|Bidpath Corporation and LiveBid Amazon.com Auctions Form Alliance to Bring Innovative Internet Efficiencies to Auctioneers Around the World|
BELLEVUE, Wash.--July 18, 2000--Bidpath Corporation (http://www.bidpath.com), the universal platform and e-infrastructure solution provider for the $200 billion U.S. traditional auction industry, announced today a strategic alliance with Amazon.com LiveBid Auctions, to integrate company capabilities and bring auctioneers the best technical Internet efficiencies on the market today.
According to the agreement, Bidpath and Amazon.com LiveBid Auctions will co-market to auctioneers, cross-sell to B2B and B2C auction customers and combine online and live broadcast technologies to provide greater ability and convenience to attract buyers and sellers around the globe.
"Bidpath is thrilled to be working with Amazon.com LiveBid Auctions, they are the most experienced and recognized names in the auction industry," said Scott Laster, CEO of Bidpath Corporation. "This relationship combines our respective strengths. Amazon recognizes Bidpath's strength as an infrastructure and distribution solution to the online Internet economy."
Jon Bengtsson of Amazon.com LiveBid Auctions agreed saying, "The Bidpath solution creates comprehensive answers and new time-saving conveniences -- exactly what auctioneers have long been asking for.
"By combining our respective strengths, we create one-stop shopping experiences for auctioneers and their customers," continued Jon Bengtsson. "The Amazon.com LiveBid Auctions technology empowers many more potential bidders to participate as virtual buyers via the Internet, while Bidpath technology allows us to find win-win solutions for sellers and buyers thousands of times a day."
The consolidation of each company's proprietary technologies brings together for the first time a complete solution to bridge the traditional and the online auction industries. The tools, software and distribution network of Bidpath and the live bidding technology and customers of Amazon.com LiveBid.com Auctions, is designed to breathe new vitality into a non-efficient and fragmented, four-thousand year old industry.
The Bidpath and Amazon.com LiveBid Auctions alliance was announced at the National Auctioneers Association Convention in Norfolk, Virginia today. Both companies are key sponsors of the weeklong event. The NAA membership roster includes close to six-thousand auctioneers from the United States and Canada.
The $200 billion annual U.S. traditional auction market has had difficulty accessing the Internet until recently when Bidpath deployed their industry-specific solution. Auctioneers struggled to efficiently gather information and get massive numbers of listings, which make up a single auction, properly distributed on the Internet. Bidpath offers traditional auctioneers proprietary technology and a comprehensive network of online auction powerhouses to distribute their inventories.
By using the Bidpath system, customers gain 10-fold improvements in efficiencies in existing business practices and add distribution to the Internet. Bidpath simplifies the process through the company's patent-pending firmware that comes loaded on a special digital camera. The information is later downloaded to a laptop computer onto Bidpath software. These listings are transferred to Bidpath and automatically distributed by category to the most appropriate online auction exchanges partnered.
Bidpath introduced their infrastructure and distribution solution in June. Since then, the company has introduced partnerships with traditional auction companies that include John Roebuck & Associates, Inc., whose founder, John Roebuck, is currently the President of the National Auctioneers Association, and George Cunningham & Associates, Inc. from Phoenix, Arizona.
About Amazon.com, Inc.
Amazon.com (Amazon.com, Inc. and its subsidiaries) is the Internet's No. 1 music, No. 1 DVD and video, and No. 1 book retailer. Amazon.com (Nasdaq:AMZN) opened its virtual doors on the World Wide Web in July 1995 and today offers Earth's Biggest Selection with online auctions and free electronic greeting cards. Amazon.com lists more than 18 million unique items in categories including books, CDs, toys, electronics, videos, DVDs, home improvement products, software, and video games. Through Amazon.com zShops, any business or individual can sell virtually anything to Amazon.com's more than 13 million customers, and with Amazon.com Payments, any seller can accept credit card transactions, avoiding the hassles of offline payments. Amazon.com seeks to be the world's most customer-centric company where customers can find and discover anything they may want to buy online. Amazon.com's All Product Search scours the Web to help customers find merchandise that is not available at Amazon.com, Amazon.com Auctions, or Amazon.com zShops, making Amazon.com the shopping destination to find anything.
Bidpath Corporation (http://www.bidpath.com) is building a bridge between bricks-n-mortar auction companies and B2B and business to consumer online auction powerhouses. Bidpath has built a comprehensive solution, to give traditional auction companies the tools they need to bring Internet efficiencies to the world of real auctions and taking a long labor-intensive process and making it easy. Bidpath has tapped the power of the Internet through a wide array of online auction sites to bring together existing communities. Bidpath has a first-mover advantage in the large, fragmented and self-sustaining marketplace of traditional auctioneers. Bidpath was incorporated in April 1999 and is headquarter in Bellevue, Washington. The company completed its Series A funding round in December 1999. Timberline Venture Capital, the Northwest affiliate of Draper, Fisher, Jurvetson (www.dfj.com) was the lead investor.