Feds Triple Returns with Online Auction Platform

March 27, 2015
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Screencapture of GovPlanet.com
Screencapture of GovPlanet.com

A new contract for auctioning excess rolling stock brought the Defense Logistics Agency (DLA) about triple the revenue over its previous contract. The contract with IronPlanet, which began in November, returned more than $3.2 million to the agency during the first two months of online public auctions, according to the DLA’s Loglines magazine.

Under the contract, IronPlanet returns 75.29% of rolling stock gross proceeds to the agency and pays a percentage of the original acquisition cost upon receipt.

Humvees authorized for sale to the public proved to be popular, generating almost $600,000 from the sale of 25 units. The agency also sells trucks, trailers, generators, wheel loaders, cranes, crawler tractors, and other equipment through the company.

Iron Planet launched the GovPlanet website in September after it was awarded the contract to manage and sell rolling stock surplus assets of the Department of Defense. GovPlanet.com serves as the primary marketplace for these assets.

The DLA is the Department of Defense's largest logistics combat support agency. It oversees the 1033 program that provides excess military equipment to law enforcement agencies.

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