IronPlanet Closes Strong in Third Quarter

IronPlanet, Pleasanton, Calif., a leading online auction company for used construction and agricultural equipment, has recorded a strong performance in the third quarter of 2008, with gross auction sales of $76.4 million, an increase of nearly 60 percent over the third quarter of 2007, according to a company press release. Gross auction sales for the nine months ending Sept. 30, 2008, were $245.4 million.

During the third quarter of 2008, IronPlanet featured auctions drew an average of 14,000 global participants per auction, an increase of 40 percent over the same period in 2007, according to the company. IronPlanet’s global buyer participation continued to increase in the third quarter of 2008, with 29 percent of equipment shipped to buyers outside the U.S., versus 21 percent in the third quarter of 2007.

IronPlanet’s relationships with OEM partners, equipment dealers, rental companies and contractors have continued to strengthen in 2008, with more than 13,000 lots of equipment sold in the first nine months of 2008, an increase of 77 percent over the same period in 2007, according to the company.  In addition, IronPlanet sold equipment from approximately 800 consignors, an increase of 82 percent over the first nine months of 2007, the company adds.

“Our third quarter performance and year-over-year sales increase are a testament to our growth strategy, business investments and our proven auction model,” says Gregory J. Owens, IronPlanet chairman and CEO. “Our ability to attract a global audience of more than 14,000 potential buyers to our auctions clearly sets IronPlanet apart and enables us to deliver fair market value pricing that is closer to a retail price and higher than wholesale pricing.”