RICHLAND, Wash., June 18, 2024 (GLOBE NEWSWIRE) -- Hanford Mission Integration Solutions (HMIS) is conducting a series of online equipment auctions through GovDeals, the leading online marketplace for government agencies to sell surplus assets. The surplus items being offered have been part of Hanford Site operations. The Hanford Site adjacent to Richland, Wash., was used from WWII through the Cold War to produce nearly two-thirds of the plutonium for the nation's nuclear weapons program. With a workforce o ...

BETHESDA, Md., June 18, 2024 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ:LQDT), a leading global commerce company powering the circular economy, has partnered with Aaron Industrial Solutions (AIS), a global equipment auction, liquidation, and asset management company, and Binswanger, a global leader in full-service commercial real estate, to sell equipment and real estate from a Puritan Medical Products biopharmaceutical manufacturing plant in Portland, Tennessee. The 338,000 square foot facility and hun ...

BRYAN, Texas, May 28, 2024 (GLOBE NEWSWIRE) -- The city of Bryan has recently surpassed $2 million in sales of their surplus assets on GovDeals. GovDeals is the leading online auction platform for government agencies and educational institutions to sell surplus equipment to millions of qualified buyers worldwide. Since first joining GovDeals, the city has successfully sold over 1,400 assets to buyers across the country. These assets range from automobiles, heavy equipment, garbage trucks, fire and police eq ...

BETHESDA, Md., May 16, 2024 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ:LQDT), a leading global commerce company powering the circular economy, today announced that it will be participating in the following upcoming conferences during the months of May and June: 18th Annual Barrington Research Virtual Spring Investment Conference on May 16, 2024. The virtual conference will bring together investors and management teams from approximately 40 publicly traded companies. This event will provide an opportunit ...

Financial Data and Key Metrics Changes - The second quarter of fiscal year 2024 saw a 38% year-over-year increase in GAAP earnings per share, reaching $0.18, and a 35% increase in non-GAAP adjusted earnings per share to $0.27 [9] - Non-GAAP adjusted EBITDA increased by 22% year-over-year to $12.1 million, while GMV grew by 13% to $319.4 million and revenue increased by 12% to $91.5 million [9][10] - The company ended the quarter with $117 million in cash and cash equivalents, generating $34.8 million in operating cash flow [10] Business Line Data and Key Metrics Changes - The CAGS segment reported a 29% increase in GMV, 30% in revenue, and 31% in segment direct profit, driven by consignment sales in industrial and heavy equipment categories [11] - The GovDeals segment experienced an 11% increase in GMV and a 22% increase in revenue, reflecting higher vehicle availability and a higher blended revenue take rate [12] - The Machinio segment's revenue rose by 21%, with a 22% increase in segment direct profit, attributed to a growing subscriber base and improved advertising products [12] - The retail supply chain group (RSCG) segment achieved a new quarterly GMV record of approximately $79.6 million, with a 9% increase in GMV and a 6% increase in revenue [12] Market Data and Key Metrics Changes - The company reported record participation with 1.1 million auction participants and 300,000 completed transactions in the fiscal second quarter [10] - The all-surplus deals direct-to-consumer sales channel grew GMV sequentially over 60%, contributing to the retail supply chain group's success [6] Company Strategy and Development Direction - The company is focused on expanding its marketplace platform and services, with a balanced investment strategy in sales, operations, and platform automation [5] - The acquisition of Sierra Auction is expected to enhance the company's market position in the Southwest United States and improve cross-selling opportunities [7] - The company aims to pursue strategic opportunities in each segment of the circular economy to drive shareholder value [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid higher interest rates and slowing growth in various sectors [5] - The outlook for the third quarter of fiscal year 2024 anticipates continued double-digit consolidated GMV growth, particularly in CAGS energy and industrial categories [13] - Management expects operating expenses to rise year-over-year due to the Sierra Auction acquisition and ongoing investments in operational efficiency [14] Other Important Information - The company maintains a strong balance sheet with zero debt and $25 million of available borrowing capacity under its credit facility [10] - The guidance for the third quarter includes expected GMV ranging from $350 million to $385 million and GAAP