Last year, IronPlanet took its technology expertise to new heights with BiddingAce, a marketplace for general aviation aircraft. The site launched in June 2014 and uses IronPlanet’s technology platform to connect aircraft sellers with buyers around the world.
An exciting year
Since the launch of BiddingAce, Craig Fuller, a well-known aviator, former president and CEO of the Aircraft Owners and Pilots Association (AOPA) and member of several Federal Aviation Administration (FAA) committees, has joined BiddingAce’s board of directors. His expertise will be a true asset to the organization and its customers.
BiddingAce has quickly gained in popularity with airplane enthusiasts and is receiving approximately 20,000 page views per day. BiddingAce’s senior vice president of marketing, AJ Brown, credits simplicity for the marketplace’s success. “The technology behind the site and our customer support team make the buying and selling processes easy and efficient. Customers also appreciate that BiddingAce is specifically targeted to what they’re interested in - aircraft.”
Previously, people haven’t had the ability to sell aircraft online aside from listing sites that either don’t offer the ability to take bids online or don’t provide support services to help customers with the buy/sell process. Just like with IronPlanet, BiddingAce’s customer service representatives and partners can help with issues such as title clearance, FAA paperwork and the escrow process. Sellers also reach a wide audience because BiddingAce actively promotes listings to tens of thousands of potential buyers around the world every week. The global reach of the online marketplace allowed BiddingAce to sell aircraft for prices that were, on average, 7 percent higher than industry estimates in 2014.
Through a relationship with Jet Linx, BiddingAce buyers can now also search for and purchase jets for business and personal use in addition to piston and turboprop aircraft.
Single engine piston airplanes were a popular choice of buyers in 2014. Within this category, Cessna and Mooney were the most popular, accounting for 30 and 10 percent of sales respectively. Towards the end of the year, BiddingAce also witnessed a large uptick in new listings of turboprops.
What’s next in aviation?
In 2015, BiddingAce expects to continue building momentum. Despite a drop in aircraft prices in 2008 and 2009, the aviation industry seems to be making a rebound. Many aircraft enthusiasts now have the capital to invest in new types of planes and are eager to make purchases as the economy rebounds.
BiddingAce also notes that unique airplanes may start to appear in the marketplace. Owners likely held onto rare or highly-valued planes when prices dipped but they may be ready to sell these items as prices trend upwards.
To buy or sell your aircraft with BiddingAce, visit www.BiddingAce.com.
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