Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

5. Revenue

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

	Three months ended March 31,
	2024		2023
Commissions	$	227.4	$	130.6
Buyer fees	502.7		140.7
Marketplace services revenue	119.0		72.3
Total service revenue	849.1		343.6
Inventory sales revenue	215.6		168.8
Total revenue	$	1,064.7	$	512.4

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 the three months ended March 31, 2024, approximately 23% of consolidated revenues were associated with vehicles supplied by the Company's three largest provider customers.