net income between $3.5 million and $6.5 million [15] Q&A Session Summary Question: Is the Sierra Auction booked in the GovDeals segment? - Yes, it is booked in the GovDeals segment [17][18] Question: How is the legacy GovDeals business performing amid sluggish real estate? - The legacy business remains strong with organic growth and new customer onboarding [21] Question: What are the plans to expand sell and place consignment solutions? - The company has implemented sell in place solutions across all segments, adapting to retail clients' needs [22][23] Question: What is causing the potential flatness in adjusted EBITDA guidance for Q3? - Increased investments in IT and operational efficiency are contributing to the adjusted EBITDA guidance [24][25] Question: What opportunities are being explored in the retail vertical? - The company is actively exploring opportunities in the retail vertical and capital assets sectors, focusing on smart integration [30][31] Question: What drove the increase in auction participants and transactions this quarter? - Growth in all-surplus deals contributed to the increase in auction participants and overall buyer demand [32][33]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) **Condensed Consolidated Balance Sheet Highlights (Dollars in Thousands):** | Metric | March 31, 2024 | September 30, 2023 | | :-------------------------------- | :------------- | :----------------- | | Cash and cash equivalents | $108,634 | $110,281 | | Total current assets | $151,438 | $146,268 | | Goodwill | $97,555 | $89,388 | | Total assets | $303,651 | $288,970 | | Total current liabilities | $133,166 | $120,718 | | Total liabilities | $139,726 | $127,436 | | Total stockholders' equity | $163,925 | $161,533 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) **Condensed Consolidated Statements of Operations Highlights (Dollars in Thousands, Except Per Share Data):** | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :------------------------------------------ | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Purchase revenues | $53,105 | $47,273 | $89,330 | $85,907 | | Consignment and other fee revenues | $38,348 | $34,180 | $73,448 | $67,829 | | Total revenue | $91,453 | $81,453 | $162,778 | $153,736 | | Income from operations | $6,595 | $5,246 | $8,243 | $9,973 | | Net income | $5,709 | $4,245 | $7,617 | $8,211 | | Basic income per common share | $0.19 | $0.14 | $0.25 | $0.26 | | Diluted income per common share | $0.18 | $0.13 | $0.24 | $0.25 | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) **Condensed Consolidated Statements of Comprehensive Income Highlights (Dollars in Thousands):** | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :------------------------------ | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Net income | $5,709 | $4,245 | $7,617 | $8,211 | | Foreign currency translation | $(457) | $243 | $501 | $1,516 | | Comprehensive income | $5,252 | $4,488 | $8,118 | $9,727 | [Condensed Consolidated Statement of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Stockholders'%20Equity) **Changes in Stockholders' Equity (Six Months Ended March 31, 2024, Dollars in Thousands):** | Item | Amount | | :--------------------------------- | :----- | | Balance at September 30, 2023 | $161,533 | | Net Income | $7,617 | | Stock compensation expense | $4,592 | | Common stock repurchase | $(9,047) | | Foreign currency translation | $501 | | Balance at March 31, 2024 | $163,925 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) **Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended March 31, Dollars in Thousands):** | Activity | 2024 | 2023 | | :------------------------------------------ | :-------- | :-------- | | Net cash provided by operating activities | $25,973 | $22,335 | | Net cash used in investing activities | $(17,591) | $(6,356) | | Net cash used in financing activities | $(10,342) | $(17,253) | | Net decrease in cash and cash equivalents | $(1,647) | $(539) | | Cash and cash equivalents at end of period | $108,634 | $95,583 | - Cash paid for business acquisitions, net of cash acquired, was **$13,265k** for the six months ended March 31, 2024, compared to $0 in the prior year, primarily due to the Sierra acquisition[20](index=20&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - Liquidity Services, Inc. operates as a global commerce company providing online marketplace platforms for surplus assets, with four reportable segments: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio[23](index=23&type=chunk)[25](index=25&type=chunk) - On January 1, 2024, the Company acquired Sierra Auction Management, Inc. for approximately **$13.8 million** in cash, resulting in **$8.0 million** of goodwill allocated to the GovDeals segment and an increase of **$5.4 million** in gross intangible assets[41](index=41&type=chunk)[42](index=42&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) - The