RealTime IT News

Lycos Moves Beyond Consumer

Lycos Inc. Wednesday launched an auction site specifically geared toward the needs of small businesses.

Lycos Small Business Auctions is an expansion of the company's existing person-to-person e-commerce auctions offerings.

According to Mark Stoever, vice president of search and emerging destinations for Lycos, the site meets the needs of a growing segment.

"Studies show that nearly 1 million small businesses plan to participate in online auctions this year, and our open auction environment can provide small businesses with access to a huge range of products and connects buyers and sellers rapidly in an inherently efficient manner," he said.

The site debuted with thousands of listings in several categories including business machines, Web services, computing hardware and software and equipment and supplies.

To use the site, business people enter individual bids and specify acceptable quantities. An automated bidding feature allows a user to set a maximum bid price and the software will continue to enter the lowest possible winning bid until the user wins or has reached the specified maximum.

Participants may view an auction's bid history online at any time to determine if they are winning or losing. Bidders receive e-mail notifications of their bid status. Additionally, an "auction agent" is incorporated into the site to notify users when specially-requested products become available.

FairMarket , a provider of auction technology and services, helped to develop the site.

"As part of the FairMarket Inc. Small Business Auction Network, Lycos integrates listings from business sellers to provide corporate buyers with a rich purchasing environment," said Stoever.