Announcement

IronPlanet Reports Record Quarter with Gross Auction Sales of $91.3 Million
Year-to-Date Gross Auction Sales Up 70 Percent

PLEASANTON, Calif. — July 31, 2008 — IronPlanet® (www.ironplanet.com), the world’s leading online auction company for used construction and agricultural equipment, posted record sales in the second quarter of 2008, with gross auction sales of $91.3 million — an increase of 37 percent over the second quarter of 2007. This year’s second quarter represents a 17 percent growth over the first quarter of 2008. The company’s year-to-date performance of $168.9 million is a 70 percent increase over the same period in 2007. 

“I am very pleased with our second quarter and year-over-year sales growth as well as the global momentum IronPlanet auctions continue to generate,” said Gregory J. Owens, IronPlanet’s chairman and CEO. “With IronPlanet featured auctions approaching a weekly frequency, we offer sellers the fastest time to market and a global marketplace of buyers, which translates to above-market price performance. Combined with the go-to-market cost efficiencies we provide, IronPlanet auctions continue to generate the best overall value for our customers in both the construction and agricultural markets."

“The quarter-over-quarter sales growth we continue to achieve is a result of ongoing investments we are making in our business, including the growth of our sales organization, entry into new business segments and international expansion,” said Owens. “I am also excited about the level of operating profitability we achieved this quarter as we continue to make strategic investments for the future.”

In the second quarter, IronPlanet drew an average of 14,000 visitors per auction, an increase of 35 percent over the second quarter of 2007. In addition, 31 percent of all equipment sold in IronPlanet auctions during the second quarter was purchased by international buyers, compared to 20 percent in the second quarter of 2007.

“Equipment demand from developing countries continues to accelerate seller participation in IronPlanet auctions, offering sellers a greater price performance for their used equipment than they could get at a traditional auction,” said Jeff Jeter, IronPlanet’s senior vice president for international and new business. “IronPlanet auctions continue to provide the most cost-effective channel for reaching buyers in these high-growth regions where sellers can get the best value for their equipment.”

Second quarter 2008 highlights

• AGCO Corporation and IronPlanet announce partnership. IronPlanet will provide AGCO’s 1,200 North American dealers with a faster and more profitable channel to dispose of used agricultural equipment.
• IronPlanet launches IronPlanet Real Estate, LLC. In partnership with Higgenbotham Auctioneers International, IronPlanet has launched its real estate auction services — IronPlanet Real Estate, LLC — offering real estate auctions, focusing on industrial, commercial and agricultural real estate.
• Mike Groves promoted to senior vice president of North American sales. Groves previously served as IronPlanet’s vice president of territory sales and is now responsible for the company’s continued growth in the U.S., Canada and Mexico. Due to his leadership, IronPlanet posted record sales in 2007 and expanded its sales force by more than 75 percent over the past several months.
• IronPlanet launches French translation of Web site.  The launch demonstrates IronPlanet’s commitment to the Canadian market and further establishes a presence with French-speaking customers.

About IronPlanet
IronPlanet is the world’s leading online auction company for used construction and agricultural equipment. Our sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers. Our guaranteed inspection reports and exclusive IronClad Assurance enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.