just experienced another year of tremendous growth. In 2012, the company
ran 48% more online auctions for its clients and saw its gross
merchandise value, the amount of inventory sold through its platform,
increase by 74% to about $1.75 billion. Perhaps most importantly,
NextLot pushed up the final sold prices at its clients’ auctions by over
$118 million. If you assume that the average auctioneer charges a 10%
buyer’s premium, NextLot helped its auction firm clients earn $11.8
million in additional commission by using its service.
December was a particularly strong month for NextLot. In addition to the
company having its best month ever, NextLot sold over $22 million of
farm equipment to online bidders, which was approximately 34% of gross
sales. At a recent farm equipment auction, a NextLot client sold over $4
million of equipment online, which was a NextLot record for a single day
NextLot’s innovative online auction solution has helped auctioneers to
expand their audience of bidders and improve their online results, which
was instrumental in the company’s recent successes. Kim Kramer, an
auctioneer with Kramer Auctions Ltd. in Saskatchewan, recently described
his positive experience working with NextLot: “”We are extremely pleased
[with NextLot’s] service. Switching internet providers to NextLot has
been one of the best moves we have made. It is very efficient therefore
reducing stress at our end. The bidders love it so what more can you
say.” NextLot is extremely confident that by continuing to innovate and
provide superior service to its growing client base, 2013 will be an
even stronger year.
About NextLot, Inc.
NextLot provides auctioneers with a fresh approach to online-timed and
live webcast auctions by providing extremely easy to use, privately
branded software for three main auction formats: Timed Auction, Webcast,
and Pre-Bid. NextLot’s auction clients get the best of both worlds
because they utilize NextLot’s white-labeled online auction solution to
build their brand while leveraging its enhanced marketing efforts to see
more bids and higher prices. For more information on NextLot, Inc and
services offered please visit www.nextlot.com.