By Mike Anderson, Senior Editor | September 28, 2010

IronPlanet guarantees product condition with an "IronClad Assurance" — a vow that pre-bid inspection reports are true representations of equipment condition. By eliminating transportation, reducing commissions and fees, and drawing a global audience of more than 12,000 potential bidders to auctions held minimally every two weeks, IronPlanet aims to deliver lower channel costs and better price realizations to sellers. IronPlanet facilitates the sale and purchase of each item to provide a secure transaction. Once a buyer wins an item, the buyer is required to pay IronPlanet directly. IronPlanet then notifies the seller to release the equipment. When the equipment is received by the buyer and its condition verified, IronPlanet pays the seller.