IronPlanet, an online marketplace for buying and selling used heavy equipment and trucks, and Associated Auction Services LLC, an alliance of Caterpillar and several of its independent Cat dealers, that operates under the name Cat Auction Services have announced the completion of the merger of the two companies.

“This is a very exciting day for IronPlanet and Cat Auction Services, and even more importantly, for our customers as this combination will drive value and services to all of our buyers and sellers in new and innovative ways,” said Gregory J. Owens, IronPlanet chairman and CEO.

“I am confident that our marketplace offerings will enable our sellers to maximize the recovery on assets sold by reaching the right buyers at the right time through channels that are optimized for them. Similarly, our buyers will have access to a broad selection of equipment so that they can manage their inventory on their time frames either in a buy-it-now format or through one of our online or onsite auctions. We will now have access to the broadest choice of late model, low hour Cat equipment drawing larger buyer audiences for all of the equipment for sale in our marketplaces.”

In a press release posted on its website, the company said, together, IronPlanet and Cat Auction Services’ customers will benefit from the most comprehensive integrated platform in the industry for managing their used heavy equipment acquisition and disposition strategies.

IronPlanet helps sellers optimize their inventory management practices to drive the best returns.

At the same time it enables buyers to purchase from the greatest selection, on their schedule, with complete confidence due to its exclusive IronClad Assurance buyer protection program. This program assures buyers that they have an accurate representation of equipment condition.

“The addition of Cat Auction Services is the culmination of our recent expansion efforts that were designed to serve our customers better, and which have taken us into the on-road truck, government surplus and oilfield equipment markets. We’ve also added sales channels, such as, a ‘buy-it-now’ marketplace, and with Cat Auction Services the capability to produce onsite auction events.

“For 15 years we have been working toward the goal of providing the most comprehensive offerings for the acquisition and remarketing of used heavy equipment and trucks. IronPlanet can now service every customer for every buying or selling need with industry-leading technology, services, equipment and expertise. IronPlanet is the place to go whether you prefer the broadest selection of Caterpillar equipment at our onsite auctions or the convenience of multiple online auction formats. The transformation of IronPlanet and our broad set of marketplaces positions us to achieve GMV exceeding $1 billion over the next year,” said Owens.