"Ritchie Bros. is the world's leading auctioneer and operator of marketplaces for the sale of used heavy equipment (construction, farming, energy, etc.). Through in-person and online auctions, as well as brokered transactions, RBA facilitated the sale of $5+ billion worth of equipment in 2019. Our thesis is as follows: 1) Clear, durable competitive advantages. As the clear leader in facilitating used heavy equipment sales, RBA enjoys significant competitive advantages – similar to those of a dominant financial exchange (e.g. stock market). When customers want to transact, they are far better served participating in an RBA auction, which offers deeper inventory selection, superior access to buyers and more efficient pricing. While direct and indirect competition certainly exists, RBA's competitive advantages should continue to strengthen over time, as the company grows. 2) Potential inflection point with parallels to financial exchanges. Due to COVID-19, RBA rapidly flipped to operating its auctions 100% online in Q1.