketing industry due to its innovative approach, global reach, and commitment to customer success. Its unreserved auctions and online platforms provide a transparent and efficient marketplace for buying and selling used equipment. Want to understand the factors behind Ritchie Bros.' success? Find out more here: Breaking Down Ritchie Bros. Auctioneers Incorporated (RBA) Financial Health: Key Insights for Investors

Ritchie Bros. Auctioneers Incorporated (RBA) Mission Statement

Ritchie Bros. Auctioneers Incorporated (RBA), headquartered in Burnaby, British Columbia, Canada, stands as a global leader in industrial equipment auctions. As of 2024, the company operates worldwide, providing solutions for buying and selling used heavy machinery and equipment.

Ritchie Bros. Auctioneers' mission statement is: 'We live to create innovative business solutions that enable the world's builders to easily and confidently exchange equipment.'

This mission statement highlights several key aspects of the company's purpose:

• Innovation: The company strives to develop new and effective ways to facilitate equipment exchange.
• Empowerment: Ritchie Bros. aims to provide 'builders' (a broad term encompassing construction, agriculture, transportation, and other industries) with the tools and confidence to conduct transactions.
• Ease and Confidence: The company focuses on simplifying the process of buying and selling equipment, ensuring a secure and reliable experience.

Ritchie Bros. generates revenue through various channels, including equipment auction commissions, online marketplace transaction fees, equipment remarketing services, and financing and insurance services. In 2023, the company sold 228,000 assets through its 44 permanent auction sites across 19 countries.

As a publicly traded company on the New York Stock Exchange (NYSE) under the ticker symbol RBA, Ritchie Bros. has a diverse ownership structure. As of 2024:

• Public Shareholders: 100%
• Institutional Investors: 82.3%
• Individual Investors: 17.7%

Major institutional shareholders include The Vanguard Group, Inc. (13.6%) and BlackRock Inc. (10.1%). Key executives and directors collectively own approximately 0.8% of the company's outstanding shares.

In 2024, Ritchie Bros. reported a total revenue of $4.28 billion USD. The company's earnings for 2024 (TTM) were $0.78 Billion USD.

Ritchie Bros.' financial performance demonstrates its position in the industrial equipment marketplace. The company's market capitalization was C$25.13 Billion as of January 1, 2025.

The company's core values are:

• It's all about our customers
• We do what is right
• We are one team
• We have fun

These values are integrated into three cultural pillars that reinforce the company's commitment to local economic benefits through global scale, value-based investment in local communities, and long-lasting local relationships.

For more information about Ritchie Bros., you can visit: Ritchie Bros. Auctioneers Incorporated (RBA): History, Ownership, Mission, How It Works & Makes Money

Ritchie Bros. Auctioneers Incorporated (RBA) Vision Statement of

Ritchie Bros. Auctioneers Incorporated operates with a clear vision to be the trusted global marketplace for insights, services, and transaction solutions for commercial assets. This vision drives the company's strategies and operations, focusing on providing comprehensive solutions for its customers. The company generated $1.8 billion in revenue for the fiscal year 2024.

This chapter will explore the key components of Ritchie Bros.' vision statement, supported by relevant data and information.

Trusted Global Marketplace

Ritchie Bros. aims to be a trusted global marketplace, which is reflected in its extensive global presence and the trust it has built with its customers over the years. The company conducts auctions and provides services in multiple countries, ensuring a broad reach and accessibility for both buyers and sellers. In 2024, Ritchie Bros. facilitated transactions worth over $6 billion, demonstrating its significant role in the global market for commercial assets.

• Extensive global network with auction sites and online platforms.
• Commitment to transparency and fairness in all transactions.
• Strong reputation built on decades of experience and reliability.

Insights, Services, and Transaction Solutions

The vision extends beyond just auctions to include insights, services, and transaction solutions. This holistic approach is designed to add value for customers at every stage of the asset lifecycle. Ritchie Bros. provides market insights to help customers make informed decisions, offers services such as asset appraisals and financing, and delivers transaction solutions through various auction formats and online marketplaces.

In fiscal year 2024, the service segment, including appraisals and other value-added services, contributed approximately $200 million to the total revenue, highlighting the importance of these offerings.

• Data-driven insights to inform buying and selling decisions.
• Comprehensive services including appraisals, inspections, and financing.
• Flexible transaction solutions tailored to meet customer needs.

Commercial Assets

Ritchie Bros. focuses specifically on commercial assets, including equipment and other assets used in industries such as construction, transportation, agriculture, and energy. This specialization allows the company to develop deep expertise and provide tailored solutions for these sectors. The company sold over 500,000 commercial assets in 2024, underscoring its focus on this market.

• Expertise in valuing and selling a wide range of commercial assets.
• Industry-specific knowledge and solutions.
• Large and diverse inventory of assets available for sale.

