RB Global, Inc. (RBA)

A used excavator is hard to value and harder still to sell at a fair price in one's own town: there are too few buyers. An auction gathers them from around the world and turns a rare transaction into competitive bidding. The company takes a fee from both sides and rarely buys the equipment itself.

The second half is auctioning wrecked cars for insurers, where the flow is set by accident rates rather than the economic cycle. Both marketplaces are networks: the more buyers, the higher the price, the more willingly sellers come. Risks: construction volumes, used equipment prices and integrating two different businesses. A dividend is paid.