Surplus heavy equipment and trucks of the U.S. military are to be managed and sold by online marketing company IronPlanet of California.

The service comes under a contract from the U.S. Defense Logistics Agency.

IronPlanet estimates $50 million to $70 million of rolling stock annually under the contract and said its bid for the contract was equal to 75.29 percent revenue share to the DLA.

"We are very pleased and excited to be officially awarded this contract, and to partner with the Defense Logistics Agency," said IronPlanet Chief Executive Officer Greg Owens. "We have already begun moving forward leveraging our existing infrastructure and resources to build the dedicated capabilities necessary to maximize the returns for the U.S. Department of Defense, and ultimately the U.S. taxpayer, in selling their surplus rolling stock assets.

"IronPlanet's nearly 15 years of experience in selling equipment positions us well to meet our objectives in driving value for the DLA and the U.S. Department of Defense as well as building out additional inventory management capabilities for others across the public sector."

The surplus rolling stock to be sold includes trucks, trailers, generators, wheel loaders, cranes, crawler tractors, and other equipment.

The contract, which takes effect later this year, has a base term of two years with four one-year renewal options.