Proxibid Reports Strong First Quarter Earnings Results

Tue May 07, 2013 - National Edition

Proxibid announced that advertising revenue and online sales were two driving forces in strong first quarter results. Total revenue for the first quarter 2013 increased more than 20 percent over total revenue for the same period in 2012. Average online sales increased 23.28 percent for the same period as more buyers turn to Proxibid’s safe Marketplace to make their online purchases.

The company, which provides transactional capabilities to asset owners and enables buyers to purchase goods across 14 categories from heavy equipment and industrial machinery to real estate and fine art, reported a 15 percent increase in online sell-through and a nearly seven percent increase in gross merchandise value year-over-year for the quarter.

“In addition to auction companies, who for years have relied on the services Proxibid provides to grow their own businesses, asset owners also view Proxibid as a key component of their asset disposition strategies,” said Ryan Downs, president and CEO of Proxibid. “Our business continues to expand as owners of high-value and specialized assets take more control and seek a higher return for their investments.”

Advertising revenue increased nearly 40 percent in the first quarter over advertising revenue in Q1 2012, illustrating the impact Proxibid’s advertising and marketing strategy has on client events.

“Our March sale experienced record results on Proxibid,” said Mike Guinn of Guinn Auction Company. “Online sell-through for this auction was 25 percent, with 125 accepted online buyers and nearly 19,000 online catalog views. The success of this auction can be attributed, in part, to the advertising and marketing services Proxibid provided in advance of the sale, as well as the customer service and support provided to buyers throughout the sales process.”

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