effective income tax rate for the six months ended March 31, 2024, was **23.7%**, primarily due to state and foreign taxes and the utilization of net operating losses[62](index=62&type=chunk) - The Company's **$25.0 million** Credit Agreement with Wells Fargo Bank was amended to extend its maturity date to March 31, 2026, with no outstanding borrowings as of March 31, 2024[65](index=65&type=chunk)[67](index=67&type=chunk) - The Company repurchased **542,645 shares** for **$9.0 million** during the six months ended March 31, 2024, under its share repurchase program, with **$8.0 million** remaining authorization through December 31, 2025[82](index=82&type=chunk) - The Company is involved in ongoing legal proceedings related to former employee matters, including a wrongful termination lawsuit with a retrial scheduled for December 2, 2024[90](index=90&type=chunk)[91](index=91&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of financial condition and results of operations, including performance, outlook, and key business metrics [Overview](index=27&type=section&id=Overview) - Liquidity Services is a global commerce company providing online marketplace platforms that power the circular economy by connecting millions of buyers and thousands of sellers to recover value from surplus assets[101](index=101&type=chunk) [Reportable Segments](index=27&type=section&id=Reportable%20Segments) - The Company operates four reportable segments: GovDeals (government surplus), Retail Supply Chain Group (RSCG) (excess consumer goods), Capital Assets Group (CAG) (commercial surplus assets across various verticals), and Machinio (global search engine for used equipment)[103](index=103&type=chunk) [Macroeconomic Conditions](index=28&type=section&id=Macroeconomic%20Conditions) - Supply chain constraints in new vehicles and heavy equipment continue to impact the supply of used assets, while consumer behavior remains turbulent with a focus on essential goods[104](index=104&type=chunk) - Sustained inflation and heightened interest rates have increased prices for energy, shipping, and labor, and raised borrowing costs, impacting buyer qualification and transaction timelines[105](index=105&type=chunk) - Ongoing international armed and geopolitical conflicts (e.g., Russia-Ukraine, Israel) have heightened global supply chain disruptions and impacted international trade markets, though direct revenues from these regions were immaterial[106](index=106&type=chunk) [Industry Trends](index=28&type=section&id=Industry%20Trends) - Positive industry trends include increased volume of returned merchandise, growing demand for sustainability solutions, increased outsourcing of surplus disposition, rising buyer demand for value, and a preference for low-touch online solutions[107](index=107&type=chunk) [Our Marketplace Transactions](index=28&type=section&id=Our%20Marketplace%20Transactions) - As of March 31, 2024, the Company had **5.3 million** registered buyers, an approximate **6% increase** over the past twelve months, contributing to a self-reinforcing cycle of value creation on its platforms[108](index=108&type=chunk) [Revenues](index=29&type=section&id=Revenues) - Revenue is primarily generated through two transaction models: the purchase model (resale of inventory, full sale price recognized) and the consignment model (commission fee recognized for facilitating sales)[110](index=110&type=chunk)[111](index=111&type=chunk) - For the three months ended March 31, 2024, consignment transactions represented **82.9%** of consolidated GMV but only **34.7%** of total revenues, while purchase model transactions accounted for **17.1%** of GMV and **58.1%** of total revenues[113](index=113&type=chunk)[114](index=114&type=chunk) [Key Business Metrics](index=29&type=section&id=Key%20Business%20Metrics) **Key Business Metrics Highlights:** | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :-------------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Gross Merchandise Volume (GMV) | $319.4 million | $282.7 million | $625.2 million | $553.5 million | | Total Registered Buyers (as of Mar 31) | 5.3 million | 5.0 million | N/A | N/A | | Total Auction Participants | 1,139,000 | 797,000 | 1,987,000 | 1,541,000 | | Completed Transactions | 300,000 | 209,000 | 539,000 | 423,000 | [Critical Accounting Policies and Estimates](index=31&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - The Company's critical accounting policies and estimates are detailed in its Annual Report on Form 10-K and Note 2, covering areas such as revenue recognition, cost of goods sold, technology and operations, sales and marketing, general and administrative, depreciation and amortization, other operating expenses, interest and other income, and income taxes[121](index=121&type=chunk)[122](index=122&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) **Consolidated