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iBid Internet Auctions
Online government and business auctions
In 1997, the iMC2 partners began working with the Government of New Zealand to produce an online auction system tailored to meet the special needs of government. A multi-round Internet-based auction system was developed and first used in early February 1998 when broadcasters worldwide were able to bid for radio frequencies. Selling spectrum rights in this way was a world first and the system has now been used to successfully conduct many such auctions. The first auction attracted worldwide attention and the Internet site was then New Zealand¹s busiest. The auction raised millions for the Government and reduced the time to complete the allocation process from many months to just a few days. The Government reported that the system resulted in cost and time savings for all of the parties involved and it may have resulted in the Government realizing the best price for their assets.
When combined with the expertise of iMC2 and its affiliates, the system has broad commercial application and is well suited to meet the auction requirements of governments and corporates around the world.
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