My spin: Although much of the focus on auctions in on eBay, there’s many “private” auction companies that are organizing and managing auctions for industry specific applicaitons.
The New York Times reads: FreeMarkets, which makes Internet-auction software, is buying the auto parts auction business of Covisint, a venture of General Motors, Ford Motor and DaimlerChrysler.
FreeMarkets, which is based in Pittsburgh and expects to conclude the purchase in January, will fulfill parts contracts with the three automakers using its software for three years, the companies said in a statement yesterday. Terms were not disclosed.
FreeMarkets shares increased 38 cents, or 6 percent, to $6.70, in Nasdaq trading (full story)
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