SurplusGLOBAL > News


Detail View

Detail View
Title SurplusGLOBAL, Inc. sets up a New Record of Performance in the B2B industry
Source Digital Times Date

SurplusGLOBAL, Inc. sets up a New Record of Performance in the B2B industry

Digital Times July 20, 2000

Despite the sluggish performance of most B2B companies, SurplusGLOBAL, the newly launched E-commerce Company for surplus assets was able to create a dynamic and exciting niche in the industry. In just over a month after it was launched, the company has successfully accomplished a roster of achievements.

SurplusGLOBAL, Inc. (URL:, CEO: Bruce Jungwoong Kim), which provides a global B2B auctioning site for idle, used and surplus assets, recently released its achievement report.

As of this date, the Company has attracted more than 1000 customers and business partners and has accumulated a total of US$60 Million dollars worth of items posted on site. The company has auctioned off three items since it was launched last June 28. The items, which were auctioned off, were mink blankets, capacitors and used monitors with a total value of US$270 Thousand.

A Korean trading company that deals with mink blankets encountered some difficulty in selling up its idle assets locally. The company decided to post the said idle assets at the SurplusGLOBAL website. After a few days, SurplusGLOBAL was able to get in touch with a Lebanese company who is on the market for the said items. Fast tracking its mediation between seller and buyer, SurplusGLOBAL was able to successfully intercede in behalf of the two companies. A contract for the transaction of 22,500 units of mink blankets worth 202,635 US dollars was agreed upon. The Korean trading company has already received an L/C from the Lebanese company. Shipment of the items was carried out during the last week of July 2000.

One member-company from Bangladesh required the importation of used 15 inches monitors. The said company registered its wanted items under ?DEMAND? on the web site of SurplusGLOBAL. Several Korean trading companies responded to the item and posted thheir own used assets corresponding to the demand on site. The Bangladeshi company analyzed each seller-company, as well as their selling prices for the used monitors. The final deal was awarded through the ?First Come, First Served (FCFS) method of auction. Under the deal, 200 used monitors worth of 17,000 US dollars were sold to the company in Bangladesh. SurplusGLOBAL has already notified the seller with the best price about the buyer?s intention to proceed with the transaction. Buyer and seller are now discussing details of the deal off-line.

After a Korean electronic dealer posted his items consisting of electronic parts and supplies on SurplusGLOBAL?s e-marketplace, the Company immediately disseminated e-mails introducing these as ?Hot Items? to its roster of potential buyers all over the world. After a perusal of the e-mail that he received, an American buyer knocked down all quantities and bidded 54,000 US dollars for the items. The method of payment is now fixed as T/T In Advance. Trading formalities are currently finalized.

A majority of posted items on SurplusGLOBAL are machinery tools, heavy construction equipment, various kinds of used machines, computer parts and supplies, clothing and electronic equipment. Some rare finds include a 1940?s Ford, Russian red fox furs and large locomotives, which have attracted considerable attention among buyers.

Reporter Yunho Ham