IronPlanet, an online marketplace for selling and buying used equipment and other durable assets, announced that the U.S. Department of Defense’s Defense Logistics Agency (DLA) has executed its option to extend its Commercial Venture 4-Rolling Stock (CV4-R) contract with IronPlanet. The one-year extension is the first of five available under the CV4-R contract, which was originally awarded to IronPlanet in July 2014 to manage and sell rolling stock surplus assets of the DLA. The extension comes at the two-year anniversary of the contract award.

With IronPlanet, the DLA has experienced faster-time-to-market and realized higher proceeds on its equipment dispositions. The CV4-R contract is a model public-private partnership that has, on average, tripled the return on the DLA’s equipment dispositions, which in turn benefits taxpayers.

“IronPlanet is proud to receive this contract extension from the DLA,” said Jeff Holmes, senior vice president, Government Solutions and Auction Management, IronPlanet. “In addition to raising the proceeds and the return on equipment investment, the extension showcases the DLA’s confidence in our capabilities to support the Defense Department as well as other public sector entities through our GovPlanet brand and solutions.”

IronPlanet launched GovPlanet in 2014 to address the specialized equipment disposition needs of public entities, from federal, including military, to state, local and municipal. The first online auction was held on Nov. 19, 2014, and on Dec. 17, 2014, GovPlanet made history by offering the first Humvees (High Mobility Multipurpose Wheeled Vehicles or HMMWVs) to the public.

“It is exciting to receive this extension just as we celebrate our first year of selling government surplus in Europe and our launch of GovPlanet Direct in the U.S., our self-listing service. As our offerings expand and our worldwide footprint grows, we look forward to continued success on behalf of the DLA and other public sector partners,” continued Holmes.

Each week, on average, GovPlanet draws 70,000 or more attendees to its online auctions. Items go into preview two weeks in advance and bidders can preview photos, video, and inspection reports. All items sold on GovPlanet have been inspected and have IronPlanet’s exclusive IronClad Assurance equipment condition certifications, which give bidders the confidence to buy online.

Based upon the success of its GovPlanet marketplace, in June 2016, IronPlanet announced GovPlanet DirectSM, a new self-listing service for public sector entities. Online soon, GovPlanet Direct is designed for all items that do not necessarily require inspection or hands-on help, such as office furniture, computer equipment, and a range of other traditional stock. National, state, and local public sector entities will be able to connect with IronPlanet’s global buyer base of over 1.5 million registered users through this self-service, multi-faceted disposition format. These entities will also be able to take advantage of weekly online GovPlanet auctions as well as IronPlanet’s reserve price Daily Marketplace format.