NextLot Experiences Period of Record Growth
Updated: May 25
FOR IMMEDIATE RELEASE
RALEIGH, NC - MAY 19, 2021 - NextLot, Inc., which provides a privately branded online auction solution for auctioneers, has been experiencing a period of unparalleled growth. The company today announced record results for 2020 and the first four months of 2021.
The company grew at a rate of 67% in 2020 having signed 34 new auctioneers onto its industry leading platform. Covid-19 has been a catalyst which has accelerated an already existing trend towards more online purchasing, not only in the auction industry, but in ecommerce at large. NextLot’s privately branded online auctions platform has been an especially attractive option for auctioneers who don’t want to lose control of their bidder data, especially bidders who traditionally have bought with them on-site, to their competitors on a marketplace site.
Despite this period of growth, some had expressed doubts that recent growth was merely a bump due to the pandemic and as states eased restrictions, the growth rate would slow dramatically. NextLot is excited to report that in fact the exact opposite has occurred. Over the first four months of 2021 as states have reduced Covid-19 restrictions, NextLot has experienced an even faster 93% growth rate and signed 26 customers, which puts it on pace to sign more than double the number of customers it signed in 2020. The company experienced a record month in March, 2021 and then proceeded to beat that record by $220,000 in April, 2021. The results NextLot has experienced in 2021 point to the fact that the pandemic has been a paradigm shift in online auctions. Once bidders experienced the ease of use and convenience of buying online, especially with NextLot’s intuitive platform, they decided to continue utilizing the technology, even when they no longer had to do so. Auctioneers have recognized this customer need and have increasingly decided to adopt online auctions, especially timed auctions due to the cost savings associated with not having to host a live event. Auctioneers have also gravitated to NextLot because it is a family owned business and has resisted the trend towards consolidation in the industry.
“The past year has been a very exciting time to be running an online auction platform,” said Scott Finkelstein, CEO of NextLot. “I am grateful that our industry has been one of the bright spots and winners in the pandemic economy. Our record results have been directly correlated to the successes our clients have experienced in their businesses. We are extremely thankful for our loyal customer partners as well as our dedicated team, which have all made this possible.”
About NextLot, Inc.: NextLot helps auctioneers to run privately branded timed and webcast online auctions on their own websites. NextLot, founded in 2007, has run over 27,000 online auctions and has sold $22 billion in gross merchandise value on its platform. For more information on NextLot, Inc and services offered please visit www.nextlot.com or call 919-361-1111.