<SEC-DOCUMENT>0001104659-25-060639.txt : 20250903
<SEC-HEADER>0001104659-25-060639.hdr.sgml : 20250903
<ACCEPTANCE-DATETIME>20250618161324
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ACCESSION NUMBER:		0001104659-25-060639
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RB GLOBAL INC.
		CENTRAL INDEX KEY:			0001046102
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		NON US STATE TERRITORY:  	BRITISH COLUMBIA, CANADA
		PROVINCE COUNTRY:   	A1
		ZIP:			V5J 0C6
		BUSINESS PHONE:		(778) 331-5300

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		NON US STATE TERRITORY:  	BRITISH COLUMBIA, CANADA
		PROVINCE COUNTRY:   	A1
		ZIP:			V5J 0C6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RITCHIE BROS AUCTIONEERS INC
		DATE OF NAME CHANGE:	19970912
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<P STYLE="margin: 0">&nbsp;</P>

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  <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RB Global, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Westbrook Corporate Center<BR>
Westchester, IL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: 708-492-7282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">rbglobal.com</P></TD></TR>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 18, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Scott Stringer and Joel Parker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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  <TD STYLE="width: 7%"><B>Re: </B></TD>
  <TD STYLE="width: 93%"><B>RB Global, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD><B>Form 10-K for fiscal year ended December 31,
2024</B></TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD><B>File No. 001-13425</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We submit this letter in response to comments from the staff of the
United States Securities and Exchange Commission (the &ldquo;Staff&rdquo;) to RB Global, Inc. (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
or &ldquo;our&rdquo;) received by letter dated June 5, 2025 (the &ldquo;Comment Letter&rdquo;), relating to the above referenced Annual
Report on Form 10-K for the annual period ended December 31, 2024 filed on February 26, 2025 (the &ldquo;2024 Annual Report&rdquo;). For
your convenience, we have repeated the comments contained in the Comment Letter before the Company&rsquo;s response. Page references herein
correspond to the page of the 2024 Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form 10-K for fiscal year ended December 31, 2024</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>5. Segment Information, page 73</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>1. Please provide us with a detailed analysis of how you
determined you have one operating and reportable segment and revise your disclosure as applicable. In doing so explain whether you considered
geography or sectors as operating segments and clarify why your goodwill reporting units, Ritchie Bros, IAA and Services, do not qualify
as separate segments. Refer to ASC 280-10-50-1 through 50-9.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff&rsquo;s comment and respectfully advise the
Staff that the Company has assessed its operating and reportable segments pursuant to ASC 280 and concluded it has one operating and reportable
segment. Our detailed analysis of how we determined this is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 280-10-50-1 states that <I>&ldquo;An operating segment is a component
of a public entity that has all of the following characteristics:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>a.</I></FONT></TD><TD><I>It engages in business activities from which it may recognize revenues and incur expenses (including revenues and expenses relating
to transactions with other components of the same public entity).</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>b.</I></FONT></TD><TD><I>Its operating results are regularly reviewed by the public entity&rsquo;s chief operating decision maker to make decisions about
resources to be allocated to the segment and assess its performance.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>c.</I></FONT></TD><TD><I>Its discrete financial information is available.&rdquo;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of these criteria has been assessed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>a. It engages in business activities from which it may recognize
revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity)
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company considered whether the criteria in ASC 280-10-50-1(a) would
apply to any of the Company&rsquo;s components, including Ritchie Bros., IAA, and those businesses included as part of the Services reporting
unit, and as a result would require further consideration over whether it may be an operating segment. The Company concluded that its
components engage in business activities from which they earn revenues and incur expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>b. Its operating results are regularly reviewed by the public entity&rsquo;s
chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In assessing this criterion, the Company first identified its Chief
Operating Decision Maker (&ldquo;CODM&rdquo;) pursuant to the guidance in ASC 280-10-50-5, which states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;The term&nbsp;chief operating decision maker&nbsp;identifies
a function, not necessarily a manager with a specific title. That function is to allocate resources to and assess the performance of the
segments of a public entity. Often the chief operating decision maker of a public entity is its chief executive officer or chief operating
officer, but it may be a group consisting of, for example, the public entity's president, executive vice presidents, and others.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company identified, and disclosed in its 2024 Annual Report, that
its CODM is its CEO, Jim Kessler, who is responsible for the following key operating decisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Determining the Company&rsquo;s overall strategy, including expanding into
new markets</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Determining the organizational structure and providing direction to the executive
leadership team</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approving Company performance goals and compensation metrics</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Evaluating Company performance</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Determining how resources will be allocated across the organization</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approving and recommending the Company&rsquo;s annual budget and capital
plan to the Company&rsquo;s Board of Directors for approval</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Kessler has been the Company&rsquo;s CEO since August 2, 2023.
