Online Auctions Allow Buyers and Sellers to Extend Reach

March 9, 2005 — Among the equipment sold in an online auction conducted Feb. 24 by IronPlanet, Pleasanton, Calif., was a telescopic handler located in Florida to a buyer in New Zealand.

 

The 2001 Manitou MVT628T telehandler sold for $35,000 after receiving 18 bids from 16 U.S. states and two countries.

 

“Online auctions give each seller the opportunity to extend their backyard,” says Mike Rich, vice-president of sales for IronPlanet. “Just as guaranteed inspection reports enable buyers to bid without physically kicking the tires.”

 

The Feb. 24 sale drew more than 8,400 registered auction attendees. On average, an item sold to a buyer more than 800 miles from its selling location, with 83% of the equipment going to out-of-state buyers.