The company also raised its adjusted earnings before interest, taxes, depreciation and amortization outlook. It now expects $1.53 billion to $1.55 billion, compared with its previous range of $1.5 billion to $1.55 billion.

Third-quarter net income rose to $140.2 million, or 70 cents a share, from $95.2 million, or 43 cents, a year earlier. The latest result included an $18.2 million one-time excise tax refund tied to RB Global’s 2023 acquisition of IAA. Adjusted earnings were $1.03 a share, topping the $1.00 expected by analysts surveyed by FactSet. Adjusted EBITDA increased to $370.9 million from $327.7 million.

Revenue climbed 17% to $1.27 billion, ahead of forecasts for $1.18 billion. Service revenue rose 10% to $927.9 million, while inventory sales revenue increased 40% to $346.5 million.

Gross transaction value, the total value of transactions processed through the marketplace, grew 20% to $4.68 billion. Automotive GTV rose 18% to $2.53 billion, supported by higher unit volumes, market-share gains and higher average selling prices for salvage and remarketed passenger vehicles. Heavy-equipment GTV increased 19% to $1.93 billion, reflecting acquisition contributions and organic machinery growth. GTV in other areas rose 88% to $214.5 million.