IronPlanet, Pleasanton, Calif., posted record sales for the first quarter of 2011. Gross merchandise volume (GMV) was $162 million, an increase of 25 percent over the first quarter of 2010 and 25 percent 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, chairman and CEO. “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-percent growth over first quarter 2010. More than 8800 lots were sold in the first quarter, up 38 percent over the same period in 2010. In addition, international buyers bid on more than 50 percent of the items sold in IronPlanet’s North America auctions during the first quarter, resulting in 28 percent of equipment sold to buyers outside of the United States.
Some of the highlights from the first quarter of 2011 include IronPlanet’s auctioning more than 2,000 items in its Western Winter Sale, selling $26 million in equipment with more than 16,200 attendees from 165 countries; launching an automotive and powersports marketplace, IronPlanet Motors; expanding to the Middle East with operations based in Dubai, U.A.E.; selling more than $28 million of equipment in a February two-day sale with more than 14,800 attendees from 156 countries; and selling more than $26 million of equipment in a March two-day sale with more than 14,500 attendees from 150 countries.
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