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RealTime IT News

Auction Universe Powers Australian Site

Auction Universe said it has been selected to power an online auction site for Australian publishing company John Fairfax Holdings.

Auction Universe is providing technology, customer-focused orientation and international expertise for the launch of the SOLD.com.au site. Financial arrangements were not disclosed.

Auction Universe is a unit of newspaper consortium Classified Ventures, which is based in Chicago.

Auction Universe said its resources, combined with those of Fairfax, will provide Australian businesses and consumers with an auction-style marketplace that is uniquely their own and tailored to their specific needs.

"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," said Tom Wolfe, director of international operations for Auction Universe.

"SOLD.com.au is a major development in the evolution of net commerce in Australia," said Fred Hilmer, chief executive officer of Fairfax.

John Fairfax Holdings publishes 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 three Australian news sites: smh.com.au, theage.com.au, and afr.com.au, financial sites (tradingroom.com.au and MoneyManager.com.au), a a car site and a classifieds site. FIKB also includes CitySearch.com.au.