Proxibid, the most trusted way to connect buyers and sellers of highly valued items, today announced record results for the quarter ending March 31, 2017. Increases in Gross Merchandise Value (GMV) and online sales helped to fuel record growth for the company, with GMV increasing 24 percent year-over-year for the quarter, and online sales growing 18 percent in the same period. An influx of heavy equipment sales during the busy spring buying season, as well as an increase in online-only auctions had a positive impact on sales results in the first quarter.
“Strong heavy equipment and collector cars sales here in the US, combined with great strength in collector car and medical equipment sales internationally were key drivers in Proxibid's success in the first quarter,” said Ryan Downs, President and CEO of Proxibid. “Additionally, the proliferation of Proxibid's online-only auction solution has proven to be an effective model for both sellers and buyers, helping to push online sales to a record high.”
In the first quarter, several auction company partners added online-only auctions to their regular schedule of live sales. Long-time auction company clients like J.J. Kane Auctioneers, Equify Auctions, Rebel Auction Company, Sullivan Auctioneers and Blackmon Auctions supplemented their live auction schedules with online-only auctions, positively impacting online sales result during this period. Online-only auctions allow sellers to liquidate inventory with very little overhead, and provide buyers with easy access to items they want to purchase.
“J.J. Kane Auctioneers has added a monthly online-only auction on Proxibid to our regular calendar this year, and already in the first quarter we are seeing great results,” said Steve Anderson of J.J. Kane Auctioneers. “We have been partners with Proxibid since 2004, and in that time our live auction business has grown tremendously. Proxibid's expertise in online-only auctions has helped us to expand our business and add significantly to our bottom line, without the extra overhead associated with live auctions.”
Proxibid offers the industry's most trusted online platform, enabling buyers and sellers to transact using four flexible sales methods: live auction, online-only (timed) auction, buy now, or make offer. Proxibid offers inventory across 15 categories, representing all major inventory classes. All purchases on Proxibid are backed by the company's sophisticated risk management system, designed to ensure buyers and sellers are safe when transacting online.
For more information about Proxibid, please visit www.proxibid.com.