Scottsdale, AZ (PRWEB) February 6, 2008
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)
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Automobile auctions continue to lead the industry with $87.8 billion or 32% of total sales. Charity and fundraising auctions grew by 4.1% over 2006 results to $16.2 billion, 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.
This document does not constitute an offer to sell or a solicitation of an offer to buy any of our securities. This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include projections of matters that affect revenue, the ability to develop or license certain technologies; operating expenses or net earnings; projections of capital expenditures; projections of growth; hiring plans; plans for future operations; financing needs or plans; plans relating to the company's products and services; and assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information.