IronPlanet online auction features mine and quarry equipment

Hundreds of items including mine and quarry equipment will be sold at the August 9 online auction at IronPlanet , a leading online auction for used heavy equipment.

Almost 400 items worth $6m US ($AU total) will be auctioned online to bidders around the world. Some highlighted mining items include: Caterpillar 773B and 785B dump trucks, Caterpillar 988B and 992D wheel loaders, a 2002 Cat 5130B front end shovel, and a 1996 Komatsu-Dresser 330M dump truck.

IronPlanet started using online auctions as a channel for buying and selling heavy plant seven years ago.

In 2006 alone, IronPlanet sold US$165m (AU$188m) of equipment – and saw growth of almost 40% for the first quarter of 2007 over the same quarter in 2006.

In a similar mine and quarry auction last year, top sellers included a 1992 Caterpillar Track Dozer, which sold for US$146000 (AU$166000) after receiving 45 bids, and a 1995 Caterpillar Wheel Loader reached US$197000 (AU$225000), which went after just 25 bids.

IronPlanet’s auctions attract registered bidders globally. The popularity of IronPlanet’s auctions among Australians has prompted the forthcoming launch of an Australia-based operation, which plans to stage its first auction in the 4th quarter of 2007.

It will be the first overseas venture for the company, as COO Bill Coleman explained.

“The huge boom in mining and construction in Australia means buyers are out there looking for equipment,” he said.

“There’s always a geographical mismatch between the population of equipment and the demand for that equipment; the power of the Internet means both buyers and sellers can easily take advantage of the global marketplace when the local marketplace is insufficient.”

Much of IronPlanet’s success has stemmed from its ability to overcome the concerns of buyers in relation to buying equipment online. Its unique IronClad Assurance policy features highly detailed inspection reports prepared by experts.

Each inspection report includes a detailed description of the equipment’s condition including inspector comments and ratings, photographs, wear-related measurements, and when appropriate, lab test results of oil/fluid samples. The IronClad Assurance means what buyers see on the inspection report is what they get when they receive the equipment.

IronPlanet handles all steps of the payment process for both buyers and sellers to secure the transactions. In addition, they help buyers coordinate financing, transportation, and other value-added services.

The online auction is scheduled for 9 August 2007 at 7am USA Pacific Standard Time.