Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

6. Revenue

The Company’s revenue from the rendering of services and sale of inventory is as follows:

Year ended December 31,	2023		2022		2021
Commissions	$	812.4	$	490.6	$	473.4
Buyer fees	1,526.7		315.8		248.7
Marketplace services revenue	393.4		244.2		195.7
Total service revenue	2,732.5		1,050.6		917.8
Inventory sales revenue	947.1		683.2		499.2
Total revenue	$	3,679.6	$	1,733.8	$	1,417.0

Commissions are earned from consignors on the sale of consigned assets at auctions and online marketplaces, and private brokerage services. Buyer fees are fees earned from the purchasers on the sale of consigned assets or from the sale of inventory at auctions and online marketplaces, and from private brokerage services. Marketplace services revenue includes fees earned from services provided to customers in marketplaces such as refurbishing, parts procurement, data, transportation and logistics, inspection, appraisal, listings, financing and title and liens processing, as well as other auction-related fees.

During fiscal 2023, with the acquisition of IAA, approximately 19% of consolidated revenues were associated with vehicles supplied by the Company's three largest provider customers.