PLEASANTON, Calif. and Eagan, Minn. – April 2, 2015 – IronPlanet®, the leading online marketplace for buying and selling used heavy equipment and trucks, and Associated Auction Services LLC, an alliance of Caterpillar and several of its independent Cat® dealers, that operates under the name Cat Auction Services (hereinafter referred to as “Cat Auction Services”), announced today the completion of the merger of the two companies.
“This is a very exciting day for IronPlanet and Cat Auction Services, and even more importantly, for our customers as this combination will drive value and services to all of our buyers and sellers in new and innovative ways,” said Gregory J. Owens, IronPlanet Chairman and CEO. “I am confident that our marketplace offerings will enable our sellers to maximize the recovery on assets sold by reaching the right buyers at the right time through channels that are optimized for them. Similarly, our buyers will have access to a broad selection of equipment so that they can manage their inventory on their time frames either in a buy-it-now format or through one of our online or onsite auctions. We will now have access to the broadest choice of late model, low hour Cat equipment drawing larger buyer audiences for all of the equipment for sale in our marketplaces.”
Together, IronPlanet and Cat Auction Services’ customers will benefit from the most comprehensive integrated platform in the industry for managing their used heavy equipment acquisition and disposition strategies. IronPlanet helps sellers optimize their inventory management practices to drive the best returns. At the same time it enables buyers to purchase from the greatest selection, on their schedule, with complete confidence due to its exclusive IronClad Assurance® buyer protection program. This program assures buyers that they have an accurate representation of equipment condition.
A Major Milestone in IronPlanet’s 15 Year History
During its 15 year expansion, IronPlanet has grown from a used heavy equipment online auction site to a platform of six marketplaces – IronPlanet, TruckPlanet®, GovPlanet®, allEquipSM, Kruse Energy & Equipment AuctioneersSM, and now Cat Auction Services – and a full suite of support services that provides a better and more flexible customer experience.
“The addition of Cat Auction Services is the culmination of our recent expansion efforts that were designed to serve our customers better, and which have taken us into the on-road truck, government surplus and oilfield equipment markets. We’ve also added sales channels, such as allEquip.com, a 'buy-it-now' marketplace, and with Cat Auction Services the capability to produce onsite auction events.
“For 15 years we have been working toward the goal of providing the most comprehensive offerings for the acquisition and remarketing of used heavy equipment and trucks. IronPlanet can now service every customer for every buying or selling need with industry-leading technology, services, equipment and expertise. IronPlanet is the place to go whether you prefer the broadest selection of Caterpillar equipment at our onsite auctions or the convenience of multiple online auction formats. The transformation of IronPlanet and our broad set of marketplaces positions us to achieve GMV exceeding $1 billion over the next year," said Owens.
IronPlanet’s momentum is illustrated by:
• The ability to leverage its more than 1.3 million registered users from around the world, ensuring strong bidder and buyer participation for sellers across all IronPlanet marketplaces. On average since 2010 annually, IronPlanet has enabled sellers from 40 countries to reach buyers in more than 100 countries, with 50 percent of all items receiving international bids and 30 percent of items being exported after sale.
• The completion of its merger with Cat Auction Services, enabling IronPlanet to add onsite auction capabilities as well as access to the industry’s largest selection of late model, low hour Cat equipment.
• Hosting its two largest auction weeks in its history – both in excess of $45 million gross merchandise volume (GMV) of equipment sold – in as many months: its annual three-day Florida auction this past February and its end-of-quarter auctions across six of its marketplaces the week of March 23rd. IronPlanet’s joint event with Cat Auction Services in Florida drew 131 sellers, including 25 participating Cat dealers. This compares to Cat Auctions Services GMV of $18 million at its 2014 Florida auction.
• Its November 2014 launch of GovPlanet, which about tripled revenue for the government on the disposition of rolling stock for the Defense Logistics Agency Disposition Services of the U.S. Department of Defense on its GovPlanet marketplace.
• Its purchase of Kruse Energy & Equipment Auctioneers also in November 2014, the leader in oilfield equipment auctions, having conducted more than 90 percent of the energy auctions in the U.S. over the past 25 years.
About IronPlanet
IronPlanet is the leading online marketplace for used heavy equipment. Since 2000, IronPlanet has sold over $4 billion of used equipment online and has built a database of more than 1.3 million registered users worldwide. IronPlanet delivers sellers the right channels to reach the right buyers at the right time to maximize their returns. At the same time IronPlanet delivers the tools buyers need to buy with confidence on their time frames. IronPlanet further connects buyers and sellers of used equipment with its exclusive IronClad Assurance® buyer protection program and family of sites including IronPlanet®, GovPlanet®, TruckPlanet®, Kruse Energy & Equipment AuctioneersSM, allEquipSM and Asset Appraisal ServicesSM. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.
About Cat Auction Services
Cat Auction Services was formed in 2008, and now has Caterpillar Inc., and a large number of its North American dealers as its unit holders. Cat Auction Services facilitates auctions through live events and online bidding. Cat Auction Services has raised the bar in heavy equipment auctions, giving customers a better experience with its innovative LEADERBOARD®, professional staff, comprehensive photos and videos, equipment protection plans and equipment financing. For more information, visit www.catauctions.com.
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