GlobalNetXchange volume passes $1 billion for second consecutive quarter

Members of GlobalNetXchange, the online b2b marketplace for the retail industry, conducted over 1,750 auctions worth over $1.2 billion in the third quarter ending Sept. 30, an increase of 146% over Q3 2001, the exchange reported today. This is the second consecutive quarter in which auction volume exceeded $1 billion. Since inception, members of GNX have conducted nearly 7,300 auctions valued at more than $5.5 billion.

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During the quarter the company hosted 50 buying and merchandising executives from GNX member companies at a users conference for GNX’s auction services.

"The steady increase in GNX’s auction volume is evidence of the growing adoption rates we’re seeing among member companies, as they start to leverage the continually expanding body of experience and knowledge contained within the GNX community," said Joe Laughlin, CEO of GNX. “The GNX Negotiations User Conference was a great opportunity for retailers of all sizes to get together and learn from one another and an example of the type of best practices sharing sessions that GNX facilitates regularly to ensure maximum user success with our core solutions.”