Outbid Brings Real Auction Action Online - Lets Anyone Create Their Own Live Auction

OAKLAND, Calif., March 29, 2012 /PRNewswire/ -- Outbid (www.outbid.com) today announced the launch of a new auction service that combines the theater and transparency of live auctions with social and gaming features. At an Outbid auction, a seller can either select a live auctioneer to auction off their goods or do it themselves.  Just as in live auctions, the seller can see who is bidding, chat with bidders, and monitor the action. A buyer on Outbid can meet and mingle with fellow bidders as they check out the competition, observe bidding behavior, and join in the bidding war.

"Outbid can be used by anyone who wants to hold auctions that are fun, engaging, and highly interactive," said Outbid CEO Dan Granger. "From individual sellers to offline auctioneers who want to recreate the excitement of the auction room online, Outbid transforms online auctions into thrilling live social events." Dan is Outbid's newly-appointed CEO, with over 30 years experience with companies including Catalina Marketing Corporation, Ogilvy & Mather Advertising, and The Vons Companies.  He has taken start ups from inception to over $100m in revenue and profitability, and led multi-billion dollar public companies.

Outbid has built an end-to-end auction platform that incorporates social features, including the ability to see and chat with other participants; the ability for the auctioneer to broadcast via live audio; a countdown clock that animates the amount of time left for bidding; and full details on those who are bidding, including when and how much they're bidding. Outbid also features a gamification engine that rewards bidders for the number of times they bid on items, and for tabling a "Monster Bid,'' which allows bidders to dramatically up the bid. Sellers are also rewarded for auctioning off items. Subsequent versions of the service will expand this unique gamification of the auction experience.

Outbid auctions don't box in the participants with a running clock; they pit bidder against other bidders, with the auctioneer bringing every lot to a close when the final bid is placed. Say "going, going, gone!" to online auction sniping, with no more last-second "bidders" or disruptive bots sneaking in to snatch away an item.

Auctions generate more than $300 billion per year in an industry where real-life auctions outsell online auctions by a 9 to 1 ratio, making offline auctions a $270 billion market. Outbid is the first company to combine live and online auctions, and then accentuate the experience with a social layer.

Outbid is funded by NASDAQ-quoted Copart, Inc. (www.copart.com), which owns the patented VB2 online auction technology. Jay Adair, CEO of Copart, founded Outbid to bring the excitement of live auctions to the online auction world. Jay's inspiration was his kids: he wanted to create a "virtual lemonade stand" where they could safely sell the things they make to friends and family. Because nothing like it existed, he built it himself.

"Online auctions bear little resemblance to traditional auctions where the majority of transactions occur," said Jay Adair, founder of Outbid and CEO of Copart. "Now, Outbid brings the best of both worlds together and, for the first time, infuses an even more heightened social experience into the auction industry."

Outbid auctions are free to join or create. Sign up at www.outbid.com, schedule an auction and invite your friends and their friends to join in. Or simply come and check out an auction, get swept up in the excitement and maybe buy a thing or two.

To view a video of an Outbid auction: http://www.youtube.com/watch?v=6_ae6Si65qI&feature=youtu.be

About Outbid
Outbid is reimagining the online auction. By bringing the auction room online and adding social features, Outbid is enabling real auction action online. Founded in Oakland in October 2011, Outbid is a privately-held company with nine full-time employees. Outbid is independently funded by NASDAQ-quoted Copart, Inc. (www.copart.com).

More information about Outbid is available at www.outbid.com and on Twitter at http://twitter.com/outbid.

Media Contact
Mark de la Vina
Consort Partners
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SOURCE Outbid