Online used equipment and auction marketplace IronPlanet has launched its next generation online bidding platform for live auctions 鈥� LiveStream.

IronPlanet LiveStream is as close to being in the room with an auctioneer as an experienced buyer could want,鈥� said IronPlanet chief marketing officer Matt Ackley.

鈥淲e鈥檝e taken that live on-site knowledge and used our online marketplace expertise to provide a best-in-class experience that our 1.5 million registered users can tap into for any live on-site sale. What鈥檚 important is that we鈥檝e integrated our industry leading online bidding process, PriorityBidding, into the ring at a live sale.鈥�

With IronPlanet LiveStream, the company said bidders could set the maximum price they are willing to pay, and lets IronPlanet鈥檚 system automatically place the lowest bid amount required for them to win 鈥� up to their maximum.

It said bidders could also hear as well as view the auctioneer, create a watch list of items, set-up 鈥榦ne-click鈥� bidding, and view equipment with IronPlanet鈥檚 IronClad Assurance equipment condition certification and full inspection reports.

The company said the new service would debut at upcoming auctions, including its debut in Dallas Fort Worth on 14 September.

The news comes after IronPlanet was acquired by construction equipment auctioneer and distributor Ritchie bros, in a deal worth approximately US$758.5 million (鈧�679 million).

Collectively, Ritchie Bros. and IronPlanet sold over US$3 billion (鈧�2.7 billion) worth of equipment in the 12 months to 30 June, 2016.

On completion of the IronPlanet acquisition, Ritchie Bros said it would also start an initial five-year strategic alliance with manufacturer Caterpillar which would see it become Caterpillar鈥檚 preferred global partner for live onsite and online auctions.

Caterpillar owns a minority stake in IronPlanet.