Red Rose

Rosebuds Blog

An ironclad business relationship with IronPlanet

May 11, 2011

Travelers sometimes ask if a hotel they’re interested in booking is a leisure or business hotel.

We’re proud to say that The Rose Hotel is both a leisure and business hotel. We get many leisure travelers looking to take advantage of the endless cultural and recreational opportunities found in the Tri-Valley and San Francisco Bay Area.

Heavy metal: A bulldozer manufactured by Caterpillar
Heavy metal: A bulldozer manufactured by Caterpillar

We also have many valued business relationships with client companies based in the Tri-Valley. Some of these companies have many visiting customers, employees, vendors, partners, investors, and even their own remotely located C-level executives.

One such client company is Pleasanton, Calif.-based IronPlanet, which has made a successful business of holding online auctions where people and companies around the world bid on used construction and agricultural equipment. Bidders are given “guaranteed inspection reports” and IronPlanet’s so-called IronClad Assurance that enables buyers to bid on heavy machinery with confidence that it’s in tip-top working condition.

If you think a big-iron business of this kind sounds too blue collar or industrial age to amount to serious profitability and scalability, think again. IronPlanet has the financial backing of two of the nation’s most famous venture capital firms, Accel Partners and Kleiner Perkins Caufield & Byers – VC firms that invest most of their dollars in the most advanced computer, telecom, biotech and renewable energy technologies. In other words, these and other VC firms are only interested in funding companies with serious growth, revenue and earnings potential.

IronPlanet is also backed by construction and agriculture equipment manufacturers Caterpillar, Komatsu and Volvo.

It’s an impressive lineup of backers, which makes us particularly proud to be doing business with IronPlanet.

Among the IronPlanet guests who stay at The Rose Hotel is company Chairman and CEO Greg Owens. Though Mr. Owens runs a California company he lives in Georgia and visits The Rose Hotel and his Pleasanton headquarters offices regularly.

Other IronPlanet executives who have been guests include:

  • Tom Cornell, managing director of IronPlanet Europe
  • Jeffrey Barca-Hall, senior vice president of engineering and technology
  • Michael O’Donnell, chief financial officer
IronPlanet CEO and Rose Hotel guest Greg Owens
IronPlanet CEO and Rose Hotel guest Greg Owens

These executives have obviously been doing something right, because IronPlanet reported record first-quarter sales of $162 million, a 25 percent increase over the first quarter of last year.

“I am very encouraged with our first quarter performance,” said Owens, in a company press release. “We have seen increasing optimism with our customers as equipment prices have improved across many categories as a result of increased global market demand.”

During IronPlanet’s Western Winter Sale alone (Jan. 27-28) it sold more than 2,000 items, raking in $26 million in revenue. Now the company is launching a new division titled IronPlanet Motors, an online marketplace for used autos and powersports equipment. The company is also expanding to the Middle East, with operations based in Dubai, UAE.

It gratifies us when our clients do well. IronPlanet is certainly an example of that. We look forward to watching IronPlanet grow for many years to come – and to continuing our business relationship with their talented people.

You can do business with IronPlanet or learn more about the company by clicking here.