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.