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Non-Tech : USAB - USABancShares.com -- Ignore unavailable to you. Want to Upgrade?

To: DrReality who wrote (794)	4/28/1999 1:08:00 AM
From: VeloSpeed	Read Replies (1) \| Respond to of 2419

The auction goes something like this: USAB determines ceiling rate on a CD, substantially better than the prevailing best rate. Prospective CD buyers will bid down the rate of return until the auction-close, while still securing a rate better than they can get elsewhere. Some interesting news related to internet auctions... ****************************************************************** Budget Rent A Car joins auctions online By Janet Kornblum, USA TODAY Budget Rent A Car Wednesday will announce it is jumping into the online auction frenzy, in a move that shows traditional companies are increasingly embracing the ways of the Internet to beef up their bottom lines. The launch of BidBudget in mid-May, will give Net users the opportunity to digitally haggle over the price of a rental car. And as simple as that sounds, if the system works, it will be "revolutionary," says Barry Parr, Internet analyst with research firm International Data. "If they are really doing this, they have the potential to change their industry," he says. The move also could indicate the willingness of mainstream companies to join the new Internet auction economy, a place where the established rules of retailers setting firm prices and sticking to them are being tossed out the window. So far, the space has been dominated by Internet start-ups such as Priceline.com, where users can bid on airfares and hotels; and eBay, which matches buyers and sellers in a market dominated by small garage-sale type of items. "It's an imaginative move," added Internet analyst Peter Krasilovsky. "We should expect to see auctions impact every aspect of American consumer and business life." ****************************************************************** I especially like this quote: "If they are really doing this, they have the potential to change their industry," he says. -VeloSpeed