IronPlanet will continue to manage and sell the Defense Logistics Agency's surplus trucks, heavy equipment and other assets after DLA exercised the first option year under a six-year contract.
Jeff Holmes, senior vice president of government solutions and auction management at IronPlanet, said the contract extension seeks to recognize the company's efforts to support the Defense Department and increase DLA's return on equipment investment.
IronPlanet introduced its GovPlanet online marketplace in September 2014 months after it won the CV4-R contract.
GovPlanet is designed to address federal, military, state and local agencies' equipment needs through online auctions of surplus assets that include High Mobility Multipurpose Wheeled Vehicles or Humvees.
The company also launched in June its GovPlanet Direct self-listing service that is built to help public sector organizations bid and purchase computer equipment, office furniture and other items that do not require inspection.