New online auction underway today

The first 10-day auction on the new BidnSave website began today. The site is managed by The Aucklander community magazine, a member of the APN News & Media Group.

The Aucklander publisher Chris Brown says only brand-new goods or services are auctioned.

"It's a first for New Zealand, although the idea is based on a highly successful overseas model," Brown says.

The model involves retailers and/or service providers supplying new goods or services for the BidnSave internet site for a 10-day auction. The Aucklander promotes these items via a variety of advertising media across APN's media stable.

Mr Brown says the only cost to advertisers is the wholesale price of their products, for which they receive all that free promotion and earn a full advertising credit to the retail value of the auction item on it reaching reserve at auction.

"In addition, research shows about one third of bidders visit vendors' premises to inspect products, so the seller gets increased foot traffic and additional exposure of their other products."

Mr Brown says consumers benefit too, with the hammer falling at prices generally around wholesale level. "Plus, buyers can be confident they are dealing with a reputable retailer."

* APN owns nzherald.co.nz and the New Zealand Herald, having bought New Zealand's biggest newspaper publisher, Wilson & Horton, more than three years ago. It is also joint owner of The Radio Network.