Word: auction
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Dates: during 2000-2009
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Creating your own private exchange, however, can easily cost $5 million or more. One alternative is the route taken by Diebold, a Canton, Ohio, maker of safes and ATMs, which has hired FreeMarkets to conduct online auctions for it. FreeMarkets acts as a corporate matchmaker, combining the services of a broker, an auctioneer and a software designer. FreeMarkets seeks out suppliers, ensures they can meet specifications, then invites them to either participate in a real-time auction online or submit sealed bids...
Some suppliers have balked, and in a few cases Diebold has decided not to hold an auction just to preserve those relationships. But it has also found new suppliers. Diebold has realized at least a 15% savings on commodities bought through FreeMarkets, more than enough to justify the flat fee that Diebold pays for the service...
...Best Dotcom Survivor With the simplest of business models - matching buyers to sellers and taking a percentage of each completed sale - the online auction powerhouse eBay rode out the wave of antitech sentiment that drowned many other former stars. The company has grabbed about 90% of the online consumer auction market. Almost 38 million registered users can't be wrong...
...Going Once Display of garish wealth or shopping opportunity of the century? Call it what you will, but the auction in Brunei to help pay off the massive debts of the Sultan's naughty playboy brother, Prince Jefri Bolkiah, was the tackiest display of useless extravagance ever assembled. If your shopping list included gold-plated toilet-brush holders, 8,500 slabs of Italian marble and an attack-helicopter simulator, you were in luck. The citizens of Brunei were not: in a victory for good taste, the auction raised a paltry $8 million...
...Hammered Staining the starched white collar of Sotheby's, the venerable auction house, chairman A. Alfred Taubman was convicted last month of conspiring to fix prices and thereby ripping off the world's most élite clientele. The 76-year-old shopping center magnate now faces three years in jail, millions of dollars in fines and the eternal question: Does one ever have enough money? Taubman remains the controlling shareholder of Sotheby's, which is now for sale. This time he might have to let the market set the price...