02.03.2009

IronPlant increases auction sales

Leading construction and agricultural equipment online auction company IronPlanet has increased its 2007 gross auction sales by 43 percent to $337 million in 2008.
Fourth-quarter gross auction sales totalled $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 on 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 compared to 31 auctions in 2007.

Other 2008 Highlights included Michael O’Donnell appointed as Senior Vice President and CFO, responsible for the company’s overall financial management and for developing the infrastructure to support the continued growth of IronPlanet’s business.

Tom Cornell was appointed as managing director of IronPlanet Europe with the European headquarters established in Dublin, Ireland. Cornell is responsible for building IronPlanet’s European organization and driving its expansion into the 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.

The company has also expanded its presence in Australian and Canadian markets. Chad Groves and Ken Wallett have been appointed as managing directors, respectively, to lead IronPlanet’s efforts in these two marketplaces.

IronPlanet Real Estate will also offer its services of reserved and unreserved auctions to its industrial, commercial and agricultural customers.