IronPlanet sells over $46m of kit in three days

Online marketplace, IronPlanet, sold $46.7m of equipment during auctions held from 25-27 March 2015

Hosted in conjunction with its affiliate companies, IronPlanet’s March auctions achieved $46.7m in gross merchandise value (GMV).
Hosted in conjunction with its affiliate companies, IronPlanet’s March auctions achieved $46.7m in gross merchandise value (GMV).

IronPlanet has sold $46.7m of equipment during three days of auctions.

The auctioneer held a series of online and onsite sales across its marketplaces from 25-27 March 2015, in conjunction with affiliate companies Cat Auction Services and Kruse Energy & Equipment Auctioneers.

More than 24,000 people attended the auctions and a total of 3,530 items were sold, including construction machinery, trucks, government surplus, and oilfield services equipment.

“We ended the quarter with a strong week of auctions that sold more than $46m in equipment,” commented Gregory J Owens, IronPlanet chairman and CEO.

“I am very excited with the momentum that we have in the market and the value we are delivering to our customers across the construction, transportation, government, and oil and gas sectors,” he said.

The news comes following a string of expansion efforts from IronPlanet, including its Q1 2015 merger with Cat Auction Services and its Q4 2014 acquisition of Kruse Energy & Equipment Auctioneers. March’s joint IronPlanet and Cat Auction Services sale, hosted by Ziegler Cat in Des Moines, Iowa, sold $9m in gross merchandise value (GMV).

“Our auction in Des Moines featured a large selection of the highest quality equipment the Cat family of dealers has to offer, and bidders responded by showing up in record numbers,” said William L Hoeft, chairman of Cat Auction Services.

“Together with IronPlanet, we had one of our most successful events ever. It just underscores the true power and value of the industry’s most comprehensive online and onsite marketplaces working together,” he explained.

In North America, IronPlanet’s auctions included a job completion sale for Morgan Corp, which sold a package of 55 units with 11 Volvo A40E articulated dump trucks. In Europe, the auctioneer’s end-of-quarter sale drew more than 2,800 attendees from regions such as Asia and the Middle East. Kruse Energy & Equipment Auctioneers sold 17 rigs and surplus oilfield equipment during its two-day sale in Oklahoma City. IronPlanet’s GovPlanet division, meanwhile, sold more than 300 items, including 50 military Humvees and four Oshkosh M1070HET trucks.

Commenting on the success of the group’s March sales, Owens said: “In addition to a very successful joint auction with Cat Auction Services, where we saw strong price performance, the Kruse Energy and Equipment Auctioneers sale in Oklahoma City was one of its largest auctions ever.

“Last week demonstrated how the power of reaching our more-than 1.3m global registered users with the best data-driven platforms – online and onsite – resulted in great value for our buyers and sellers from around the world,” he concluded.

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