IronPlanet® (www.ironplanet.com), the world’s leading online auction company for used construction and agricultural equipment, continued to gain significant marketplace momentum in 2008, with gross auction sales of $337 million, an increase of 43 percent over 2007. Fourth-quarter gross auction sales totaled $96 million, up 26 percent over the third quarter and up 9 percent over the same period last year.
“I’m extremely pleased with our performance and year-over-year sales growth, especially given the unprecedented global market volatility,” said Gregory J. Owens, Chairman and CEO of IronPlanet. “Our 2008 results are a testament to the power of our online auction model and the strength of our value proposition to both sellers and buyers of used equipment. Our ability to provide go-to-market cost efficiencies and market price performance through a global audience of buyers continues to generate the best results for our customers.”
In 2008, IronPlanet averaged more than 15,000 potential bidders per auction. The company’s continued global marketing emphasis and reach resulted in 27 percent of equipment sold to buyers outside of the United States in 2008.
Registrations to IronPlanet’s online auction marketplace continued its record pace with an increase of more than 8,200 new global registrations a month, up 85 percent over 2007. IronPlanet also conducted a record 59 auctions in 2008 versus 31 auctions in 2007.
“As we continue to expand our global footprint we are able to bring significantly more buyers to our auction marketplace than traditional auctions,” said Jeff Jeter, Senior Vice President, International and New Business. “With today’s economic slowdown, it is this broad reach that helps our sellers access the buying audience they need to support prices and give them a global fair market value for their equipment.”
Other 2008 Highlights:
Michael O’Donnell appointed as Senior Vice President and CFO
O’Donnell is responsible for the company’s overall financial management and for developing the infrastructure to support the continued growth of IronPlanet’s business.
Tom Cornell appointed as Managing Director of IronPlanet Europe; European headquarters established in Dublin, Ireland
As part of its international expansion strategy, IronPlanet established its European headquarters in Dublin, Ireland, and conducted its first European auction on January 28, 2009. Cornell is responsible for building IronPlanet’s European organization and driving its expansion into the marketplace.
IronPlanet launches initiatives in the agricultural used equipment market
IronPlanet’s best-in-class online auction platform is available directly to John Deere dealers and provides the capability to sell inventory from their private dealer-to-dealer Web site (UsedXpress.com), and their public used equipment Web site (machinefinder.com) through IronPlanet’s online marketplace.
Additionally, IronPlanet and AGCO Corporation launched an initiative to provide AGCO’s 1,200 North American dealers a faster and more profitable channel to market and sell used equipment through IronPlanet auctions.
IronPlanet expands presence in Australian and Canadian markets
As part of IronPlanet’s international expansion strategy, IronPlanet has increased its presence in Australia and Canada. Chad Groves and Ken Wallett have been appointed as Managing Directors, respectively, to lead IronPlanet’s efforts in these two marketplaces.
IronPlanet launches real estate auction services
IronPlanet Real Estate will offer its services of reserved and unreserved auctions to its industrial, commercial and agricultural customers.
About IronPlanet
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.
