Liquidity Services Acquires Sierra Auction, a Leading Auctioneer of Vehicles, Equipment, and Surplus Assets for Government and Commercial Organizations
January 03 2024 - 7:00AM
Liquidity Services, Inc. (NASDAQ: LQDT), a leading global commerce
company powering the circular economy, today announced it has
acquired Sierra Auction, a full-service auction company
specializing in the sale of vehicles, equipment and surplus assets
for government agencies, commercial businesses, and charities.
Sierra hosts the largest weekly public online auctions in Arizona.
The transaction accelerates Liquidity Services’ penetration of the
southwest US market for municipal government surplus and expands
the size of Liquidity Services’ overall transportation and used
equipment footprint.
Established in 1986 in Phoenix, AZ, Sierra Auction is the sole
auction outlet for seized and forfeited assets from several
prominent state and county government agencies in Arizona.
Additionally, Sierra has partnered with numerous charity
organizations to auction donated vehicles.
“With Sierra’s strong track record of delivering value for
government and commercial clients, this transaction enhances our
business with immediate access to a growing portfolio of clients in
the attractive southwestern US surplus market, expands our pre-and
post-sale logistics services for fleet owners, and increases our
network of buyers for used vehicles and high value equipment,”
stated Bill Angrick, Chairman of the Board and Chief Executive
Officer of Liquidity Services.
“Sierra hosts some of the largest monthly public auctions in the
Southwest region. The combination of Sierra’s strengths in
traditional auctions together with Liquidity Services' reach in
digital auctions will be great for our customers and take our
already strong business to the next level,” said Nick Carr,
President of Sierra Auction.
Liquidity Services expects to retain Sierra’s current management
team and its employees following the transaction.
Cautionary Note Regarding Forward-Looking
Statements
This document contains forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. These
statements are only predictions. The outcome of the events
described in these forward-looking statements is subject to known
and unknown risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance, or
achievements to differ materially from any future results, levels
of activity, performance or achievements expressed or implied by
these forward-looking statements. These statements include, but are
not limited to, statements regarding the Company’s business
outlook; expected future results; expected future effective tax
rates; and trends and assumptions about future periods. You can
identify forward-looking statements by terminology such as “may,”
“will,” “should,” “could,” “would,” “expects,” “intends,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,”
“continues” or the negative of these terms or other comparable
terminology. Our business is subject to a number of risks and
uncertainties, and our past performance is no guarantee of our
performance in future periods. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements.
There are several risks and uncertainties that could cause our
actual results to differ materially from the forward-looking
statements in this document. Important factors that could cause our
actual results to differ materially from those expressed as
forward-looking statements are set forth in our filings with the
U.S. Securities and Exchange Commission (SEC) from time to time,
and include, among others: changes in political, business and
economic conditions; the duration and impact of shortages in supply
of used vehicles; the continuing impacts of geopolitical events,
including armed conflicts in Ukraine, in and adjacent to Israel,
and elsewhere; and impacts from escalating interest rates and
inflation on the Company’s operations; the operations of customers,
project size and timing of auctions, operating costs, and general
economic conditions; retail clients investing in their warehouse
operations capacity to handle higher volumes of online returns,
resulting in retailers sending the Company a reduced volume of
returns merchandise or sending us a product mix lower in value due
to the removal of high value returns; the numerous factors that
influence the supply of and demand for used merchandise, equipment
and surplus assets; the Company’s need to manage the attraction of
sellers and buyers in a broad range of asset categories with
varying degrees of maturity and in many geographies; economic and
other conditions in local, regional and global sectors; the
Company’s ability to integrate acquired companies, and execute on
anticipated business plans such as the efforts underway with local
and state governments to advance legislation that allows for online
auctions for foreclosed and tax foreclosed real estate; the
Company’s need to successfully react to the increasing importance
of mobile commerce and the increasing environmental and social
impact aspects of e-commerce in an increasingly competitive
environment for our business, including not only risks of
disintermediation of our e-commerce services by our competitors but
also by our buyers and sellers; the Company’s ability to timely
upgrade and develop our technology systems, infrastructure and
marketing and customer service capabilities at reasonable cost
while maintaining site stability and performance and adding new
products and features; the Company’s ability to attract, retain and
develop the skilled employees that we need to support our business;
and other the risks and uncertainties set forth in the Company’s
Annual Report on Form 10-K for the year ended September 30, 2023,
which are available on the SEC and Company websites. There may be
other factors of which we are currently unaware or which we deem
immaterial that may cause our actual results to differ materially
from the forward-looking statements.
All forward-looking statements attributable to us or persons
acting on our behalf apply only as of the date of this document and
are expressly qualified in their entirety by the cautionary
statements included in this document. Except as may be required by
law, we undertake no obligation to publicly update or revise any
forward-looking statement to reflect events or circumstances
occurring after the date of this document or to reflect the
occurrence of unanticipated events.
About Liquidity Services
Liquidity Services (NASDAQ: LQDT) operates the world’s largest
B2B e-commerce marketplace platform for surplus assets with over
$10 billion in completed transactions to more than five million
qualified buyers and 15,000 corporate and government sellers
worldwide. The company supports its clients' sustainability efforts
by helping them extend the life of assets, prevent unnecessary
waste, and carbon emissions, and reduce the number of products
headed to landfills.
About Sierra
Sierra is a full-service auction company based in Phoenix,
Arizona. The privately held company auctions vehicles, equipment
and surplus assets for government agencies, corporations,
bankruptcy trustees, financial institutions, and charities.
Media Contacts:
Public RelationsLiquidity Services,
Inc.publicrelations@liquidityservices.com
Investor RelationsLiquidity Services,
Inc.investorrelations@liquidityservicesinc.com
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