IronPlanet and Cat Auction Services Announce First Joint Auction
IronPlanet and Associated Auction Services LLC, an alliance of Caterpillar and several of its independent Cat dealers, that operates under the name of Cat Auction Services ("Cat Auction Services") will hold a live unreserved public auction in Kissimmee, Fla., Feb. 11-13 with more than 1,000 items up for bid. All of the equipment will be backed by IronPlanet's IronClad Assurance buyer protection program.
"We are very excited about working with Cat Auction Services to combine the best of two industry leaders for this joint auction event in Florida," said Gregory J. Owens, IronPlanet Chairman and CEO. "We'll have a large and diverse selection of late model equipment from OEMs, Caterpillar dealers, rental companies and large contractors. All of the equipment will be backed by our exclusive IronClad Assurance, so buyers onsite in Kissimmee can bid with confidence as can our more than one million registered users online from around the world."
"The IronPlanet and Cat Auction Services joint event in Kissimmee is going to be an exciting auction and we are thrilled to be a part of it," said Frank Fowler, senior vice president and director of used sales at Ring Power Corporation. "IronPlanet and Cat Auction Services together in one auction will be the largest selection of quality used Cat equipment in Florida, an event not to be missed."
Full Suite of Services
All of the equipment at auction will be backed by IronPlanet's IronClad Assurance buyer protection program, which assures them that they have an accurate representation of equipment condition, and certain qualified Cat equipment will be backed by the Cat Equipment Protection Plan. The auction will also feature a full range of onsite and online support services, including finance and transportation options, among others. The Caterpillar #31 Show Car will also be onsite for public viewing.
IronPlanet and Cat Auction Services announced on December 19, 2014, that they had signed an agreement to merge. The transaction is subject to regulatory approval and other standard closing conditions, and is anticipated to be completed during the first quarter of 2015. The transaction is not subject to the Federal premerger waiting period. This auction is being conducted pursuant to a joint venture agreement, which is independent of the proposed merger.