RealTime IT News

ONSALE Adds Industrial Online Auction With VerticalNet

Auction operator ONSALE Inc. formed a partnership with VerticalNet, creator and operator of "vertical trade" communities, to provide online auctions for vendors, manufacturers and businesses that buy and sell industrial products.

ONSALE said it plans to launch an Industrial Auction SuperSite featuring vertical trading communities in the third quarter of 1998. The service will be accessible through each of VerticalNet's 20 industrial channels, located on VerticalNet's Web site, and through ONSALE's Web site.

VerticalNet specializes in building communities of customers, vendors and experts in specific industries, and provides a combination of trade services, including content, community and commerce, according to Mark Walsh, VerticalNet's CEO. VerticalNet currently operates 20 Web communities in the environmental, utility, process, and electronics and service industries.

"The immense potential of business-to-business Internet auctions creates a substantial opportunity," said Jerry Kaplan, ONSALE's president and CEO. According to a recent report by Forrester Research, Internet business auctions will grow to an expected $52.6 billion by 2002, ONSALE said.

"Online auctions provide a wonderful and exciting forum for our audiences to buy and sell excess capacity or excess goods that previously would have been discarded," said Walsh. "ONSALE is the leader in its field, and we chose them as our partner because of their well-respected brand and the sophistication of their auction management system."

VerticalNet's channels include Chemical Online, Food Online, Pharmaceutical Online, Hydrocarbon Online, Semiconductor Online, Water Online, Pollution Online, Power Online, Solid Waste Online, Public Works Online, Medical Design Online, Wireless Design Online, Computer OEM Online, Photonics Online, and Property and Casualty Online.