NextLot and Wavebid Form a Strategic Integration and Launch an Innovative, All-In-One Solution

NextLot, Inc., which provides a privately branded online auction solution for auctioneers, announced today that it formed a strategic integration with Wavebid LLC, a Software as a Service company that offers unique solutions for auction cataloging, clerking, marketing and accounting. Together, the companies developed--and today launched--NextLot One, an innovative new product intended to streamline the operating process for auctions.

NextLot One reengineered the technical challenges in the auction process. Instead of using a variety of independent softwares to execute different tasks, NextLot One provides an all-in-one auction management software. Cataloging, marketing, online bidding, clerking and accounting are all integrated in the package. Using a single software removes the burdensome, time-consuming processes of continually exporting and importing data between systems, which drives down labor costs and improves efficiencies.

Both NextLot and Wavebid recognize that auction companies have a need for a comprehensive white-labeled auction solution in which auctioneers, not vendors, own the data. NextLot One enables auctioneers to catalog inventory, run online auctions, clerk onsite auctions, and manage all reporting and accounting within one system. Unique tools include the mobile cataloging app that instantly syncs photos to the auction catalog, bypassing the need to manually rename photo files. The ease of this system enables auctioneers to get better content to the market faster, resulting in increased bidder engagement and higher overall profitability.

“NextLot is extremely excited to launch NextLot One today,” said Scott Finkelstein, CEO of NextLot. “We are glad to be partnering with Wavebid, which is the market leader in auction management software, and believe strongly that together we have created the best-of-breed solution to run both onsite and online auctions from start to finish.”

Russ Hilk, founder of Wavebid, commented, “Technology is at the heart of change carrying the auction industry in new directions. Our integration with NextLot combines proven technologies which together improve the lives of auctioneers, and the profitability and longevity of their businesses. It’s an exciting time to be an auction professional.”

About NextLot, Inc.: NextLot provides auctioneers with a fresh approach to online-timed and live webcast auctions by providing extremely easy to use, mobile friendly, privately branded software for three main auction formats: Timed Auction, Webcast, and Pre-Bid. NextLot, founded in 2007, has run over 20,000 online auctions and has sold $18.5 billion in gross merchandise value on its platform. For more information on NextLot, Inc and services offered please visit http://www.nextlot.com or call 919-361-1111.

About Wavebid, LLC: Wavebid is a Software as a Service company whose goal is the continued innovation and development of technology that streamlines the auction management process. The flagship cloud software is used across four continents, from small businesses to Fortune 500 companies. For more information, visit http://www.wavebid.com or call 763-355-3985.