PLEASANTON, Calif. (May 2, 2011) — IronPlanet (www.ironplanet.com), an online marketplace for used heavy equipment, posted record sales for the first quarter of 2011. Gross merchandise volume was $162 million, an increase of 25% over the first quarter of 2010 and 25% 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% growth over first quarter 2010. IronPlanet sold more than 8,800 lots in the first quarter, up 38% over the same period in 2010. In addition, international buyers bid on more than 50% of the items sold in IronPlanet's North America auctions during the first quarter, resulting in 28% 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."
First-Quarter 2011 Highlights
• IronPlanet's Western Winter Sale on January 27-28 sold more than 2,000 items for $26 million with more than 16,200 attendees from 165 countries on January 27.
• IronPlanet unveiled its latest initiative, IronPlanet Motors, an online marketplace for used autos and powersports.
• IronPlanet announced its expansion into the Middle East with operations based in Dubai, U.A.E.
• A February 24-25 auction sold $28 million in equipment with more than 14,800 attendees from 156 countries on February 24.
• The March 17-18 auction sold $26 million in equipment with more than 14,500 attendees from 150 countries on March 17.
IronPlanet is an online marketplace for used heavy equipment. Guaranteed inspection reports and IronClad Assurance enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.