Onsale Inc, the Mountain View, California-based pioneer of online auctions, and the latest company to be set up by ex-Lotus Development Corp chief technologist Gerry Kaplan (CI No 3,129), says it reported gross merchandise sales of $115.9m in 1997, a 227% increase in sales over the previous year. At year-end, Onsale had 418,000 registered bidders, a 30% increase over the end of the third quarter. Kaplan, who wrote a book describing the failure of his start-up Go Corp, said he expected OnSale to widen its lead in the new market. OnSale holds seven auctions per week over the web, specializing in personal computers, consumer electronics, fitness equipment, sports memorabilia and speciality foods. By clicking on a Place Bid button, the highest bidder gets to buy the goods.
