Iron Planet, online marketplace for buying and selling used heavy equipment and trucks and Associated Auction Services, an alliance of Caterpillar and several of its independent dealers that operate as Cat Auction Services, have signed an agreement to merge. Once combined, IronPlanet and Cat Auction Services will continue auction services backed by technology, services and equipment expertise.
“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,” said Gregory Owens, IronPlanet chairman and CEO.
“Cat Auction Services was started in 2008 to give Cat dealers another distribution channel for used equipment sales, as well as to keep our customers connected with the Caterpillar family of products and dealerships,” added William Hoeft, chairman of CAS. “The merger will capitalize on both companies’ strengths.”
The combination of companies will include online and onsite auction formats, as well as multiple timing and pricing options. CAS strong customer relationships, combined with IronPlanet’s global customer base with more than a million registered users, will provide buying and selling opportunities for customers globally. The companies will offer a variety of equipment protection and financing plans.
Owens will be chairman and CEO of the combined entity, and the company will be headquartered in Pleasanton, Calif. Current CAS president and CEO Gary Trettel will continue to oversee CAS’ live auction format and serve on the executive committee of IronPlanet. CAS’ office in Eagan, Minn., will remain open as the Midwest office for IronPlanet.
The transaction is subject to customary regulatory approval and standard closing conditions.