GNX sells more than $700 million in Q1 auctions
San Francisco-based GlobalNetXchange, a trading exchange for retailers and manufacturers, conducted more than 1,000 auctions worth more than $700 million during the first quarter of 2002, GlobalNetXchange reported today. That’s more than double the volume the exchange did for auctions in the same quarter last year, the company says. Goods-for-resale auctions account for more than 75% of all online negotiations.
"The fact that we saw such strong volume in the first quarter, which is typically a very slow retail buying period, demonstrates that customers are not just using the tool for one-time seasonal or promotional buying events," Joe Laughlin, CEO of GNX, said. "They have integrated online negotiations into their everyday business processes, making it the standard way to buy all of the private label and non-branded goods for resale that stock their shelves."
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