IronPlanet reports record sales
By Euan Youdale23 May 2011
Online auctioneer IronPlanet has recorded what it describes as record sales for the first quarter of 2011.
Gross merchandise volume (GMV) was US$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 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."
In the first quarter 2011, IronPlanet conducted a record 21 global auctions, a 61% growth over the first quarter 2010. The company 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 the company's North America auctions during the first quarter, resulting in 28% of equipment being sold to buyers outside of the USA.
"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," said Owens.