Cahners, uBid Launch Construction Equipment Auction

Business information provider Cahners and uBid.com launched a live auction Web site to
buy and sell pre-owned construction equipment.


Pre-owned excavators, loaders, bulldozers and other heavy equipment are
available at www.ironmall.com, named for the
construction industry’s use of the nickname “iron” for heavy construction
equipment. Revenue sharing arrangements between the companies were not
disclosed.


Forrester Research has projected that online trading for the construction
industry will reach $28.6 billion in 2003.


“The launch of our Ironmall.com Web site will expand uBid’s current
business-to-business online offerings in what is largely an untapped
industry, used construction equipment,” said Greg Jones, chief executive
officer of uBid. “We will continue to look for viable business-to-business
sectors where uBid sees significant opportunities.”


Under the terms of the agreement, Cahners brings market intelligence and
marketing power to the partnership while uBid contributes its expertise in
completing business-to-business transactions online. In all cases, the
respective sellers retain title for the equipment auctioned on the site until
the transaction is completed.


Ironmall.com will also provide links where buyers can access third-party
testimonials about the equipment offered for auction; obtain financing and
insurance; purchase extended warranties; and arrange for shipping via a
national network of freight forwarders.


Equipment sales usually take six to eight weeks to complete. Ironmall.com can
finalize deals within a few days, the companies said.


Cahners publishes more than 120 magazines and 120 Web sites. Visitors to
ironmall.com can link through the Web site for Cahners’ publication
Construction Equipment, the leading industry magazine, at www.coneq.com.

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