The following roles report directly to the CODM (collectively referred to as the executive leadership team (&ldquo;ELT&rdquo;)):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Financial Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Operating Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Revenue Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Technology Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Legal Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
People Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Business Development Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>EVP
 &amp; Head of IAA Operations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>EVP
 &amp; Head of Global Product Management</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Chief
Transformation Officer &amp; Chief of Staff</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2024, the Company was organized by business function, such as finance
and accounting, legal, IT, human resources, sales, and operations. The functional areas operate on a companywide basis and support all
products and brands which comprise the Company&rsquo;s global marketplace that provides value-added insights, services, transaction solutions
for buyers and sellers of commercial assets and vehicles worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s organizational structure reflects the manner in
which the CODM evaluates performance and allocates resources, which is at the consolidated level. All of the CODM&rsquo;s direct reports,
with the exception of the EVP &amp; Head of IAA Operations, have responsibility for consolidated functions. The EVP &amp; Head of IAA
Operations is accountable only for IAA branch (i.e., salvage vehicle physical site location) operations, including branch operating costs,
assets, and headcount as well as compliance with service level agreements (&ldquo;SLA&rdquo;) with automotive insurance company providers.
The EVP &amp; Head of IAA Operations does not have accountability for IAA&rsquo;s revenues or other functional areas that are managed
on a consolidated basis such as finance and accounting, legal, IT, human resources, and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2024, all members of the ELT (including the CODM) were compensated
through the Company&rsquo;s annual short-term and long-term incentive plans, where compensation is only tied to consolidated financial
measures and consolidated results of the Company. There were no CODM direct reports, who were compensated based on the financial results
of any sectors, geographies, or individual business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are regularly provided to the CODM:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Quarterly
                                            Business/Financial Review Report (the &ldquo;Reporting Package&rdquo;): Includes certain
                                            consolidated financial measures, including Gross Transaction Value (&ldquo;GTV&rdquo;)<SUP>1</SUP>,
                                            Revenue, Agency Proceeds<SUP>2</SUP>, adjusted cost of services, adjusted SG&amp;A, adjusted
                                            gross margin, operating income, adjusted operating income, adjusted EBITDA, and adjusted
                                            EPS. The consolidated financial measures are compared to forecasted and prior period financial
                                            information, and reasons for the variances are highlighted in narrative form, which may include
                                            references to various businesses, sectors (such as Industrial and Salvage<SUP>3</SUP>), or
                                            significant contracts, but only to the extent needed to explain the increase or decrease
                                            in the metric. Additionally, the Reporting Package includes certain consolidated metrics,
                                            including units sold, average selling price, agency proceeds rate, revenue per unit, and
                                            headcount information. The Reporting Package does not include the above information at any
                                            level below the consolidated level and does not include any profitability measures for IAA,
                                            Ritchie Bros., or Services. In addition, the Reporting Package includes capital expenditure
                                            on technology and properties, compared to forecasted and prior period financial information.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>The Board of Directors also receives the Reporting Package
on a quarterly basis.</TD></TR>
                                                                                                                                                  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Monthly
Forecast Review: Includes actual performance and forecasted financial information prepared on the same basis as the Reporting Package,
only at the consolidated level, for the CODM to review consolidated financial results compared to the most recently updated consolidated
forecast.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CODM also receives the following weekly reports which include both
financial and non-financial information; however, as set out below, these do not include any profitability measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>IAA
Weekly Flash Primarily comprised of non-financial operating information intended to provide the CODM with a snapshot of IAA&rsquo;s operations
and performance in relation to SLAs with automotive insurance company providers. Non-financial operating information includes metrics
such as volume data, due date compliance, conversion rates, and branch KPI scores. Financial information included consists of GTV, average
tow cost per unit, and percentage change in average selling price.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Ritchie
Bros. Weekly GTV Dashboard: Primarily comprised of GTV and non-financial operating information (number of lots sold) intended to provide
the CODM with a snapshot of Ritchie Bros. channel volume. Financial information also includes percentage change in average selling price;
however, no cost information is included therein.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Annual Budget and Capital Plan is also prepared at a consolidated
level and is reviewed and approved by the CODM consistent with the manner in which the CODM reviews the ongoing results of the consolidated
business in the Reporting Package. The Annual Budget and Capital Plan only includes consolidated profitability measures and does not include
any component level profitability measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">GTV
represents total proceeds from all items sold on the Company&rsquo;s auctions and online marketplaces, third-party online marketplaces,
private brokerage services and other disposition channels. GTV is not a measure of financial performance, liquidity, or revenue, and
