Fairfax launches
major e-commerce auction site
SOLD.com.au
with U.S. Partner Auction Universe
SYDNEY, June 29, 1999 – John Fairfax Holding
[ASX:FXJ] today announced that it is launching a major e-commerce auction site, SOLD.com.au,
in conjunction with Classified Ventures, Inc. the operator of Auction Universe, the
largest network of online auction sites across the United States and the UK, and now in
Australia.
Mr Fred Hilmer, Chief Executive Officer of Fairfax, said:
“Today's announcement of SOLD.com.au is of
commercial and strategic importance for several reasons. It will be the first full-blown,
full-functionality auction site in Australia, with full e-commerce facilities, and a full
range of auction types. It is also the first “live” online auction site in
Australia that has the support of a major Australian media player. With these firsts, we
believe this gives us a strong advantage in this market at this time.
“By virtue of our existing presence on the net, and
our content, and with a seasoned and aggressive partner in Auction Universe, today's
launch of SOLD.com.au is a major development in the evolution of net commerce in
Australia. Today's announcement cements Fairfax's leadership in online and interactive
commerce and services in Australia.”
The site is available from today for the listing of items
for auction, with bidding and transactions commencing from midnight, July 14, 1999.
Fairfax and Auction Universe have formed a joint venture
company, SOLD.com.au Pty Ltd, to provide the online auction service. The terms of the
commercial arrangements between the two companies are confidential.
Nigel Dews, Director, Interactive Businesses for Fairfax,
said:
“SOLD.com.au fills an immediate need in the
Australian online marketplace, and we are confident of strong success over the next year.
We expect a quick take up by consumers for person-to-person auctions, and by businesses
across the country as a new sales channel.
“Our family of websites generates more traffic for
Australian-related content than any others. This leading position in the market provides
an excellent springboard for SOLD.com.au. We will utilise our traffic advantage,
and our strong positions in print classifieds and CitySearch.
“Auction Universe, and its powerful parent,
Classified Ventures, bring expertise, proven technology, a customer-focused orientation
from its US operations, and an international perspective from its UK online auction
business.”
Mr Tom Wolfe, director of international operations for
Auction Universe, who was present in Australia for the launch, said:
“We have carefully assessed all our business options
in Australia – a market we have long targeted for entry. We wanted to be with the
market leader in Australia, and that leader is Fairfax.
“Auction Universe has built a scaleable technology
platform capable of supporting a growing customer base while remaining secure,
easy-to-use, and most importantly, dependable. These all add up to the best online auction
experience on the Internet.
“We already operate outside the United States, and
we understand the importance of absorbing the lessons of a different commercial culture.
We have oriented our service to Australian consumers, while providing an e-commerce
experience that will get its users good results, in a secure, prompt, and friendly online
environment.”
The executive team for SOLD.com.au Pty Ltd is in place,
and is led by Martin Hoffman, Chief Executive Officer, aged 34, and includes Becky
Thompson, Marketing and Sales Manager, aged 33.
From today's availability of the site through the launch
phase, basic listings of items for auction will be free. The listings charge will be $1
thereafter. There will be a 3.5% commission on the sale price on successful auctions only.
33 painted jeans – including those of Martina
Hingis, Muhammad Ali, Michael Douglas, Sandra Bullock, Susan Sarandon, and others –
slated for auction in conjunction with the Children's Medical Research Institute (CMRI)
Jeans for Genes Celebrity Auction will be auctioned on the site from today through July
27. The highest online bidder will be invited to attend the Celebrity Auction event on
July 29, where their bid will form the reserve starting price. The site will also take a
major position in Olympic pins.
For further information, please contact:
Nigel Dews, Fairfax, (02) 9282 2268
Martin Hoffman, SOLD.com.au, (02) 9282 2412
Bruce Wolpe, Manager, Corporate Affairs, Fairfax, (02)
9282 3640
****************
About Auction Universe and
Classified Ventures
Auction Universe is a pioneer in bringing the online
auction process to classified advertising and sales. It is comprised of the www.auctionuniverse.com
and www.auctionuniverse.co.uk websites and a network of other specialty focused
websites and major newspapers for buying and selling both in the US and the UK. It has
introduced leading edge technology as well as consumer protection programs, such as
Bid$afe, which provides a money-back guarantee for all transactions. Auction Universe also
provides buyers expert information from many of the US and UK's leading specialty and
collectibles publications. It is the only online marketplace where over 6,000 local area
and international interest groups buy and sell at auction in as secure and trustworthy
environment. It uniquely provides consumers with an information-rich, convenient, fast and
entertaining experience. Auction Universe is a Classified Ventures company.
Classified Ventures is an Internet services business
formed and funded by eight leading US media companies: The New York Times Company, The
Times Mirror Company, the Washington Post Company, Tribune Company,
Central Newspapers Inc., Gannett Co. Inc., The McClatchy Company, and Knight Ridder.
Classified Ventures leverages the classified content of newspapers into online supersites.
About Fairfax
John Fairfax Holdings [ASX:FXJ] is Australia's leading
publishing group. Its mastheads include The Sydney Morning Herald, The Australian
Financial Review, The Age, The Sun Herald, and BRW. In addition, the Company
publishes financial and consumer magazines, and provides online services. In 1998, the
Company had revenues of over $1.1 billion.
Fairfax Interactive Businesses (FIB) includes Australia's
leading news sites (smh.com.au, theage.com.au, and afr.com.au) and financial sites
(tradingroom.com.au and MoneyManager.com.au), the major car supersite (drive.com.au) and
fairfax@market, Australia's leading classifieds.
FIB also includes CitySearch.com.au, Australia's biggest
online city guides, and Big Colour Pages, the only complete national Internet and print
directory in the country.
Fairfax is Australia's leading content provider on the
Internet, with about 1 million page views, and more than 150,000 site visits, per day.
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