IronPlanet , an online auction company for used construction and agricultural equipment, has finished the first quarter with gross auction sales of US$77.6 million, an increase of 135% over the first quarter of 2007.
“We are off to a good start in 2008 and I am equally encouraged about our potential for the balance of the year,” said Graeme McPherson, Managing Director of IronPlanet Australia.
“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.”
“It has been highly satisfying to talk with customers who have come to understand the value and global reach of our online auctions, versus traditional auctions,” said Graeme McPherson.
“The construction and agricultural industries are increasingly relying on IronPlanet as a faster and more profitable way to buy and sell used equipment.”
IronPlanet drew a record number of visitors to its auctions in the first quarter, averaging 14,500 per auction - an increase of 46% over the first quarter of 2007. First quarter equipment shipments to international buyers represented 37% of all equipment purchases, compared to 22% in the first quarter of 2007.
“IronPlanet continues to establish itself as the ideal marketplace for buying and selling used equipment on a global scale,” said Jeff Jeter, IronPlanet's Senior Vice President, International and New Business.
“As international buyers continue to make up a larger percentage of our customer base, IronPlanet is quickly becoming the most convenient and trusted way to buy and sell used construction and agricultural equipment worldwide.”
First quarter 2008 highlights
- IronPlanet held a large auction on January 31, with gross auction sales totalling US$19 million
- IronPlanet has been holding monthly auctions in Australia since February. The next Australian auction is scheduled for 8 May
- Paul Blalock was appointed as Vice President of Agricultural Sales
- IronPlanet launched its equipment appraisal service and appointed Randy Berry as Vice President of Inspection and Appraisal Services
- IronPlanet continued its expansion into Canada and appointed Frank Despatie as Managing Director for Canada
- IronPlanet appointed four new territory managers in Australia
- IronPlanet conducted two one-owner auctions with combined gross auction sales of more than US$7 million, achieving an average of 128% of initial price targets