Economic Uncertainty Positions Auction Floor for Healthy Growth
National Auctioneers Association Releases 2007 Auction Industry Results; 5.3% Sales Increase over 2006
PR9.NET January 29, 2008 - Scottsdale, AZ - Auction Floor, Inc. (Other OTC: AFLR.PK) (Frankfurt: ZUI.F) a leading web-based technology provider to the auction industry, today announced the release of NAA 2007 Auction Industry sales performance. Gross revenues from goods and services sold at live auctions grew 5.3% over 2006 to $270.7 billion. (National Auctioneers Association, 2008)
Automobile auctions continue to lead the industry with $87.8billion or 32% of total sales. Charity and fundraising auctions grew by 4.1% over 2006 results to $16.2billion, and total live auctions conducted in 2007 increased by 4.6%. (National Auctioneers Association, 2008)
In a presentation prepared for an upcoming roundtable of the Business Alliance, Lou Sagar, CEO of Auction Floor, Inc, stated,
"Historically, during periods of economic uncertainty, the live auction industry outperforms the market. We anticipate the industry will enjoy sizable growth in 2008 and 2009 across all categories, highlighted by real estate, charitable causes, and the industrial sectors. The weak dollar is attracting an expanding number of overseas buyers looking to bid online at live auction events. Undoubtedly, given the growing demand for liquidity, auction houses, and direct consignors are looking to the efficiencies of the Internet to reach new buyers, and buyers are scouring the Internet seeking value. Our next-generation auction technology is focused on improving the online buyer experience, which will generate a significantly larger number of winning bids from online buyers over the next three years than the past ten. New technologies will enhance the auction experience. The Internet and new technologies provide a global reach to the formerly local live auction event. In sum, auctions will increasingly provide a solid underpinning to the economy, especially during difficult economic cycles."
The Company successfully launched the marketing and sale of its AuctionManager platform in October, 2007, and is currently conducting web-based demonstrations with auction houses throughout the country. The Company's AuctionManager, a proprietary auction management software solution, enables auctioneers to centralize their management for auction events from a single platform. The Company is marketing the new product through multi-channel promotions, including print and web-based advertising.
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Through its web site, www.auctionfloor.com, the Company attracts and aggregates bidders segmented by preferences, using a suite of bidding tools and services with a platform fully integrated into the eBay server system, complimented with its AuctionManager tools that enable fast and reliable uploading of text, and images.
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