AGCO Corporation (NYSE: AG), a worldwide manufacturer and distributor of agricultural equipment, and IronPlanet® (www.ironplanet.com), the world’s leading online auction company for used construction and agricultural equipment, today announced a partnership to benefit AGCO dealers. The joint initiative provides AGCO’s 1,200 North American dealers a faster and more profitable channel to market and sell used equipment through IronPlanet auctions.
“I am extremely excited about our partnership with IronPlanet and the value it offers to our dealers across the nation,” said Doug Griffin, vice president of marketing for AGCO North America. “IronPlanet’s proven business model and global reach will help us continue to competitively position our dealers in the marketplace, and provide a streamlined and profitable equipment disposal process.”
IronPlanet auctions create a faster time to market for equipment inventory, allowing AGCO’s dealers to dispose of equipment a minimum of every two weeks. Through the online marketplace, dealers reach over 370,000 registered users worldwide, averaging 14,500 visitors per auction.
Dealers using IronPlanet will have their machines inspected by a trained IronPlanet equipment inspector, and can take advantage of the IronClad Assurance™ — IronPlanet’s guarantee that inspection reports are true representations of equipment condition. In addition, AGCO dealers can sell equipment direct from their locations anywhere in the U.S., avoiding the costly transportation and make-ready expenses associated with selling equipment through traditional auctions.
“IronPlanet is pleased to have a relationship with an industry leader like AGCO and we look forward to providing its dealers with superior service and the best value for their used equipment through our online auctions,” said Paul Blalock, vice president of agricultural sales for IronPlanet. “Their strong brand identity and quality machines combined with IronPlanet’s global presence will benefit the agriculture industry worldwide.”
About AGCO
Founded in 1990, AGCO Corporation (NYSE: AG) (www.agcocorp.com) is a global manufacturer of agricultural equipment and related replacement parts. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements, which are distributed through more than 3,000 independent dealers and distributors in more than 140 countries worldwide. AGCO products include the following well-known brands: AGCO®, Challenger®, Fendt®, Gleaner®, Hesston®, Massey Ferguson®, RoGator®, Spra-Coupe®, Sunflower®, Terra-Gator®, Valtra®, and White™ Planters. AGCO provides retail financing through AGCO Finance. The Company is headquartered in Duluth, Georgia and, in 2007, had net sales of $6.8 billion. Please visit our website at www.agcocorp.com.
About IronPlanet
IronPlanet is the world’s leading online auction company for used construction and agricultural equipment. Our sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers. Our guaranteed inspection reports and exclusive IronClad Assurance enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.
Contacts:
Nancy Klentak, 770-232-8209
or
Two
Rivers Marketing
Zachary Keller, 515-557-2058