Ritchie Bros. Auctioneers Incorporated (RBA) Core Values of

Values are the guiding principles that dictate behavior and action. They form the ethical foundation upon which a company's culture is built, influencing how it interacts with customers, employees, and the wider community. For Ritchie Bros. Auctioneers Incorporated (RBA), a robust set of core values is crucial to maintaining its leadership position in the competitive asset disposition industry. These values not only shape internal operations but also define the company's external relationships and brand reputation. The subsequent sections will delve into the specific core values that drive Company, providing detailed insights into how these principles are embodied in its daily operations and strategic initiatives.

Integrity

Integrity at Company means conducting business with honesty, transparency, and ethical behavior. This foundational value ensures that Company maintains the trust of its customers, shareholders, and employees. Demonstrating integrity involves adhering to the highest standards of professionalism and accountability in all actions. By prioritizing integrity, Company fosters a culture of ethical decision-making and builds long-term, sustainable relationships with stakeholders.

An example of Company's commitment to integrity is its strict adherence to regulatory compliance and ethical business practices. This includes transparent auction processes, fair dealings with both buyers and sellers, and a commitment to environmental responsibility. The company's annual reports and corporate governance policies further highlight its dedication to maintaining high ethical standards. For instance, Company's efforts to provide clear and accurate information about the assets being auctioned, ensuring that all parties have a fair opportunity to participate, exemplify its commitment to integrity.

To learn more about Company as a potential investment, check out: Exploring Ritchie Bros. Auctioneers Incorporated (RBA) Investor Profile: Who’s Buying and Why?

Customer Focus

Customer focus is about understanding and meeting the needs of customers, which is central to Company's success. This value involves actively listening to customer feedback, providing exceptional service, and continually improving the customer experience. By placing the customer at the heart of its operations, Company ensures that it delivers value and builds lasting relationships. This commitment is reflected in various initiatives aimed at enhancing customer satisfaction and loyalty.

Company demonstrates its customer focus through personalized services, such as tailored auction solutions and comprehensive support for both buyers and sellers. The company invests in technology and training to enhance its ability to meet customer needs effectively. For example, Company’s online platforms and mobile apps are designed to provide a seamless and user-friendly experience, making it easier for customers to participate in auctions from anywhere in the world. Additionally, Company offers a range of value-added services, such as equipment appraisals, financing options, and logistics support, to help customers maximize their returns.

Teamwork

Teamwork is essential for achieving Company's goals through collaboration, mutual support, and shared responsibility. This value promotes a positive and inclusive work environment where employees are encouraged to contribute their unique skills and perspectives. By fostering teamwork, Company enhances innovation, improves efficiency, and creates a stronger sense of community within the organization.

Company promotes teamwork through various initiatives, including cross-functional project teams and employee recognition programs. These programs encourage collaboration and knowledge sharing, leading to better outcomes and a more engaged workforce. For example, Company's safety programs, which involve employees from different departments working together to identify and mitigate risks, demonstrate the company's commitment to teamwork and employee well-being. Furthermore, Company invests in training and development programs that enhance teamwork skills and promote a culture of continuous improvement.

Innovation

Innovation is crucial for Company to stay ahead in a rapidly evolving industry. This value involves encouraging creativity, embracing new ideas, and continuously seeking ways to improve processes and services. By fostering a culture of innovation, Company can adapt to changing market conditions, meet emerging customer needs, and drive long-term growth.

Company demonstrates its commitment to innovation through investments in research and development, technology, and employee training. The company actively seeks out new technologies and solutions to enhance its auction platforms, improve operational efficiency, and provide better services to its customers. For example, Company's adoption of advanced data analytics and artificial intelligence to optimize auction pricing and improve customer targeting exemplifies its commitment to innovation. Additionally, Company encourages employees to submit innovative ideas through internal programs and initiatives, fostering a culture of continuous improvement and creativity.

Results-Oriented

Being results-oriented means focusing on achieving measurable outcomes and delivering value to stakeholders. This value involves setting clear goals, monitoring performance, and taking accountability for results. By prioritizing results, Company ensures that it remains focused on its strategic objectives and delivers consistent value to its customers, shareholders, and employees.

Company emphasizes a results-oriented approach through its performance management systems, which include clear metrics and regular performance reviews. The company sets ambitious but achievable goals and tracks progress closely to ensure that it meets its targets. For example, Company's financial performance, as reflected in its annual revenues and profitability, demonstrates its commitment to delivering results. In fiscal year 2024, Company reported total revenue of $1.78 billion, with a net income of $169.2 million, showcasing its ability to achieve strong financial results. Additionally, Company’s focus on operational efficiency and cost management contributes to its ability to deliver value to shareholders and customers alike.