RB Global: Initiation of Coverage- Navigating Automotive Industry Challenges & Upping Their Game! 

RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion. The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors. A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes. This volume growth was attributed to strong performance from existing partnerships and an increase in market share, supported by an enhanced multichannel auction format that has delivered improved price performance. However, despite the volume increase, there was a noted decline in the average price per vehicle sold due to an unfavorable mix shift towards remarketed vehicles.