IronPlanet sold $46.7 million in equipment at auctions held across its marketplaces March 25–27. In addition to auctions held on IronPlanet’s online marketplaces, onsite events included a joint live unreserved public auction with Cat Auction Services in Des Moines, Iowa, and a two-day auction by Kruse Energy & Equipment Auctioneers held in Oklahoma City, Oklahoma.
More than 24,000 people attended the auctions online and onsite and a total of 3,530 items were sold for $46.7 million in gross merchandise value.
“We ended the quarter with a strong week of auctions that sold more than $46 million in equipment,” said Gregory J. Owens, IronPlanet Chairman and CEO. “I am very excited with the momentum that we have in the market and the value we are delivering to our customers across the construction, transportation, government, and oil and gas sectors.”
The joint IronPlanet and Cat Auction Services auction hosted by Ziegler Cat sold $9 million and drove strong price performance as a result of both onsite and online end-user participation.
“Our auction in Des Moines featured a large selection of the highest quality equipment the Cat family of dealers has to offer, and bidders responded by showing up in record numbers,” said William L. Hoeft, Chairman of Cat Auction Services. “Together with IronPlanet we had one of our most successful events ever.”
IronPlanet and Associated Auction Services LLC, an alliance of Caterpillar and several of its independent Cat® dealers, that operates under the name of Cat Auction Services (“Cat Auction Services”) announced on December 19, 2014, that they had signed an agreement to merge. The transaction is subject to regulatory approval and other standard closing conditions, and is anticipated to be completed during the first quarter of 2015. The transaction is not subject to the Federal premerger waiting period. The Des Moines joint auction was conducted pursuant to a joint venture agreement, which is independent of the proposed merger.