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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Teri Garner who wrote (92879)	9/1/1999 3:11:00 PM
From: U Up U Down	Read Replies (2) \| Respond to of 119973

AUCTION.COM? As for the auction business that McMorrow scaled down so drastically in '93? In early February,Kennedy-Wilson announced it would be expanding the auction business through the launch of eKWIC.com,an Internet real estate marketing and auction system. Still under development, eKWIC.com will be up and running in the next four to six months, says James E.Peterson, executive vice president. "Kennedy-Wilson is going to solicit both brokers and owners who are selling to put their properties into our system," he says. "We will use our buyers, and anyone else, qualify those buyers and let them bid. Then we'll take a commission or percentage of sale." Kennedy-Wilson plans on putting up the due diligence, as well as virtual tours or digital video tape on the Internet site, so prospective buyers can see "more than just a few snapshots," says Peterson. Then, on a given day or period of days, interested parties will see what everyone else is bidding, and as in a traditional auction, the highest bidder wins. "Then, we start the closing process," explains Peterson. Initially, eKWIC.com will focus on the $1 million commercial property range, he says.All bidders will be prequalified before using the system. Eventually, the site will also have a single family residential component,listing homes priced from $500,000. "Anybody who buys and sells real estate is going to be attracted to this," predicts Peterson. "It's attractiveto the single property owner in Wherever, U.S.A., who has a couple million dollars of commercial property, but does not have the opportunity to widely market it." Currently, Kennedy-Wilson sees the listing services, like LoopNet Inc., as its primary competitors. But,those services are paid a flat fee for publishing listings and require a broker to use. "Kennedy-Wilson is a broker. We are going to list our properties and work with other brokers to give them additional vehicles for expanding their market," says Peterson. Also, eKWIC.com will attempt to tap into additional sources of revenue, like banner advertising. "We are going to be talking to title companies,environmental services, office furniture sales companies. It is an area we think will generate some profit." kennedywilson.com Corporate Evolution, Kennedy-Wilson International Reinvents Itself Again and Again March/April 99