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We’re excited to announce strong results in Q1, fueled by dramatic increases in online-only, timed auction participation in Proxibid’s B2B categories, as well as increases in the number of auctions, which were up 20% year-over-year for the 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.
For more information, visit our Newsroom and read our results press release.