Iron Planet and Cat Auctions to merge
Iron Planet, the online auction house, is to merge with Associated Auction Services, an alliance of Caterpillar and several of its dealers, that trades as Cat Auction Services.
Cat Auction Services was established in 2008 to provide Cat dealers with an alternative channel for used equipment sales, while keeping its customers within the Cat network at the same time retaining some control over the sale of used Cat equipment. The merged operation will trade as Iron Planet.
Iron Planet chief executive Gregory Owens will retain that position at the head of the merged business, which will be based at Iron Planet’s current Pleasanton, California headquarters. Cat Auction’s chief executive Gary Trettel, will continue to oversee Cat’s live auctions as well as joining the executive committee of Iron Planet. The Cat Auction Services’ office in Eagan, Minnesota, will become the Midwest office for Iron Planet.
The transaction is subject to regulatory approval and is anticipated to be completed during the first quarter 2015.
Owens said: “I am very excited about the combination of IronPlanet and Cat Auction Services, two trusted partners in helping buyers and sellers with their used heavy equipment acquisition and disposition needs. The power of IronPlanet’s technology, multiple marketplace formats and global buyer base coupled with Cat Auction Services’ live, onsite auction format and deep equipment expertise will provide the most powerful and complete suite of auction remarketing tools in the industry.”
Trettel added: “The live auction format from Cat Auction Services, along with IronPlanet’s online marketplaces, will give our customers the innovative solutions they are looking for to meet their inventory management requirements. This is a very significant merger as both companies are industry leading and clearly complement each other. We have a unique opportunity to transform our business and position ourselves to meet the growing demand of our customers for better technology, tools, and services when buying and selling heavy equipment.”