Afternic.com Goes Into `Overtime' With New Auction Feature.Business Editors/High Tech Writers NEW YORK--(BUSINESS WIRE)--Feb. 7, 2000 Buyers and sellers of domain names can now haggle online when an auction closes without a winning bid Afternic.com, The Domain Name Exchange, today announced the new Auction &uot;Overtime&uot; feature as well as the addition of highly automated transfers to its state-of-the-art DNescrow(SM) secure transfer process. &uot;By introducing the Auction &uot;Overtime&uot; feature, we have taken a giant leap toward closing the gap between buyer bid and seller ask in the emerging secondary market for domain names,&uot; said Jon Whelan, co-CEO, Afternic.com. The Auction Overtime feature allows domain name sellers to negotiate with the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. on individual auctions where time has expired and a winning bid hasn't met the reserve price. Each overtime period Noun 1. overtime period - a period of overtime play to resolve a tie; e.g. basketball extra time, overtime - playing time beyond regulation, to break a tie lasts three days and sellers can negotiate privately with interested buyers in descending order of their bids. If the highest bidder refuses to go into Overtime, or no agreement is reached, the seller may begin haggling with the next highest bidder down the line, until a mutually agreeable price has been reached. &uot;While sellers are typically seeking a price more indicative of the potential value of the name, buyers are looking to pay the present value. With such a gap in the market, we saw the need to build a mechanism to bring buyers and sellers closer together,&uot; says Whelan. &uot;On an individual level, Auction Overtime results in more successful sales. On a macro level it creates a more liquid and efficient secondary market&uot;. Afternic.com has also announced the addition of automated transfers to its Domain Name Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. Service - DNescrow(SM). This adds another layer of convenience and security to the process of domain name transfers. &uot;By making the transfer process as painless pain·less adj. Free from complication or pain: a painless operation. pain  less·ly adv. as
possible for both buyers and sellers, we are providing a level of
service and security that the generalist gen·er·al·istn. A physician whose practice is not oriented in a specific medical specialty but instead covers a variety of medical problems. generalist auction sites are unable to match,&uot; said Afternic.com's Commerce Strategies Manager, Jill Druschke. Anyone who has transferred a domain name through traditional channels will attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to the difficulty in properly completing the somewhat esoteric es·o·ter·ic adj. 1. a. Intended for or understood by only a particular group: an esoteric cult. See Synonyms at mysterious. b. paperwork that registrars require. The Afternic.com transfer process couples easy to manage registration profiles with step-by-step directions. Any problems along the way can be addressed immediately via real time chat support with an Afternic.com client services representative. &uot;These new features are an integral part of the Afternic.com solution. By providing a structured, secure, and convenient platform for both buyers and sellers, we're developing a robust secondary market for domain names,&uot; Whelan added. After 11 weeks in operation, Afternic.com features more domain names than eBay, Yahoo, Lycos, and Microsoft's MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). .com combined. ABOUT AFTERNIC.COM Afternic.com's Domain Name portal provides a comprehensive set of resources for anyone with a stake in the Internet namespace A collection of names for a particular purpose. Typically, each name is unique. For example, tables in a relational database must all have unique names. A Windows workgroup that uses the original NetBIOS naming system requires a different "made-up" name for each computer and printer in . The site couples revenue generating e-commerce applications with stickiness, through community-building research and appraisal tools. Afternic.com features easy-to-use utilities that enable Buyers and Sellers to value domain names, perform online transactions, place automatic bids, track auction activity, and manage complex Domain Name portfolios. All domain name transactions are protected by the exclusive DNescrow registration transfer process. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Afternic.com, Inc. is privately held. |
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