Kruse Energy, an IronPlanet marketplace, announced a one-day auction record at its Midland, TX auction that drove the company’s gross merchandise volume (GMV) sold to surpass $1 billion since mid-2005, when the company was formed. The first day of the auction, February 17, was a one-day company record, selling more than $25.8 million primarily in frac equipment. Major frac companies were among the many buyers driving strong demand.

“This sale exceeded all expectations given the challenging oil and gas conditions,” said David Long, senior vice president, IronPlanet and president, Kruse Energy. “We had great equipment and the career professionals who know how to sell in all kinds of market conditions, including the current dispirited oil and gas marketplace. Once again, we’ve proven that our onsite auction setting combined with our global online reach is the way to get the best results.”

Kruse specializes in oilfield service equipment auctions that are held live and online, and attract buyers from all over the world.

Approximately 570 people registered to bid on equipment in the Midland auction. The equipment was available in advance for inspection by prospective buyers and was located in seven different equipment yards: Houston, Odessa, Weatherford and Sonora, TX; Liberal, KS; Cambridge, OH and Searcy, AR.