DoveBid Webcast Auction Success in Q2 2000 Underscores Attractiveness of `Clicks and Mortar' Approach

Business Wire,  July 17, 2000  

Tags: Webcast

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Business Editors & High-tech Writers

FOSTER CITY, Calif.--(BUSINESS WIRE)--July 17, 2000

Leading B2B Auctioneer Reports Gross Assets Sales In Excess Of

$50 Million in Q2; Conducted Live Auctions with over 60%

of Assets Purchased Over the Web

DoveBid, Inc., a leader in Webcast and online business-to-business capital asset auctions and valuation services, today announced it conducted 13 Webcast capital asset auctions in Q2 2000, contributing to gross proceeds in excess of $50 million in the quarter. This number compares to $15 million in gross proceeds in Q4 1999, prior to the incorporation of Webcast technology by the 63-year-old auction house. Bids made via the Internet account for an ever-increasing percentage of sales. Lockheed-Martin, Raytheon, Boeing, Packard Bell/NEC, and Philips, among other companies, retained DoveBid to conduct Webcast auctions.

According to DoveBid Chairman and Chief Executive Officer Ross Dove, "The momentum we're seeing in Webcast auction sales is very strong. At our first Webcast auction in January for Raytheon, 23% of the sales came from Web-based bidders -- an encouraging initial result. In May, 69% of capital assets at the Lockheed-Martin auction were purchased by Web-based bidders -- a testament to the benefits of our Webcast technology for capital asset buyers."

In April 2000, DoveBid conducted a Webcast auction for StorageTek. Web-based bidders located from Colorado to Singapore bought approximately 62% of the surplus semiconductor fabrication and laboratory equipment sold at this auction. Annette Bendickson, Program Manager of e-Business Sales and Auctions for StorageTek, commented, "We were extremely pleased with the results from our live Webcast. DoveBid was able to use their real-world expertise to bring in `virtual' auction participants and translate those viewers into actual buyers. After all, the important thing isn't just to get people to watch the auction over the Web, but to feel comfortable enough with the service to make bids. It's about successful buyers, not viewers."

About DoveBid Webcast Auctions

DoveBid's Webcast auctions are open-outcry auctions broadcast live via the Internet. DoveBid's use of advanced technology eliminates the "latency" effect of some interactive Internet auctions, allowing remote buyers around the globe to bid real-time against bidders who are on-site at plant auctions. In addition, potential buyers may inspect all capital assets prior to the auction by reading descriptions and viewing photographs on the DoveBid Website. Buyers can then determine in advance whether they want to bid for the assets over the Web or travel to the auction site.

According to Kip Martin, a senior analyst with META Group, "Auctions are all about getting to the best deal in the shortest time. Bringing together bidders from around the world at live Webcast auction events can provide a compelling `real-world' business application of Internet technology."

About DoveBid

DoveBid, Inc. is a leader in Webcast and online business-to-business capital asset auctions and valuation services. With millions of dollars of business assets available at DoveBid's Website, a regular schedule of Webcast auctions, an extensive base of large corporate customers, and an array of value-added services, DoveBid is creating a liquid, global market for capital assets. Headquartered in Foster City, Calif., DoveBid has more than a dozen offices throughout the United States, Europe and Asia. For more information, visit DoveBid at http://www.dovebid.com or call company headquarters at 800/665-1042 or 650/571-7400.

Note to Editors: DoveBid and the DoveBid logo are trademarks of DoveBid, Inc.

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