Online auction race heating up

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Online auction race heating up

Korea’s leading online auction site has some new competition these days from its own former chief executive who recently defected. Lee Keum-ryong, the former head of Auction, the current market leader in the sector, left his post to set up a new company that has been marketing itself vigorously. Auction responded with stepped-up customer service and promotions of its own. OnKet is the name of the newcomer in the market and reportedly has attracted 500,000 subscribers in just one month because of its aggressive marketing. It is already the second-largest auction site measured by the number of visitors. Its marketing gimmicks include spot auctions of about 160 high-end products such as imported cars, laptop computers and cell phones at starting auction prices of 1,000 won (85 cents). A press release by the firm said that it would stage a no-notice auction of a BMW automobile worth 80 million won during the advertising campaign. Auction responded by announcing improvements in its customer service, and has launched an advertising campaign stressing that it is still the market leader in the online auction business. by Cho Min-geun
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