IronPlanet, an international online auction company for used construction and agricultural equipment, recently liquidated $2.74 million of equipment for Rushing & Mason of Memphis, Tenn., and Little Rock, Ark., achieving 121 percent of its initial price target.
The March 27 auction drew a global audience of 14,000 visitors and generated an average of 21 bids per item. Nearly 20 percent of the equipment was sold to IronPlanet’s international buyer base.
“I did a lot of research and spoke to a lot of auction companies to understand who had the best auction model and who would ultimately deliver the best overall value to Rushing & Mason,” said David Sax, chief financial officer and chief operating officer of Rushing & Mason. “Our decision to select IronPlanet was absolutely the right choice. IronPlanet gave us access to their global buyer base, enabling us to exceed our price expectations, and the total cost to sell our equipment was the lowest. The most important factor was that we were able to sell our equipment straight from our locations.”
Rushing and Mason is central Arkansas’ authorized dealer for Kobleco, New Holland, Vibromax, Allied, Waldon, and Lay-More products. It also provides sales, service, parts and rental services for the entire state of Arkansas.
Pleasanton, Calif.-based IronPlanet offers guaranteed inspection reports and exclusive IronClad Assurance to enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.
