Online Auto Auctioneer
The explosive spike on new online auctioneer GMAI Greg Manning Auctions, + 11 at 21 after doubling from 5 yesterday on
2M shares- has traders kicking themselves for not discovering this online auctioneer first.
Online auctioneers continue to move buoyed by EBAY's model; EBAY 131, MALL 14s, EGGS 12s, ONSL 21- ITEX
mentioned in this space earlier this week jumped to the high 2s and tiny IBCX spiked from 1 3/8 to 3 5/8 yesterday before
falling back.
So are there any other online auctioneers left undiscovered by the market? Digging harder we came across one that may just
fit the bill. A company that just reported .14 for the last quarter-PE of 21 -with branches in 48 states.
Insurance Auto Auctions IAAI is the largest provider of automotive and specialty salvage services in the
United States, providing insurance companies with cost-effective, turnkey solutions to process and sell total-loss and
recovered-theft vehicles, a $3 billion per year industry. The company currently has 48 auction sites across the United States.
In September -unnoticed by the market-thinly traded Insurance Auto Auctions IAAI introduced the first Internet-based
electronic auction of specialty salvage vehicles -called SpecialtyNet-which makes it easier for customers worldwide to buy
exotic cars, heavy equipment, large trucks and marine vessels.This new, advanced capability enables buyers to
electronically register, send sealed bids, manage and track their bids and view the results.
"Insurance Auto Auctions (IAAI) Introduces SpecialtyNet, a
New Internet Auction for Its Specialty Salvage Division
SCHAUMBURG, Ill., Sept. 1 /PRNewswire/ -- Industry leader Insurance Auto Auctions, Inc. (Nasdaq: IAAI - news) today
introduced the first Internet-based electronic auction of specialty salvage vehicles which makes it easier for customers
worldwide to buy exotic cars, heavy equipment, large trucks and marine vessels. This new, advanced capability enables
buyers to electronically register, send sealed bids, manage and track their bids and view the results."
''It's another first for IAA in supporting its customers and buyers of total loss and recovered theft trucks, RVs, upscale
automobiles, earth-moving equipment and boats,'' said James P. Alampi, chairman, chief executive officer and president.
''With the addition of SpecialtyNet(R) to our expanding suite of on-line services, including our recently announced
DataLink(R) product, we continue to provide state-of-the-art systems, which benefit our customers. Our new Specialty
Salvage website provides digital images and detailed descriptions of the equipment for sale, as well as a complete set of
tools that help customers in developing their bids. "
SpecialtyNet includes an interesting Auto Locater feature which allows bidders to search current auctions by year,model and
make. The auctions are closed bid only.
biz.yahoo.com
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