Released on: 15, June 2007
, Author: Oltiby.com
, Audience: Internet related
Jupiter, FL - June 16th 2007 Â This day is marked by theofficial closure of Yahoo! US and Canada Auctions sites. After several years ofservice trying to compete with eBay, Yahoo! has decided to stop the chase andretire from this online auction market.
Yahoo! Auction site's homepage states "After careful consideration, we have decidedto close down our Yahoo! US and Canada Auction sites to better serve our valuedcustomers through other Yahoo! properties."
What happened to this giant marketplace of Yahoo? According to statistic, Yahoo!Auctions were receiving less than 1% traffic compared to eBay auction site. Somesaid that Yahoo! closed its auction site shortly after becoming the exclusive PPCadÂ's provider for eBay.
However, Sylvain Reiter, VP of Oltiby.com, takes another direction to explain theclosure:  eBay has grown tremendously and taken over most of the online auctionbusiness in the western countries. I think that Yahoo! realized there were not muchroom to compete with eBay and didnÂ't see any future growth in this market. Thebusiness model of eBay-like online auctions is reaching its limits and people startto understand the benefits of reverse auctions .
Reverse auctions are not competing with online auctions but are following theopposite model: one buyer posts an order for an item he wants to buy. Sellers arebecoming the bidders and reduce their bids to win the sale. Thanks to thecompetition between sellers, the buyer ends up saving money.
Oltiby.com provides a reverse online auction service for all categories of products,as wide as Yahoo! or eBay auctions. Launched in 2005, it is now offering all theservices of regular auctions, plus the benefits of being in control and saving moneyto the buyer on a  no savings  no fee basis.
Sellers receive free leads and bid the price they are ready to sell item for.Oltiby.com is currently available worldwide with a unique US based marketplace andis currently expanding its activity to dedicate a platform for the European users.
We can assume that Yahoo! is giving up on the US market now trying to focus on theAsian market. After paying $1 billion last year to acquire 40% of Alibaba, Yahoo!wants to become the  eBay of Asia . But the economy is growing globally, more andmore sellers are competing to sell similar items and reverse auctions are the onlyviable model for the future of trading business.
Discover more about Yahoo! Auctions retirement on http://auctions.yahoo.com/Lea rn more about reverse online auction on http://www.oltiby.com/
Source: Express-Press-Release.com
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