Word: auctions
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Industrial players are also getting in on the online-auction craze, driving down the cost of equipment by bidding to buy it directly from suppliers. There are business-to-business sites for construction equipment ironmall.com and for farm machinery like cotton pickers farmbid.com) Bulk quantities of latex paint are up for auction at paintandcoatings.com and pulpandpaperonline.com has basket centrifuges...
...online auctions are shaking up the way America does business. People are quitting their day jobs and finding they can support themselves entirely by selling on eBay and other auction sites. Traditional retailers are significantly augmenting their revenue by selling on eBay, and some are shutting down their stores entirely. Businesses that piggyback onto online auctions--insurers, shippers, escrow services--are booming. Offline businesses that compete with eBay--from antiques stores to classified-ad sections--are bracing for trouble...
...Area. Omidyar was already an e-commerce pioneer (Microsoft eventually bought out eShop, a company he co-founded), but lately he had been wrestling with how the Internet could be used to create fairer markets. The Pez dilemma led Omidyar to the flash of an idea: an Internet auction site could function as the ultimate efficient market...
...Omidyar had lined up a venture-capital firm (Benchmark Capital, whose initial $6.5 million investment is now worth some $4 billion). eBay hired a marketing consultant to come up with the company's catchy, multicolored logo and confronted (and later defeated) threats from two new auction sites backed by well-funded big companies: Onsale and Auction Universe...
...have had fun with: the seller who put a kidney up for sale (the bidding was up to $5.7 million before eBay called it off); listings for a bazooka and other military weapons (also yanked). And, of course, the 17-year-old boy who put his virginity up for auction...