IronPlanet Reports Record Sales for Third Quarter

Mon November 30, 2009 - National Edition
Construction Equipment Guide

IronPlanet posted record sales for the third quarter of 2009. Gross auction sales were $123 million, an increase of 61 percent over third quarter of 2008. IronPlanet’s year-to-date performance of $334 million is a 36 percent increase over the same period in 2008.

“I continue to be pleased with our quarterly and year-to-date performance as we continue to deliver on our business objectives in 2009,” said Gregory J. Owens, IronPlanet chairman and chief executive officer. “Our ongoing commitment to our customers to bring fair market value for their equipment, at a low cost to sell through our weekly online marketplace will continue to be the catalyst for our growth.”

In the third quarter, IronPlanet conducted 22 global auctions, up 38 percent from third quarter 2008. In addition, 55 percent of the items sold in IronPlanet North American auctions had bids from international bidders and 25 percent of the items sold went to buyers outside of the United States.

“As we approach 2010 we will continue to build on our strategies to broaden our reach and grow both our seller and buyer base around the world. The advantages of our online marketplace versus more traditional auction channels are our global reach and our ability to bring an international buyer audience to all of our auctions whether in North America, Europe, Australia or Southeast Asia,” said Owens.

In its third quarter, IronPlanet achieved other significant milestones that will be instrumental in the continued success and growth of the company. IronPlanet Canada expanded its sales team to increase coverage and customer service from coast to coast, while IronPlanet Australia added John O’Sullivan to continue growth into Southeast Asia. In August, IronPlanet exceeded half a million users worldwide expanding the number of potential bidders and buyers across its marketplace in North America, Europe, and Asia-Pacific. In July, Roger S. Siboni joined the board of directors, bringing more than 30 years of experience and executive level management in technology and financial management to the IronPlanet board.

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