Where do you go when you want to sell your Caterpillar backhoe? To an online auction site, of course.

IronPlanet.com specializes in auctioning used heavy equipment. They offer guaranteed inspection reports for every piece of equipment they sell. A recent auction of 251 units sold for $4.3 million on September 18, bringing 7,700 registered auction attendees in total from 50 states and 10 other countries. A Caterpillar D8R Track Dozer sold for $232,000.

IronPlanet charges a 1% Transaction Fee (minimum fee of $25, maximum fee of $500) assessed to each piece of equipment bought through IronPlanet. The cost of the equipment is equal to the final sale price of the equipment, this Transaction Fee and any applicable taxes (for non tax-exempt buyers), plus any services elected such as financing, warranties or transportation.

Sellers pay a listing fee and commissions on any successful sale. The basic listing fee is $500 for a single piece, and for items selling for $10,000 or more, commission rates range from 5.9% to 7.9%, depending on the final selling price.

http://www.ironplanet.com