RB Global: We See a Recent Market Share Loss Challenging IAA, but Heavy Equipment Remains Solid

RB Global provides auction and marketplace services for used heavy equipment. The company’s strong auction liquidity attracts both buyers and sellers to its network. We believe RB Global will continue to be the top player in the industrial asset disposition market. The network effects present in its business have consistently delivered higher average selling prices for consignors (or sellers) and provided buyers a wide range of equipment to choose from. For both parties, RB Global drives significant amount of value, which has allowed it to monetize its network effects and develop a strong competitive positioning.