IronPlanet Breaks Sales Record with $19-Million Auction

February 19, 2008 • IronPlanet, Pleasanton, Calif., reported its largest auction ever, recording $19 million in gross auction sales in its Jan. 31 auction. The auction total was a 38-percent increase over the company's previous record.

“I am very excited about IronPlanet's start to 2008 and the strong performance of our January 31 auction,” said Gregory Owens, chairman and CEO of IronPlanet. “Our customers were also very pleased by the price performance of the auction and were able to enjoy the fast cycle time to cash we provide through our frequent auctions.”

IronPlanet's broad global reach continued to play a significant role in driving auction performance, with a record 14,723 people visiting from auction preview through auction day. With a substantial equipment offering that drew a record number of potential bidders, the auction generated more than 12,000 bids.

IronPlanet continued to drive higher price realizations for sellers, generating returns of at least 107 percent of expected prices in five product categories. Already its third auction of the year, IronPlanet has increased the frequency of its auctions in order to offer customers greater flexibility and a faster time to market with their used heavy equipment. IronPlanet is on pace to complete 11 auctions by the end of March, which includes two auctions in Australia. IronPlanet held the company's first auction in Australia on Feb. 14.