IronPlanet, an online auction company for used construction and agricultural equipment, conducted a one-owner auction for SLV Earthmovers of Monte Vista, Colo.
The recently held auction liquidated $4.22 million of equipment, achieving 136 percent of its initial price target.
The SLV Earthmovers auction drew a record number of potential bidders — nearly 15,000 — to the auction and achieved an average of 41 bids per item.
“Personally, I was expecting about a $3.5 or $3.6 [million] sale, so the results we got were wonderful,” said Jim Willschau, owner of SLV Earthmovers. “My business is a high-equity, heavy cash flow business, and anytime you can turn your money that fast and get the results we got, it’s a huge factor.”
“IronPlanet’s ability to exceed price targets through its global audience of buyers is exemplified in our one-owner auctions,” said Mike Groves, vice president of North American sales. “This exceptional price realization is also a testament to SLV Earthmovers’ reputation for maintaining its equipment fleet, which buyers were able to evaluate with confidence through our IronClad Assurance guarantees.”
“One of the big factors that sold me on IronPlanet was that they came to my place of business,” said Willschau. “It would have cost me at least $150,000 to $200,000 to transport this equipment to a traditional auction site and get it ready for sale, even though I have the resources to repair and paint the equipment right here.”
IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo.
For more information, visit www.ironplanet.com.