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New Product Development, Wavebid Acquisition Fuel Record Online Sales and Gross Merchandise Value for Proxibid in the First Quarter

May 13, 2019

OMAHA, Neb.--(BUSINESS WIRE)--May 13, 2019--Proxibid, the most trusted way to connect buyers and sellers of highly valued items, today announced record online sales and Gross Merchandise Value (GMV) for the first quarter ending March 31, 2109, capped by its strongest online sales month in company history. Proxibid also experienced the single largest GMV day in company history, which boosted online sales results. In addition, increased product development velocity, as well as new sales attributed to the acquisition of Wavebid have positively impacted growth in the first quarter.

“Increased online sales in B2B categories like heavy equipment, industrial machinery, and farm equipment, combined with growing online sales in cornerstone B2C categories like collector cars, were paramount to Proxibid’s growth in the first quarter,” said Ryan Downs, President and CEO of Proxibid. “Additionally, the successful integration of Wavebid’s suite of products, as well as new sales of seller tools in the first quarter, combined with the release of new products and services for our growing community of buyers and sellers, added momentum to the quarter.”

Product development velocity increased in the first quarter as Proxibid introduced new features that provide improved risk monitoring for sellers, enhancements to Proxibid’s search tools, and the introduction of private, or invitation-only auctions. Additional development work has helped to propel Proxibid’s Powered By offering, generating new business opportunities across multiple categories.

Leading sellers including Jeff Martin Auctioneers, J.J. Kane Auctioneers, Royal Auction Group, Iowa Auction Group, Sullivan Auctioneers, and Auction Solutions, Inc. have continued to grow online sales in both live and timed auctions on Proxibid. Auctions continue to prove an effective tool for businesses and individuals to move assets as both buyers and sellers seek the most effective disposition methods and true market values for their goods.

“Working with Proxibid has allowed us to grow our bidder base, increasing reach to buyers located across the globe,” said Brandon Roy, Auctioneer and Owner of Royal Auction Group. “By implementing best practices and strategic marketing, we have continued to attract quality bidders to our auctions. The results speak for themselves, with year-over-year online sales increasing dramatically in the first quarter alone. We look forward to continued success with Proxibid throughout 2019 and beyond.”

Proxibid offers the industry’s most trusted online platform, enabling buyers and sellers to transact using four flexible sales methods: live auction, timed auction, buy now, or make offer. Additionally, Proxibid’s Powered By solution extends the company’s marketplace technology to sellers’ websites, turning businesses into e-commerce powerhouses. Proxibid offers inventory for sale across 16 categories, representing all major inventory classes. Only Proxibid offers a sophisticated risk management system and integrated payments solution, specifically designed to ensure buyers and sellers are safe when making high dollar transactions online.

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About Proxibid
Proxibid is the most trusted platform for connecting buyers and sellers of highly valued items. Since 2001, more than $45 billion in inventory has passed through Proxibid’s platform via live and timed auctions and buy now | make offer transactions. Proxibid’s Marketplace supports 16 categories including heavy equipment; industrial machinery; real estate; fine art; antiques and collectibles, and more.

Proxibid’s Powered By solution enables sellers to integrate Proxibid’s marketplace technology into their websites, offering custom development and more to bring ecommerce solutions to companies across the globe.

Founded in 2001, Proxibid is headquartered in Omaha, NE with offices in London. For more information about Proxibid, please visit www.proxibid.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190513005500/en/

CONTACT: Dana Kaufman

Dana.Kaufman@proxibid.com

402.505.7776

KEYWORD: UNITED STATES NORTH AMERICA NEBRASKA

INDUSTRY KEYWORD: TECHNOLOGY LUXURY ONLINE RETAIL INTERNET AUTOMOTIVE PERFORMANCE & SPECIAL INTEREST RETAIL SPECIALTY CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY OTHER RETAIL GENERAL AUTOMOTIVE

SOURCE: Proxibid

Copyright Business Wire 2019.

PUB: 05/13/2019 09:58 AM/DISC: 05/13/2019 09:58 AM

http://www.businesswire.com/news/home/20190513005500/en