IronPlanet Reports Record Growth in 2008

Fri March 06, 2009 - National Edition
Construction Equipment Guide

IronPlanet continued to gain significant marketplace momentum in 2008, with gross auction sales of $337 million, an increase of 43 percent over 2007. Fourth-quarter gross auction sales totaled $96 million, up 26 percent over the third quarter and up 9 percent over the same period last year.

“I’m extremely pleased with our performance and year-over-year sales growth, especially given the unprecedented global market volatility,” said Gregory J. Owens, chairman and CEO of IronPlanet. “Our 2008 results are a testament to the power of our online auction model and the strength of our value proposition to both sellers and buyers of used equipment. Our ability to provide go-to-market cost efficiencies and market price performance through a global audience of buyers continues to generate the best results for our customers.”

In 2008, IronPlanet averaged more than 15,000 potential bidders per auction. The company’s continued global marketing emphasis and reach resulted in 27 percent of equipment sold to buyers outside of the United States in 2008.

Registrations to IronPlanet’s online auction marketplace continued its record pace with an increase of more than 8,200 new global registrations a month, up 85 percent over 2007. IronPlanet also conducted a record 59 auctions in 2008 versus 31 auctions in 2007.

“As we continue to expand our global footprint we are able to bring significantly more buyers to our auction marketplace than traditional auctions,” said Jeff Jeter, senior vice president, international and new business. “With today’s economic slowdown, it is this broad reach that helps our sellers access the buying audience they need to support prices and give them a global fair market value for their equipment.”

Other 2008 Highlights:

• Michael O’Donnell appointed as senior vice president and CFO

O’Donnell is responsible for the company’s overall financial management and for developing the infrastructure to support the continued growth of IronPlanet’s business.

• Tom Cornell appointed as managing director of IronPlanet Europe; European headquarters established in Dublin, Ireland

As part of its international expansion strategy, IronPlanet established its European headquarters in Dublin, Ireland, and conducted its first European auction on Jan. 28, 2009. Cornell is responsible for building IronPlanet’s European organization and driving its expansion into the marketplace.

• IronPlanet launches initiatives in the agricultural used equipment market

IronPlanet’s online auction platform is available directly to John Deere dealers and provides the capability to sell inventory from their private dealer-to-dealer Web site (, and their public used equipment Web site ( through IronPlanet’s online marketplace.

Additionally, IronPlanet and AGCO Corporation launched an initiative to provide AGCO’s 1,200 North American dealers a faster and more profitable channel to market and sell used equipment through IronPlanet auctions.

• IronPlanet expands presence in Australian and Canadian markets

As part of IronPlanet’s international expansion strategy, IronPlanet has increased its presence in Australia and Canada. Chad Groves and Ken Wallett have been appointed as managing directors, respectively, to lead IronPlanet’s efforts in these two marketplaces.

• IronPlanet launches real estate auction services

IronPlanet Real Estate will offer its services of reserved and unreserved auctions to its industrial, commercial and agricultural customers.

For more information, visit

Today's top stories

Crews Rebuild, Widen 5.5 Miles of Highway, Re-Deck Bridges

Volvo CE Commits to Science-Based Targets With Approved Carbon Reduction Pathway

Case Introduces Precision Grader Blade for Large-Frame Compact Track Loaders

AEDF Announces Vision 2025 Goal Increase

Spanning the Potomac: Three-Quarter-Billion-Dollar Bridge Replacement Under Way

Montgomery Readies for Olympic-Standard Whitewater Venue

Scrap Processors Inc. Uses Family Atmosphere to Spur Four Generations of Operation

Concrete Industry Management Program Holds Successful Auction at 2021 World of Concrete


ceg-logo ceg-logo ceg-logo ceg-logo ceg-logo