Pleasanton, Calif.-based IronPlanet, a leading online auction company for used construction and agricultural equipment, completed a record-breaking first quarter, with gross auction sales of $77.6 million — an increase of 135 percent over the first quarter of 2007.
“We’re off to a great start in 2008, and I am equally encouraged about our potential for the balance of the year,” said Gregory Owens, chairman and CEO of IronPlanet. “Our first-quarter growth is a result of ongoing efforts to ensure that all of our business initiatives focus on creating the most compelling value for our customers.”
IronPlanet drew a record number of visitors to its auctions in the first quarter, averaging 14,500 per auction — an increase of 46 percent over the first quarter of 2007. First-quarter equipment shipments to international buyers represented 37 percent of all equipment purchases, compared to 22 percent in the first quarter of 2007.
In the first quarter, IronPlanet held its largest auction in company history on Jan. 31, with gross auction sales totaling $19 million; it began holding monthly auctions in Australia in February; it launched its equipment appraisal service and appointed Randy Berry as vice president of inspection and appraisal services; and continued its expansion into Canada, appointing Frank Despatie managing director for Canada.