When Proxibid was launched, the business mission was to “virtualize” the live auction experience. The idea was to allow online auction attendees to have exactly the same experience as an on-site attendee. As the business progressed, there were several hurdles to be overcome.
One of those hurdles was the registration process. It became obvious that having buyers register for individual events was a point of friction in getting the maximum possible number of participants. Other hurdles were concerns that seem to be a part of every online experience today: customer trust and confidence in a system where money changes hands in a virtual marketplace.
As Proxibid has evolved, those buyer and seller concerns have become points of strength for the company. Today, Proxibid is ultimately engaged in creating a marketplace where trust and confidence are key. Every feature and policy in place is there to enhance that strategy.
That early version of the Proxibid business model is still visible today. The Proxibid mission is to foster a marketplace where transactions are facilitated for both buyers and sellers in exactly the ways that they expect them to be carried out. That process is informed by understanding—and anticipating—the needs of both buyers and sellers, and putting processes in place to meet those needs.
The registration process for buyers is a universal part of any online marketplace. For Proxibid, it is important that buyers are registered and properly vetted. So when a new buyer enters the system, there’s a multi-step process whereby references are checked, and information provided is verified. Once that process has been satisfied, the buyer is registered, and is free to participate in any marketplace transaction, whenever they are interested in taking action.
This means buyers can be more reflexive and reactive to auctions as they become available. If they want to bid, there are no hindrances to participating once the buyer approval process has been completed.
The needs of sellers are much the same as buyers. Sellers need to know that buyers who place bids on their items for sale are already known and approved by Proxibid. This trust in the system is critical to attracting the right sellers, and the right items for sale. Without that trust, the entire system breaks down over time—sellers leave (with their items for sale) and buyers have a reduced opportunity to acquire the equipment they need.
To have a full appreciation of this system, one must understand Proxibid’s position auction market. It’s not a place where one can buy a pair of shoes or someone’s collection of CDs from the 80s. It’s a place where sellers and buyers come together to liquidate and acquire expensive business, industrial, or agricultural equipment. In addition to equipment trading hands between business interests, there is real estate, collector cars, and other high value assets.
When items of high value are for sale, a more robust buyer and seller approval system is expected by all parties, and is required for the best results. Given Proxibid’s unique product mix, transactions that are executed in the most ethical and efficient way possible are the backbone of the company’s operation.
Different Ways to Buy
Another critical part of Proxibid’s evolution is the recognition that different buyers may want to buy large items in ways other than by winning an auction. In the large equipment marketplace, this realization has been critical to success. Many Proxibid buyers represent their businesses, and as such, may wish to make purchases outright. Others may be seeking financing options to help them acquire equipment critical to conducting their day-to-day business operations.
As such, Proxibid has all the buying features necessary to put the buyer in the driver’s seat. Four different buying models address every business need. The Timed Auction model is the traditional model with which any buyer would be familiar. The Live Auction method replicates the on-site auction environment where a sale is conducted on location, with or without an onsite audience.
In addition to the auction methods, buyers can chose to Buy Now. This strategy allows business buyers to plan and budget more effectively. Finally, the Make Offer option lets buyers seek out opportunities to negotiate the price of a their item.
In addition to different ways to buy, any buyers can access financing options through a trusted Proxibid partner.
Proxibid brings a familiar auction environment to commercial and industrial entities—providing the ability to buy or sell a wide array of higher-value products in a secure environment. With an easy-to-understand process, the entire purchasing experience feels safe, familiar, and comfortable. Any buyer can buy what they want, how they want, when they want.