Liquidity Service (LQDT) saw its stock price soar 5.06% in the after-hours trading session on Thursday, following news about the success of its online auction platform Bid4Assets in conducting a virtual sheriff's sale for Columbia County, Pennsylvania.
The news reported that Columbia County's first-ever virtual sheriff's sale, hosted by Bid4Assets, resulted in 100% of the listed properties being sold to third-party bidders, generating total proceeds of $167,038. This successful transition to an online auction format is expected to create more opportunities for citizen participation and increase the likelihood of distressed homeowners receiving excess proceeds from the sales.
Liquidity Services, the parent company of Bid4Assets, operates the world's largest B2B e-commerce marketplace platform for surplus assets. With its growing buyer base of over 45,000 registered Pennsylvania bidders, Bid4Assets has been facilitating successful online foreclosure sales for multiple counties in the state, demonstrating the effectiveness of its online auction platform.
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