Online auction site launched

BANGALORE: Trade to Gain Web Services Pvt. Ltd., an Internet start-up has launched an online auction site, "Trade2Gain.com".

Trade2Gain.com, will help businesses dispose of their excess inventory or assets by putting them on the site for sale, said company chairman and CEO Jay Chaudhry. To put an item on block at Trade2Gain.com, sellers can register with the site and list the items for auction. Buyers anywhere in the world can access the site after registering and reviewing the items for sale. They can either post their queries or submit a bid for the item, Mr Chaudhry said. The site will evaluate the bids and announce the successful bidder.

Once this process is over, the buyer and seller can close the physical transaction. Throughout the entire process, both the parties will be kept informed of the competitive bidding on the site. A nominal fee would be charged for displaying the item on the site. Once the auction is through, the company would charge the seller five per cent of the amount realised for the item.