NextLot, Inc., an online auction software company based in Raleigh, NC, 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 webcast event.
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.