IronPlanet, an online marketplace for buying and selling used heavy equipment and trucks, and Cat Auction Services, an alliance of Caterpillar and several of its independent Cat dealers, sold 1,430 items for $48.1 million in gross merchandise value at its live unreserved public auction in Kissimmee, Fla., which took place February 11-13.
“I am extremely pleased with the first IronPlanet and Cat Auction Services joint auction. The support that we received from the Caterpillar dealers as well as our other OEM, rental company, contractor, and industrial customers provided the best line up of equipment in Florida this February,” said Gregory J. Owens, IronPlanet Chairman and CEO. “The live auction format in combination with our 1.3 million registered online buyers generated strong demand. This event is a great example of using technology to transform the business of buying and selling used heavy equipment.”
The auction showcased equipment from 131 sellers, which included 25 Cat dealers. More than 21,000 people attended the auction, onsite or online, from 132 countries.
“This joint auction harnessed the strengths of our two companies, breaking our previous Florida auction record by more than two and a half times,” said Gary Trettel, President and CEO of Cat Auction Services. “Our buyers experienced a broader selection of equipment and the power of IronPlanet’s technology created significant global marketing exposure for consignors.”
“With the sale over three days this year, there was a great selection of low hour, quality equipment from Cat dealers,” said Scott Gremillion, General Manager of Louisiana Cat. “IronPlanet’s online platform combined with Cat Auction Services’ live onsite set-up provided a really broad reach, which resulted in participation from a lot of bidders. We look forward to the next auction.”
All of the equipment sold at the auction was backed by IronPlanet’s IronClad Assurance buyer protection program, which assures buyers that they have an accurate representation of equipment condition, and certain qualified Cat equipment was backed by the Cat Equipment Protection Plan.