Agricultural & Construction Equipment Web Auctions Reach Gross Sales of $377 Million
Global leader, IronPlanet, recently announced an increase of 43% in sales in the past year.
A privately held corporation, IronPlanet specializes in the sale of used agricultural and construction equipment via online auction. Founded in 1999, IronPlanet gives buyers and sellers around the globe the opportunity to purchase used equipment through its website and on-line auctions. From air compressors to welders, buyers can search and preview specific equipment through IronPlanet.com. With its Ironclad Assurance and posted biweekly inspections, IronPlanet gives its buyers the ability to bid for machinery and other equipment confidently. By using IronPlanet, sellers benefit with a global sales venue, low transaction costs and higher sales price.
Recently, IronPlanet reported annual gross auction sales totaling $377 million. An estimated $96 million in gross auction sales was attributed to its fourth quarter period; reflecting an increase of 26% over the third quarter. IronPlanet estimates more than 15,000 potential bidders at each auction. Also in 2008, IronPlanet noted an 85% increase in monthly global registrations totaling 8,200 new registrations each month. In addition, a record-breaking 59 auctions were held by IronPlanet in 2008. While most sales activity was domestic, 27% of sales occurred in markets outside the United States.
More recently, IronPlanet grossed $4.24 million in sales through its first online re-sale auction in Europe held January 28, 2009. With growing number of global registrations, Iron planet has continued to increase its footprint with recent expansion in Canada and Australia and a newly opened European base in Dublin, Ireland. IronPlanet’s North American base is located in Pleasanton, California.
Furthering their access in the online equipment re-sale market, IronPlanet launched on-going equipment re-sale programs with John Deere and AGCO in 2008. IronPlanet provides John Deere the ability to sell their used agricultural equipment inventory from their dealer-to-dealer website (UsedXpress.com) and John Deere’s public-used equipment through IronPlanet. In a similar agreement with AGCO Corporation in North America, IronPlanet provides AGCO’s 1,200 dealers the ability to market and sell its used equipment through IronPlanet’s auctions.
IronPlanet’s Chief Executive Officer and Chairman of the Board is Gregory J. Owens who leads the direction and execution of IronPlanet’s business strategy. Mr. Owens’ vast experience touts a proven track record of revenue growth and management. Previously, Mr. Owens was the Managing Director at Red Zone Capital and earlier Chairman and CEO of Manugstics Group, Inc. Recently appointed Senior Vice President and Chief Financial Officer, Michael J. O’Donnell is responsible for the company’s financial management and operations. Mr. O’Donnell also brings an impressive acumen with previous positions in Procuri, Inc, Price Waterhouse Corporate Finance and SunTrust Capital Markets.