IronPlanet and Cat Auction Services to merge
By Helen Wright22 December 2014
Online used heavy equipment marketplace IronPlanet has announced a merger with Cat Auction Services – an alliance of Caterpillar and several of its independent Cat dealers.
Gregory Owens, IronPlanet chairman and CEO, said, “The power of IronPlanet’s technology, multiple marketplace formats and global buyer base coupled with Cat Auction Services’ live, onsite auction format and deep equipment expertise will provide the most powerful and complete suite of auction remarketing tools in the industry.”
Gary Trettel, Cat Auction Services, president and CEO, said, “The live auction format from Cat Auction Services, along with IronPlanet’s online marketplaces, will give our customers the innovative solutions they are looking for to meet their inventory management requirements.
“This is a very significant merger as both companies are industry leading and clearly complement each other. We have a unique opportunity to transform our business and position ourselves to meet the growing demand of our customers for better technology, tools, and services when buying and selling heavy equipment.”
IronPlanet said it had over a million registered users, while Cat Auction Services – which was started in 2008 to give Cat dealers another distribution channel for used equipment sales – had a strong customer base.
The companies would offer live and online auctions will backed by a full range of support services to provide a better, more flexible customer experience.
The companies said Mr Owens would be chairman and CEO of the combined entity, and the company will continue to be headquartered in Pleasanton, California, US.
They said Mr Trettel would continue to oversee Cat Auction Services live auction format as well as serve on the executive committee of IronPlanet. Cat Auction Services’ office in Eagan, Minnesota, US, would remain open as the Midwest office for IronPlanet.
The companies said the transaction was expected to be completed during the first quarter of 2015.