NEW YORK, Feb. 2, 2011 /PRNewswire/ -- Penton and AssetNation announced today the launch of Penton Online Auctions™, powered by AssetNation. The excess equipment online auction site, penton.assetnation.com, will serve more than 7 million Penton subscribers in fields where used equipment is frequently bought and sold. AssetNation is a full-service online auction company and longtime leader in their field. The site will begin by focusing on agriculture but will be expanded to include transportation equipment and public infrastructure equipment before the end of the year.
"Penton is a trusted B to B source within its markets, representing one of the largest communities of buyers and sellers of equipment in the country," said Penton CEO, Sharon Rowlands. "Our goal is to provide a valuable and expanded product base to subscribers who can benefit from our industry knowledge from print and web based publications to educational resources, and now, a national auction site."
Beginning with Agriculture
Because of its nationwide access, this new service enables farmers to connect directly with other farmers, eliminating the middle man, fix-up charges, hidden fees and additional expenses such as taking the equipment off the farm to get sold.
"This resource provides knowledgeable and accessible support reps for both buyers and sellers for used farm equipment, "said Dave Dawson, CEO of AssetNation. "We also check titles and provide professionally managed settlement services to a user base of appropriate, well-qualified buyers."
The online auction site is a comprehensive resource to help users who make equipment buying and selling decisions an easier process. Penton provides a national community of buyers and the subscribers have access to a wider array of inventory for their selling and buying needs.
"Penton's strategy is to provide more vital services to users within our vertical communities," said Warren Bimblick, senior vice president, strategy and business development at Penton and head of the new auctions business. "Our research concluded that our equipment using communities had interest in an efficient online marketplace tool, and, even with our soft launch, we are seeing a good deal of interest."
Customers are currently consigning equipment for the first agricultural equipment auction which closes on March 8, 2011.
About Penton Online Auctions
Penton Online Auctions is one of the largest communities of professional buyers and sellers in the United States. Penton connects more than 7 million equipment buyers and sellers every day. Some of our leading brands include Farm Industry News and Farm Press.
As a leading, independent, business-to-business media company, Penton knows business and how to create and disseminate the vital content that moves markets. Penton is where professionals turn to gain the critical insight, expert analysis, and relevant connections needed to compete and succeed. Headquartered in New York City, the privately held company is owned by MidOcean Partners and U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co., LP, and its co-investors. For additional information on the company and its businesses, visit www.penton.com.
About AssetNation Inc.
AssetNation is changing the way commerce is conducted for surplus, end of life, and salvage assets. By combining best-in-class commerce technology, expert services, and a family of global online marketplaces, AssetNation delivers comprehensive and high value-recovery solutions for buyers and sellers alike. As the leading online marketplace and solutions provider for surplus and salvage assets, we bring more than 85,000 active buyers to our network of marketplaces and our innovative commerce technology and expert services generate rapid returns and successful recoveries for our sellers, as well as a wide selection of assets for buyers. AssetNation is headquartered in Houston with offices in Pittsburgh, Mexico City and London and is a privately held company owned by Spire Capital. For additional information, visit www.assetnation.com.