is not presented in the Company&rsquo;s consolidated financial statements in the 2024 Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">Agency
Proceeds is calculated by subtracting the cost of inventory sold and certain ancillary and logistical service expenses from total revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">Industrial
and Salvage generally conform with Ritchie Bros. and IAA, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to the Staff&rsquo;s question on whether geography or sectors
were considered as operating segments, the CODM does not regularly review operating results by sector or geography. Within Item 7. <I>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</I> of the Company&rsquo;s 2024 Annual Report and Quarterly Earnings
Reports on Form 8-K, the Company discloses GTV and total lots sold by sector, as well as GTV by geography; however, operating results
are not disclosed or reviewed by the CODM regularly by sector or geography.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the foregoing, the Company concluded that its CODM reviews
operating results on a consolidated company basis to make key decisions about resources to be allocated to the business and assess its
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>c. Its discrete financial information is available</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Discrete financial information is available for each of the Company&rsquo;s
components; however, as discussed above, the CODM does not regularly review discrete financial information for any of the Company&rsquo;s
components, sectors, or by geography.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Considering the facts and circumstances noted above, the CODM operates
the business and makes resource allocation and performance assessment decisions only at the consolidated level. Accordingly, the CODM
does not evaluate the performance of the Company or allocate resources at any level below the consolidated level or based on the Company's
assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reportable Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 280-10-50-10 states that <I>&ldquo;A public entity shall report
separately information about each operating segment that meets both of the following criteria: </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>a. Has been identified in accordance with paragraphs 280-10-50-1
and 280-10-50-3 through 50-9 or results from aggregating two or more of those segments in accordance with the following paragraph </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>b. Exceeds the quantitative thresholds in paragraph 280-10-50-12.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Company has concluded it has a single operating segment, it
therefore has a single reportable segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reporting Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A reporting unit, as defined in ASC 350-20-20, is the level of reporting
at which goodwill is tested for impairment. A reporting unit is an operating segment or one level below an operating segment (also known
as a component).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of identifying its reporting units, the Company identified
its segment management pursuant to the guidance in ASC 280-10-50-7, which states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;Generally, an operating segment has a segment manager
who is directly accountable to and maintains regular contact with the chief operating decision maker to discuss operating activities,
financial results, forecasts, or plans for the segment. The term segment manager identifies a function, not necessarily a manager with
a specific title.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Considering this guidance, the Company determined that its segment
management included a subset of the ELT, which does not include the CODM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company considered the definition of a reporting unit under ASC
350-20-35-34:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.15pt 0pt 0.5in"><I>&ldquo;A component of an operating segment is a reporting
unit if the component constitutes a business or a nonprofit activity for which discrete financial information is available and segment
management, as that term is defined in paragraph 280-10-50-7, regularly reviews the operating results of that component. Subtopic 805-10
includes guidance on determining whether an asset group constitutes a business.&rdquo; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.15pt 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.15pt 0pt 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.15pt 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than as discussed above, review of operating results for levels
below the consolidated level is not performed by, or including, the CODM. A sub-group of the ELT, excluding the CODM, regularly reviews
the operating results of each of Ritchie Bros., IAA and Services components in their role as segment management. Accordingly, the Company
concluded that it had three reporting units at December 31, 2024: Ritchie Bros., IAA, and Services. The Company&rsquo;s reporting units
therefore do not qualify as operating segments due to the varying definitions of operating segments and reporting units in ASC 280 and
ASC 350, respectively. The reporting units do not meet the criteria in ASC 280-10-50-1(b), as component operating results are not regularly
reviewed by the CODM to allocate resources and assess performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>8. Income Taxes, page 79</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>2. Please disclose the domestic and foreign components
of your income before income tax expense. Refer to Rule 4-08(h)(1) of Regulation S-X.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff&rsquo;s comment and respectfully advise the
Staff that we will disclose the domestic<SUP>4</SUP> and foreign components of earnings before income tax in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We note that in Footnote 8, &ldquo;Income Taxes&rdquo; the reader could
derive the information as we disclose the following<I>, &ldquo;Permanently reinvested undistributed pre-tax earnings of the Company's
foreign subsidiaries were approximately $297.6&nbsp;million for the year ended December&nbsp;31, 2024 (2023: $113.1&nbsp;million; 2022:
$93.1&nbsp;million).&rdquo; </I>In addition, we disclose consolidated earnings before tax of $550.1 million. The $297.6 million represents
our foreign earnings before tax, and the difference between that number and the consolidated earnings before tax of $550.1 million is
our total domestic earnings before tax of $252.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">As
stated in Note 1 to Rule 4-08(h)(1) of Regulation S-X, <I>&ldquo;foreign income (loss) is defined as income (loss) generated from a registrant's
foreign operations,&nbsp;i.e.,&nbsp;operations that are&nbsp;located outside&nbsp;of the registrant's home country.&rdquo;</I> The Company
is incorporated in Canada and therefore domestic refers to Canada and foreign to all other jurisdictions, including the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
