Auction site LabX has reduced auction listing fees. LabX specializes in auctions for scientific equipment and has expanded into listings for pharmaceutical and medical equipment, electronic test equipment, and semiconductor products. The site charges listing fees but no commission fees.
Ken Piech, LabX General Manager said the site also offers a listing inquiry fee that generates more income than the standard listings themselves. "Charging sellers by the lead is a preferred avenue for many of our customers, whether the lead is by email or a phone call."
LabX exclusively serves the business-to-business and institutional sectors where purchase decisions can take long periods of time and involve large dollar amounts. "More than half of LabX users are unable to purchase through a time-restricted auction format, said Piech. "Sellers find LabX's LabVista lead service invaluable as an alternative."
Piech said nearly 60% of all items posted in the LabX auctions sell, and the auction system has exceeded one million dollars in bids in a single day.
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