NEW YORK--(BUSINESS WIRE)--April 6, 1999--
Company Once Again Pioneers Benefits for Customers, Who Can Receive up
to $200 During Promotion
Auction Universe, (www.auctionuniverse.com), the first online
auction site to offer consumer protection with Bid$afe(TM) and the
first auction site to offer a fixed-price transaction format,
FirstBidWins(TM), once again breaks new ground. During the month of
April, Auction Universe will offer a 10% rebate on all Bid$afe
purchases.
It will also award, on behalf of its merchants, up to $200 to
each of its buyers this month in the form of BidBucks(TM), which can
be used to buy even more items from the merchants on the site.
"We are now the first online auction site to hold a "sale" to
support both our consumers and our merchants through a loyalty program
that puts money in both their pockets," said Larry Schwartz, president
and general manager of Auction Universe. "No other person-to-person
auction site has ever provided the purchase security that we do, and
none of our competitors have ever supported their merchants with the
credit card and insurance services that we do."
When a Bid$afe member (enrollment is free) purchases any item
from an Auction Universe Bid$afe or FirstBidWins auction between April
1 and midnight on April 30, that buyer receives 10% of the total
purchase price in BidBucks. These BidBucks can be redeemed toward
future Bid$afe purchases on the site. Each customer can earn a maximum
of $200 in BidBucks during the April promotion in accordance with the
rules of the promotion. After April, BidBucks are earned at 1% of the
total purchase price. Merchants pay no additional fees to participate
in the BidBucks award program.
No other auction site, including OnSale (Nasdaq:ONSL), eBay
(Nasdaq:EBAY) and Yahoo! Auctions (Nasdaq:YHOO) offer a customer
loyalty program.
"This is the latest step in our effort to provide online auction
merchants and customers with the safest buying and selling experience
with the most options available. Over the last six months, we have
introduced Bid$afe, Bid$afe Gold and FirstBidWins. The 10% rebate will
be the first of many more great loyalty programs for Auction Universe
members," added Schwartz.
About Bid$afe, Bid$afe Gold and FirstBidWins
The heart of the Bid$afe program is Auction Universe's role as a
secure intermediary. All payments for Bid$afe auction items go through
Auction Universe, which charges the buyer's credit card and holds the
funds until participants are satisfied with the exchange. This service
is available to members at no charge. Bid$afe Gold is available for a
$19.95 annual fee for buyers and sellers. It includes the security of
a transaction intermediary, credit card transaction services for
merchants, $25 worth of merchandise listing fees and primary insurance
that covers merchandise up to $3,000, with additional insurance
coverage available for Bid$afe Gold members at specially negotiated
rates.
FirstBidWins is a fixed priced service that allows any seller to
open a 'storefront' on the Auction Universe network. Merchants or
consumers who simply want to get a flat sum for their merchandise can
list their item, name their price, and the first offer that comes in
at that price is the winner.
About Auction Universe
Auction Universe is a buying and selling network comprising
www.auctionuniverse.com and a network of locally branded Websites of
over 600 affiliated media companies. It uniquely provides consumers
with a secure, information-rich, and entertaining buying experience.
Auction Universe is a pioneer in developing e-commerce solutions for
major media companies. It has introduced leading edge technology,
different pricing models (online auctions as well as fixed pricing)
and groundbreaking consumer protection programs, including
Bid$afe(TM), which is the first online insurance program to provide a
money-back guarantee on all transactions. Auction Universe provides
buyers with extensive information from many of America's leading
specialty and collectibles experts. It is the only online marketplace
with over 6,000 collecting categories. Auction Universe has operations
in the US and UK.
Auction Universe is a Classified Ventures, Inc. company. Based in
Chicago, Classified Ventures was formed by eight leading media
companies -- Central Newspapers, Inc., Gannett Co., Inc., Knight
Ridder, The McClatchy Company, The New York Times Company, The Times
Mirror Company, Tribune Company and the Washington Post Company. It
provides national and locally branded online services for e-commerce
opportunities in the classified advertising marketplace that build
upon the capabilities and local expertise of its national affiliate
network. In addition to Auction Universe, Classified Ventures operates
the national Apartments.com web site (www.apartments.com), the
cars.com web site (www.cars.com), and NewHomeNetwork.com web site
(www.newhomenetwork.com).
--30--APS/se*
CONTACT: Auction Universe
Todd Merrill, 212/331-1288
tmerrill@auctionuniverse.com
OR
Ruder Finn
Nicole Peters, 212/593-6376
petersn@ruderfinn.com
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