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Title The Advent of International B2B Auction Site
Source Korea Trade News Date
The Advent of International B2B Auction Site

Korea Trade News June 28, 2000

Last June 28, 2000, an international B2B auction site was launched to provide an e-market place for companies? stocks and surplus assets like raw-material, machinery and fittings, manufacturing equipment, etc.

SurplusGLOBAL, Inc. (URL:, CEO Bruce Jungwoong Kim) announced that the company started operations of its transaction service based on auction system through the Internet.

Mr. Bruce Kim said, ?We estimate that the amount of used and surplus assets that companies in the Asia-Pacific region have on stock is over USD400 trillion. However, domestic and international transaction operations are mostly underdeveloped and have very low degrees of efficiency. This may be due to the fact that the standard process in the market is through dispersion of materials according to categories like industry or area.

To improve the market for used and surplus assets, SurplusGLOBAL, Inc. has introduced the e-marketplace based on international B2B auction.

SurplusGLOBAL executives explained that every company that will use this service as a member can easily attain the latest information about the trade goods and the market price. Moreover, the member can quickly get satisfactory results of transactions with low fees so that both the seller and the buyer improve their earning rate.

To strengthen the service they are offering, SurplusGLOBAL has secured a list containing 30,000 foreign buyers. Furthermore, the company has devised a marketing stratagem that provides consultation for practical business affairs, evaluation system regarding the reliability of a member?s activity on site (SES), evaluation of customer confidence in his industry and quality inspection service connected with a transaction.