eBay Inc. (EBAY) has entered into a partnership with live auction enterprise Proxibid to auction business and industrial inventory like trucks, heavy equipment, tractors and farm machinery, via the eBay marketplace.
Terms of the deal were not divulged.
Later this year, Proxibid partners will be able to participate in live auctions on the eBay marketplace. eBay and Proxibid will both promote the auctions. It will give buyers the opportunity to participate in customary live auctions via real-time bidding.
Auctions have always been a part of eBay's business. Even though selling art at auctions is a tricky business, eBay took the plunge in October last year and brought art auctions to its platform after a five-year absence, working with Invaluable, Sotheby's and others.
Dana Kaufman, Proxibid’s spokesperson, said that the partnership will be mutually beneficial. The new deal will enable Proxibid, which already operates live auctions, to sell items directly via eBay marketplace, which has more than 155 million active buyers. eBay on the other hand, will get access to Proxibid's sophisticated products, industry-leading risk management system, in depth knowledge about the industry, and experience.
Gene Cook, general manager of emerging verticals for eBay Marketplaces, said “We’re excited to expand eBay’s existing live auctions offering into the business and industrial space.”
eBay currently has a Zacks Rank #3 (Hold). However, better-ranked stocks in the industry include PetMed Express, Inc. (PETS), EVINE Live Inc. (EVLV) and Autobytel Inc. (ABTL).While PetMed sports a Zacks Rank #1 (Strong Buy), EVINE Live and Autobytel carry a Zacks Rank #2 (Buy).
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