IronPlanet Reports Record Quarter

Fri May 06, 2011 - National Edition

IronPlanet posted record sales for the first quarter of 2011. Gross merchandise volume (GMV) was $162 million, an increase of 25 percent over the first quarter of 2010 and 25 percent growth over the fourth quarter of 2010.

“I am very encouraged with our first quarter performance and the used equipment environment as we enter 2011,” said Gregory J. Owens, IronPlanet chairman and chief executive officer. “We have seen increasing optimism with our customers as equipment prices have improved across many categories as a result of increased global market demand. IronPlanet’s business model is uniquely positioned to extract market value for the equipment we sell through our ability to reach a global buyer base.”

In the first quarter, IronPlanet conducted a record 21 global auctions, a 61 percent growth over first quarter 2010. IronPlanet sold more than 8,800 lots in the first quarter, up 38 percent over the same period in 2010. In addition, international buyers bid on more than 50 percent of the items sold in IronPlanet’s North America auctions during the first quarter, resulting in 28 percent of equipment sold to buyers outside of the United States.

“Equipment sellers are increasingly turning to IronPlanet to market and sell their equipment as our online marketplace has become a better way to manage their equipment inventory,” said Owens. “Our weekly auctions provide equipment owners access to the IronPlanet marketplace when they are ready to sell versus attempting to time the market only four to five times a year with traditional regional land-based auctions.”

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