State of Georgia Surpasses $20 Million Milestone

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Auctioning more than $20 million in surplus assets is no small feat, but the State of Georgia has managed to do it using GovDeals.com, a Liquidity Services (NASDAQ: LQDT) e-commerce marketplace for the sale of local and state government surplus assets.

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Auctioning more than $20 million in surplus assets is no small feat, but the State of Georgia has managed to do it using GovDeals.com, a Liquidity Services (NASDAQ: LQDT) e-commerce marketplace for the sale of local and state government surplus assets.

The State of Georgia first began using GovDeals.com in November 2004 and has since sold an array of items ranging from computer equipment to trucks, automobiles, janitorial and industrial equipment. To date, the state has sold over $1.7 million in laboratory equipment alone.

According to Steve Ekin, director of the Surplus Property Division, Department of Administrative Services (DOAS), the state’s surplus property has been managed through a virtual disposal process.

“With this process, state entities submit their disposal requests to the surplus division, which applies several disposal options for each item,” said Ekin. “The item will either be transferred to or sold to another state or local government agency, sold to the public online, or if completely obsolete, destroyed. Items marked for sale to the public are posted then processed through payment collection. Customers then remove the property directly from the custodian agency’s location. Once the sale is complete and the item paid for, the proceeds are then distributed between the original custodian agency and the DOAS.”

Much of the State of Georgia’s success in selling surplus online can be attributed to the hard work and attention put in by the Surplus team, said Ekin. “A lot goes into getting the surplus assets ready for auction and seeing the sale through until it has been paid for and picked up, and the DOAS team works hard to continually provide their bidders with items to purchase.”

“Online selling works for us by saving us time and money,” said Ekin. “It has reduced our operational costs by $1 million per year. It broadens our buyer pool and provides us with international sales opportunities.”

Prior to 2005, the State of Georgia held approximately four live auctions per year, located at three separate warehouses. For each of these auctions, the Division of Surplus had to close for an entire week to prepare for the upcoming auctions. Additional time was then spent cleaning up after the auction to receive and organize the incoming surplus property. Now, with the use of online auctions the state no longer must maintain these warehouses. All surplus property is kept for 30 days and then sold, allowing items to be sold before any value of the item is depreciated.

“Overall, the State of Georgia could not be more pleased with this mutually beneficial relationship,” said Ekin.

“GovDeals is honored to be able to assist the State of Georgia in recovering much needed funds for its communities,” Roger Gravley, President of GovDeals, says. “By providing an easy to use platform and proven sales and marketing strategies, we have seen exponential growth in client sales and are looking forward to increased revenue and continued growth in the years to come.”

Buyers interested in bidding on the State of Georgia’s surplus items can register as bidder with GovDeals. Registration is free and can be completed at http://www.govdeals.com/Register.

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About GovDeals and Liquidity Services, Inc.
GovDeals, Inc. is a subsidiary of Liquidity Services. Liquidity Services (NASDAQ: LQDT) employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government clients. The company operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over 500 product categories. Our superior service, unmatched scale and ability to deliver results enable us to forge trusted, long-term relationships with over 10,000 clients worldwide. With nearly $7 billion in completed transactions, and 3 million buyers in almost 200 countries and territories, we are the proven leader in delivering smart commerce solutions. Visit us at LiquidityServices.com.

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Molly Nations
GovDeals
+1 334-312-3861
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Steve Ekin
State of Georgia
404-656-6871
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