Financial Performance (Dollars in Thousands):** | Metric | Three Months Ended Mar 31, 2024 | Change (%) | Six Months Ended Mar 31, 2024 | Change (%) | | :------------------------------------------ | :------------------------------ | :--------- | :---------------------------- | :--------- | | Total revenue | $91,453 | 12.3% | $162,778 | 5.9% | | Income from operations | $6,595 | 25.7% | $8,243 | (17.3)% | | Net income | $5,709 | 34.5% | $7,617 | (7.2)% | | Cost of goods sold | $44,222 | 9.6% | $75,748 | 5.0% | | Sales and marketing expenses | $14,195 | 19.7% | $27,176 | 20.0% | | General and administrative expenses | $7,658 | 19.6% | $15,242 | 10.5% | | Depreciation and amortization | $3,195 | 14.0% | $6,098 | 9.5% | **Segment Performance (Total Revenue, Dollars in Thousands):** | Segment | Three Months Ended Mar 31, 2024 | Change (%) | Six Months Ended Mar 31, 2024 | Change (%) | | :---------------- | :------------------------------ | :--------- | :---------------------------- | :--------- | | GovDeals | $18,374 | 21.8% | $34,274 | 19.5% | | RSCG | $56,813 | 5.9% | $100,535 | 0.9% | | CAG | $12,280 | 30.4% | $20,114 | 6.9% | | Machinio | $4,002 | 21.2% | $7,888 | 19.8% | [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) - Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are supplemental measures used to evaluate operating performance by excluding non-cash charges (depreciation, amortization, stock-based compensation) and non-recurring items (acquisition costs, business realignment expense)[148](index=148&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) **Non-GAAP Adjusted EBITDA (Dollars in Thousands):** | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :----------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Net income | $5,709 | $4,245 | $7,617 | $8,211 | | Non-GAAP Adjusted EBITDA | $12,088 | $9,926 | $19,341 | $19,768 | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2024, the Company had **$108.6 million** in cash and cash equivalents and **$8.4 million** in short-term investments, which management believes are sufficient to meet anticipated cash needs for at least one year[155](index=155&type=chunk) - Capital expenditures for the three months ended March 31, 2024, increased to **$4.1 million** from **$2.7 million** in the prior year, primarily driven by enhancements to platforms and marketplaces[156](index=156&type=chunk) - The **$25.0 million** Credit Agreement was extended to March 31, 2026, with no outstanding borrowings and full availability as of March 31, 2024[158](index=158&type=chunk)[160](index=160&type=chunk) - Net cash provided by operating activities increased by **$3.7 million** to **$26.0 million** for the six months ended March 31, 2024, while net cash used in investing activities increased by **$11.2 million** to **$17.6 million**, mainly due to the Sierra acquisition[165](index=165&type=chunk)[167](index=167&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the company's exposure to market risks, specifically interest rate and exchange rate sensitivity, and their potential impact on financial results - A hypothetical **100 basis point decline** in interest rates would impact the Company's pre-tax earnings by less than **$1.0 million** on an annualized basis[169](index=169&type=chunk) - A hypothetical **10% decrease** in foreign exchange rates (primarily British Pounds, Canadian Dollars, Chinese Yuan, Euros, and Hong Kong Dollars) would reduce total expected revenues by approximately **1%**[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the effectiveness of disclosure controls and procedures as of March 31, 2024, concluding they were effective with no material changes - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of March 31, 2024[173](index=173&type=chunk) - No change occurred in the Company's internal controls over financial reporting during the three months ended March 31, 2024, that materially affected, or is reasonably likely to materially affect, these controls[174](index=174&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 of the accompanying Notes to the condensed consolidated financial statements for detailed information regarding the Company's legal proceedings - Information regarding the Company's legal proceedings is provided in Note 13 - Legal Proceedings and Other Contingencies, of the accompanying Notes to the condensed consolidated financial statements[175](index=175&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 - There have been no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023[176](index=176&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section confirms no unregistered sales of equity securities and details the Company's common stock repurchases during the three months ended March 31, 2024, under its authorized program - No unregistered sales of equity securities occurred during the period[176](index=176&type=chunk) **Issuer Purchases of Equity Securities (Three Months Ended March 31, 2024):** | Period | Total Number of Shares Purchased (in thousands) | Average Price Per Share | | :------------------------------------ | :-------------------------------------------- | :---------------------- | | January 1, 2024 to January 31, 2024 | 259 | $16.95 | | February 1, 2024 to February 29, 2024 | 215 | $16.24 | | March 1, 2024 to March 31, 2024 | — | — | | Total | 474 | N/A | - As of March 31, 2024, the Company had **$8.0 million** of remaining authorization to repurchase shares through December 31, 2025[180](index=180&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205.