RealTime IT News

Onsale Reaches Bidding Milestone

As the Internet becomes a playground for the increasing number of auction Web sites, veteran auctioneer Onsale Inc. Monday announced that more than 10 million bids have been placed on its atAuction service.

The 10-millionth bid was placed on Sunday, Feb. 21, two months after its 9 millionth bid. The rapid growth is attributed to repeat bids by satisfied customers, the firm said. Onsale currently has more than 1 million registered members, and repeat customers accounted for 77 percent of the orders during the fourth quarter.

"Passing 10 million bids illustrates our continued momentum in the retail online auction market, even as we are expanding into the selling of new goods with Onsale atCost, our wholesale store," said Jerry Kaplan, Onsale's president and chief executive officer.

"Onsale atAuction and Onsale atCost share a common goal: to provide customers with verifiably fair pricing so they can place an order with confidence."