PLEASANTON, Calif – IronPlanet® (www.ironplanet.com), the world’s leading online auction company for used construction and agricultural equipment, completed a record-breaking first quarter, with gross auction sales of $77.6 million — an increase of 135 percent over the first quarter of 2007.
“We’re off to a great start in 2008, and I am equally encouraged about our potential for the balance of the year,” said Gregory J. Owens, chairman and CEO of IronPlanet. “Our first quarter growth is a result of ongoing efforts to ensure that all of our business initiatives focus on creating the most compelling value for our customers.”
“It has been extraordinarily satisfying to talk with customers who have come to understand the value and global reach of our online auctions, versus traditional auctions,” said Owens. “The construction and agricultural industries are increasingly relying on IronPlanet as a faster and more profitable way to buy and sell used equipment.”
IronPlanet drew a record number of visitors to its auctions in the first quarter, averaging 14,500 per auction — an increase of 46 percent over the first quarter of 2007. First quarter equipment shipments to international buyers represented 37 percent of all equipment purchases, compared to 22 percent in the first quarter of 2007.
“IronPlanet continues to establish itself as the premier marketplace for buying and selling used equipment on a global scale,” said Jeff Jeter, IronPlanet’s senior vice president, international and new business. “As international buyers continue to make up a larger percentage of our customer base, IronPlanet is quickly becoming the most convenient and trusted way to buy and sell used construction and agricultural equipment worldwide.”
First Quarter 2008 Highlights
IronPlanet held its largest auction in company history on January 31, with gross auction sales totaling $19 million.
IronPlanet began to hold monthly auctions in Australia in February.
Paul Blalock was appointed as Vice President of Agricultural Sales.
IronPlanet launched its equipment appraisal service and appointed Randy Berry as Vice President of Inspection and Appraisal Services.
IronPlanet continued its expansion into Canada and appointed Frank Despatie as Managing Director for Canada.
IronPlanet conducted two one-owner auctions with combined gross auction sales of more than $7 million, achieving an average of 128 percent of initial price targets.
IronPlanet is the world’s leading online auction company for used construction and agricultural equipment. Our sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers. Our guaranteed inspection reports and exclusive IronClad Assurance enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.