%20Other%20Information) This section indicates that there is no other information to report under this item [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including financial statements in XBRL format, corporate governance documents, and certifications from executive officers - The report includes financial statements formatted in Extensible Business Reporting Language (XBRL) as Exhibit 101[181](index=181&type=chunk) - Key corporate documents, such as the Fourth Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, and the 2024 Amendment to the Long-Term Incentive Plan, are filed as exhibits[182](index=182&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 and Section 906 of the Sarbanes-Oxley Act of 2002, are included[182](index=182&type=chunk) [SIGNATURES](index=34&type=section&id=SIGNATURES) This section contains the official signatures of the Company's Chairman of the Board and Chief Executive Officer, William P. Angrick, III, and Chief Financial Officer, Jorge A. Celaya, certifying the filing of the report - The report was signed by William P. Angrick, III (Chairman of the Board and Chief Executive Officer) and Jorge A. Celaya (Chief Financial Officer) on May 9, 2024[184](index=184&type=chunk)

Exhibit 99.1 LIQUIDITY SERVICES ANNOUNCES SECOND QUARTER FISCAL YEAR 2024 FINANCIAL RESULTS Market Share Expansion Drives Double Digit Organic GMV Growth and Record Transaction Volumes GAAP Net Income up 35%, Non-GAAP Adjusted EBITDA up 22% Bethesda, MD - May 9, 2024 - Liquidity Services (NASDAQ:LQDT; www.liquidityservices.com), a leading global commerce company powering the circular economy, today announced its financial results for the quarter ended March 31, 2024, as compared to the corresponding prior y ...

KNOXVILLE, Tenn., May 08, 2024 (GLOBE NEWSWIRE) -- The Tennessee Valley Authority (TVA) is currently hosting an online auction for a 2011 GovDeals, the leading marketplace for government agencies to sell vehicles and other surplus assets. The auction is live now and closes on May 20 at 4:03 p.m. ET. Grove GMK-5275 crane on GovDeals, the leading marketplace for government agencies to sell vehicles and other surplus assets. The auction is live now and closes on May 20 at 4:03 p.m. ET. The crane is in fully op ...

MEDINA, Ohio, May 02, 2024 (GLOBE NEWSWIRE) -- The Cloverleaf Local School District of Medina County, Ohio, is currently conducting its first set of online auctions for contents from its middle school and annex buildings. The contents will be sold on GovDeals, the leading online marketplace for government agencies and educational institutions to sell real estate and other surplus assets. The auctions are running now and will be open for bidding until May 21. Auctions include contents from several classrooms ...

Group 1: Tax-Defaulted Property Sale - Riverside County will host its annual tax-defaulted property sale in collaboration with Bid4Assets, starting April 25, 2024, and ending April 30, 2024 [1][2] - The sale will feature over 152 properties with minimum bids ranging from $2,575 for a .18-acre lot to $236,027 for a 2.16-acre commercial parcel [2] - Since 2003, Bid4Assets has facilitated the return of over 7,000 tax-defaulted properties to the tax rolls in Riverside County, generating over $115 million in sales proceeds [1] Group 2: Online Auction Benefits - The online format of the auction combats collusion and increases sales proceeds, making the process more efficient for bidders and county staff [1] - Bidders must register for a free Bid4Assets account and provide a $2,500 deposit plus a $35 processing fee to participate [2] Group 3: Bid4Assets Overview - Bid4Assets is a leading online marketplace for distressed real estate, having sold over 100,000 properties and grossed more than $1 billion in government transactions [3] - The company has been conducting online tax and foreclosure sales for counties across the United States since 2003 [2][3] Group 4: Liquidity Services Overview - Liquidity Services operates the largest B2B e-commerce marketplace for surplus assets, with over $10 billion in completed transactions [4] - The company supports sustainability efforts by extending the life of assets and reducing waste and carbon emissions [4]