Online auctions reduce costs, increase demand. (News Briefs).(Brief Article)(Statistical Data Included)

Governments are taking advantage of the increasing popularity of online auction sites like eBay to sell surplus property. Online auctions eliminate many of the costs of traditional auctions, including advertising, auctioneering fees, and employee overtime. They also provide access to a much larger market, which often results in increased demand for goods and much higher net revenues. The City of Edmond, Oklahoma, for example, recently sold a box of golf balls online for $36-18 times what it had grown accustomed to ...