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Wed April 25, 2018 - National Edition
Proxibid announced record online sales and gross merchandise value (GMV), capped by its strongest month and quarter in company history. Online sales increased 37 percent year-over-year for the month of March, and 27 percent year-over-year for the quarter ending March 31, 2018. GMV increased 26 percent year-over-year for the month of March, and 13 percent year-over-year for the first quarter.
The number of auctions, which increased more than 20 percent year-over-year for the quarter, as well as dramatic increases in online-only, timed auction participation in Proxibid's B2B categories have helped to fuel growth in the first quarter.
"Robust results in B2B categories like heavy equipment, industrial machinery and farm machinery, as well as the sale of collector cars and other high-end goods, were central to Proxibid's success in the first quarter," said Ryan Downs, president and CEO of Proxibid.
"Proxibid's online-only, timed auction solution continues to attract new buyers and sellers to the platform, which has pushed online sales and GMV to new heights for the company."
Key sellers like JJ Kane Auctioneers, J. Stout Auctions, Sullivan Auctioneers, Gerlach Companies, Ron's Auction, Meares Auction Group, Grafe Auction Co. and more increased the frequency of timed, online-only auctions on Proxibid in the first quarter. Online-only auctions provide a low-cost option for sellers to easily liquidate inventory from across the globe without the overhead and logistics typically associated with moving and storing items. For buyers, online-only auctions offer great convenience as they can simply access items they want to purchase from anywhere in the world with an internet connection.
"Working with Proxibid has allowed TNT Auction Inc. to gain international buyers and increase online sales," said Mike McKee, president of TNT Auction Inc. "Working closely with Proxibid to implement best practices and strategic marketing has enabled TNT to see continued growth in online buyers and sales with each auction. With these results, we are excited to see where our partnership takes us in 2018."
For more information, visit www.proxibid.com.