IronPlanet Hits $500 Million Milestone
Published August 10th, 2006
Press Release
IronPlanet ( www.ironplanet.com ), the third-largest heavy equipment auction company in North America, surpassed $500 million gross auction sales.
With lead investors Accel Partners and Kleiner Perkins Caulfield & Byers, Ted Schlein, IronPlanet board member and Kleiner partner, stated, “IronPlanet is the only online equipment auction company and they just passed half-billion dollars in auction sales. Like Google and other successful 1999 investments made by Kleiner Perkins, IronPlanet is hitting its stride in having established a unique marketplace.”
“With auctions every two weeks, IronPlanet enables its sellers to better manage inventory while getting excellent prices and also incurring lower costs,” said Rob Alleger, IronPlanet’s CEO. “As Ted said, things are falling in-place.”
Each auction in the first six months of 2006 averaged $6 million gross auction sales, a 70% increase over the average auction sale for the first half of 2005. For the quarter ended June 30, 2006, IronPlanet realized over 15% return on revenue, the most profitable quarter in the company’s history.
Founded in 1999, IronPlanet has grown to be the third-largest auction company of heavy equipment. With investors such as Caterpillar, Komatsu and Volvo, IronPlanet sells a broad range of used equipment including construction, agricultural and trucks through online auctions. IronPlanet is the only auction company to provide detailed, guaranteed inspection reports for used equipment in its auctions. If you are interested in buying or selling used equipment, go to www.ironplanet.com .
