IronPlanet, a leading online auction company for used construction and agricultural equipment, last week announced third-quarter 2008 gross auction sales of $76.4 million — an increase of nearly 60 percent over the third quarter of 2007. Gross auction sales for the nine months ended Sept. 30, were $245.4 million, a 66-percent increase over the same period in 2007.
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. 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 reports that its 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. In addition, IronPlanet sold equipment from approximately 800 consignors, an increase of 82 percent over the first nine months of 2007.
“Our third-quarter performance and year-over-year sales increase are a testament to our growth strategy, business investments and our proven auction model,” said Gregory Owens, IronPlanet chairman and CEO. “When I talk with customers, they are impressed with the fair market value price performance we are delivering for equipment sold through our auctions. Our ability to attract a global audience of over 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.”
In other company news, IronPlanet last week also announced that it will establish its European headquarters in Dublin, Ireland.
“We’re excited to announce that we have selected Dublin as the site of our new European headquarters and strategic base of operations to continue our long-term investment in this region,” said Jeff Jeter, IronPlanet senior vice president of international and new business. “Dublin provides access to a talented, multilingual workforce that will be critical for staffing our operations and continuing to provide the same excellent service to our expanding customer base in Europe, the Middle East and Africa.”
Establishing its European headquarters in Dublin coincides with the launch of IronPlanet’s European online auction marketplace and its first European auction on Jan. 28, 2009. Currently, IronPlanet conducts online auctions approximately every week in the U.S., Canada and Australia, with a global audience of more than 14,000 visitors participating in its U.S. auctions.
“IronPlanet has been successfully selling equipment into Europe and has an established customer base throughout the entire region,” said Tom Cornell, managing director for IronPlanet Europe. “Our new headquarters in Dublin will create the local presence necessary to quickly respond to customer needs and provide one-on-one support from a multilingual, local staff of representatives as we approach our first auction in January.”
Based in Pleasanton, Calif., IronPlanet is an international online auction company for used construction and agricultural equipment. It is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo.