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IronPlanet, Associated Auction Services merge


December 22, 2014
By Rock to Road

Dec. 22, 2014, Pleasanton, Calif. – 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, have signed an agreement to merge the two
companies.

Dec. 22, 2014, Pleasanton, Calif. – 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, have signed an agreement to merge the two
companies.

 

 “I am very excited
about the combination of IronPlanet and Cat Auction Services, two trusted partners
in helping buyers and sellers with their used heavy equipment acquisition and
disposition needs,” said Gregory J. Owens, IronPlanet Chairman and CEO. “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.”

 

“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,” said William L. Hoeft, Chairman of Cat Auction Services. “We are
pleased to have reached this agreement as the merger will capitalize on both
companies’ strengths.”

 

 “The live auction
format from Cat Auction Services, along with IronPlanet’s online marketplaces,
will give our customers the innovative solutions they are looking for to meet
their inventory management requirements,” said Gary Trettel, Cat Auction
Services, President and CEO. “This is a very significant merger as both
companies are industry leading and clearly complement each other. We have a
unique opportunity to transform our business and position ourselves to meet the
growing demand of our customers for better technology, tools, and services when
buying and selling heavy equipment.”

 

Mr. Owens will be chairman and CEO of the combined entity
and the company will continue to be headquartered in Pleasanton, Calif. Mr.
Trettel will continue to oversee Cat Auction Services live auction format as
well as serve on the Executive Committee of IronPlanet. Cat Auction Services’
office in Eagan, Minn. will remain open as the Midwest office for IronPlanet.
The transaction is subject to regulatory approval and other standard closing
conditions, and is anticipated to be completed during the first quarter of
2015.