September 21, 2015 10:00 AM, EDT

IronPlanet Raises $55 Million in Funding

Online truck auction company IronPlanet said it closed a $55 million senior secured credit facility that was used to pay off a loan and provide growth funding.

Arrangement of the facility, which matures in five years, was led by SunTrust Robinson Humphrey and included SunTrust Bank, Capital One, JPMorgan Chase Bank, N.A., Regions Bank and Silicon Valley Bank.

“This new financing will help fund our future growth,” IronPlanet CEO Gregory Owens said. “Since last September, we’ve entered two new verticals, oil and gas, with the purchase of Kruse Energy and Equipment Auctioneers, and government surplus.”

Five months ago, Iron Planet combined with Cat Auction Services, one of the heavy-equipment manufacturer’s channels for selling used equipment.

Since 2000, IronPlanet has sold more than $4 billion worth of used equipment, the company’s statement said.