Pleasanton, Calif.-based IronPlanet last week posted record sales in the second quarter of 2008, with gross auction sales of $91.3 million — an increase of 37 percent over the second quarter of 2007. This year’s second quarter represents a 17-percent growth over the first quarter of 2008. The company’s year-to-date performance of $168.9 million is a 70-percent increase over the same period in 2007.
“I am very pleased with our second quarter and year-over-year sales growth as well as the global momentum IronPlanet auctions continue to generate,” said Gregory Owens, IronPlanet’s chairman and CEO. “With IronPlanet featured auctions approaching a weekly frequency, we offer sellers the fastest time to market and a global marketplace of buyers, which translates to above-market price performance. Combined with the go-to-market cost efficiencies we provide, IronPlanet auctions continue to generate the best overall value for our customers in both the construction and agricultural markets.
“The quarter-over-quarter sales growth we continue to achieve is a result of ongoing investments we are making in our business, including the growth of our sales organization, entry into new business segments and international expansion,” Owens continued. “I am also excited about the level of operating profitability we achieved this quarter as we continue to make strategic investments for the future.”
In the second quarter, IronPlanet drew an average of 14,000 visitors per auction, an increase of 35 percent compared with the second quarter of 2007. In addition, 31 percent of all equipment sold in IronPlanet auctions during the second quarter was purchased by international buyers, compared to 20 percent in the second quarter of 2007.
“Equipment demand from developing countries continues to accelerate seller participation in IronPlanet auctions, offering sellers a greater price performance for their used equipment than they could get at a traditional auction,” said Jeff Jeter, IronPlanet’s senior vice president for international and new business.
IronPlanet is an international online auction company for used construction and agricultural equipment. The company is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo.