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  "documentTitle": "Ritchie Bros. Auctioneers (RBA)",
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      "text": "Historical IAA Revenue & Operating Profit",
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      "text": "Heavy equipment and salvaged vehicle markets are counter-cyclical. Both IAA and RBA have performed well in previous economic downturns.",
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      "text": "Economic downturns typically lead to the disposition of heavy equipment in the mining, oil and gas, transportation and construction industry.",
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      "text": "IAA benefits from consumers still driving during recessions, and a propensity to delay a new purchases and instead retain an older vehicle.",
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      "text": "The U.S. car parc has grown from 249 million vehicles in 2013 to 284 million vehicles in 2021, or a 13.9% growth rate.",
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      "text": "Auction prices for heavy equipment have increased due to supply issues. RBA has continued to roll out ancillary services.",
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      "text": "Source: Ancora, Company Filings",
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