Liquidity Services (LQDT)’s marketplace GovDeals.com recently came achieving another significant milestone in the twenty five years of company’s history. The marketplace announced last month closing on the sale of its two-millionth item through its online auction platform which provides the buyers a place to bid on state and local government surplus sales,
The platform operates a network of leading e-commerce marketplaces providing buyers and sellers with environment to automatically and efficiently transact in more than 500 products spanning over different categories. The platform also provides users to bid on government unclaimed and surplus property including cars, buses, trucks, heavy equipment even airplanes and so many more items from different product categories.
The platform closed auction of a John Deere XUV 625i Gator on behalf of Ivy Tech Community College in Indianapolis, IN as its two-millionth sale. Total of 889 unique visitors visited the auction out of which 10 bidders made 41 bids. The bid of $805 eventually won the five-day auction process and it was from a Winnetka, IL-based buyer.
GovDeals, since its inception in 2001, came assisting more than 14,000 government bodies with a transparent method to sell a wide-range of items spanning over 500 different categories. Government agencies have sold nearly $1.4 billion of transportation assets using the GovDeals marketplace. Those assets include trucks, automobiles, railway carriages and aircrafts. Worth of construction and heavy equipment assets sold was $417 million while that of electronic equipment was $119 million. Agencies also sold $62 million in items comprised of consumer goods. The platform simultaneously has in excess of 3.6 million registered bidders from around the world to which it promotes auction listings.
The platform had reached the milestone of selling its one-millionth item in its 16th year of inception on February 23, 2016. Given the growth pace and market share the marketplace has been gaining on, it will take just around four year of time to achieve its next milestone of making three million sales.