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IronPlanet, Cat Auction Services Sell $46.7MM in Recent Auction

April 01, 2015, 07:08 AM
Filed Under: Auction News

IronPlanet, the leading online marketplace for buying and selling used heavy equipment and trucks, sold $46.7 million in equipment at auctions held across its marketplaces March 25th – 27th. In addition to auctions held on IronPlanet’s online marketplaces, onsite events included a joint live unreserved public auction with Cat Auction Services in Des Moines, Iowa, and a two-day auction by Kruse Energy & Equipment Auctioneers held in Oklahoma City, Oklahoma.

More than 24,000 people attended the auctions online and onsite and a total of 3,530 items were sold for $46.7 million in gross merchandise value (GMV).

“We ended the quarter with a strong week of auctions that sold more than $46 million in equipment,” said Gregory J. Owens, IronPlanet Chairman and CEO. “I am very excited with the momentum that we have in the market and the value we are delivering to our customers across the construction, transportation, government, and oil and gas sectors.

“In addition to a very successful joint auction with Cat Auction Services where we saw strong price performance, the Kruse Energy and Equipment Auctioneers sale in Oklahoma City was one of its largest auctions ever. Last week demonstrated how the power of reaching our more than 1.3 million global registered users with the best data driven platforms, online and onsite, resulted in great value for our buyers and sellers from around the world.”

The joint IronPlanet and Cat Auction Services auction hosted by Ziegler Cat sold $9 million in GMV and drove strong price performance as a result of both onsite and online end-user participation.

“Our auction in Des Moines featured a large selection of the highest quality equipment the Cat family of dealers has to offer, and bidders responded by showing up in record numbers,” said William L. Hoeft, Chairman of Cat Auction Services. “Together with IronPlanet we had one of our most successful events ever. It just underscores the true power and value of the industry’s most comprehensive online and onsite marketplaces working together.”

IronPlanet and Associated Auction Services LLC, an alliance of Caterpillar and several of its independent Cat dealers, that operates under the name of Cat Auction Services (“Cat Auction Services”) announced on December 19, 2014, that they had signed an agreement to merge.

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