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(Japanese Site)

  • Softbank, On-Sale to Set Up Internet Auction Venture
  • May 21, 1998 (TOKYO) -- Softbank Corp. announced that it will set up a joint venture with On-Sale Inc., the leading U.S. auctioneer on the Internet.
    The new company, to be called On-Sale K.K., will be established July 1, and it will develop online auction services in Japan. Softbank president Masayoshi Son will be president of the new company.

    The Softbank group will own 60 percent of the venture, and On-Sale will own 40 percent. After building a foothold in the online auction business, the new company will enter the electronic commerce business on a full scale. Its auctions will start in early 1999.

    On-Sale of Japan will provide the auctioning system and sell products by auction on behalf of companies and individuals. Also, On-Sale K.K. will purchase some merchandise for auction.

    The venture will cover many products, ranging from travel tickets to real estate. Softbank will ask manufacturers and retailers to provide their products, and will make the best use of the networks through which the Softbank group distributes products related to personal computers.

    (Nikkei Multimedia)

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    Updated: Wed May 20 21:03:23 1998