i-Naira.com has added a unique auction solution - Private Room Online Auction (ProAuction) to its bouquet of services, in an unprecedented move to deliver value added service to Corporate Entities in Nigeria.
Hillary Nwaukor CEO at i-naira.com told Nigeria CommunicationsWeek that “the solution is designed to support agencies of government and corporate Nigeria such as banks, telecoms, real estate and insurance companies with a seamless process of auctioning their items”.
He noted that most reputable businesses in Nigeria invest continually on liabilities associated with operational assets such as vehicles, generators, office furniture and equipment that eventually depreciate and replaced.
“These depreciated items are often time disposed via non-competitive ballot auction systems that limits what the company can recoup from such items,” he explained.
In the same vein recovered assets from defaulting customers of banks and accidented vehicles from insurance companies, Nwaukor said, can be auctioned through the ProAuction solution.
“This product gives the vendor (Nigerian Company) the flexibility to hold auction event without being physically present at a location where the properties are to be auctioned.
“When queried on how it works, he stated that when a company signs up to use the platform to officially dispose liabilities and assets, they will be assigned a private room for the auction event where all items slated for disposal will be uploaded. Each room has an admission fee which can also be set at (0) if the vendor prefers not to charge an entrance fee.The fee effectively deters unserious internet users from bidding and gives confidence to serious bidders to participate.
“The vendor (Corporate Company) will set the number of days, hours, seconds that the items will be visible for bidding, subscribed bidders are at liberty to bid for all listed items within the time frame and after the expiry, the private room closes, winners are contacted and instructed on payment and procedure for taking ownership of their won items”, he said.
In response to the question on what makes the platform better than the traditional auction system currently in use across most business, Nwaukor pointed out that the number of bidders per room is limitless unlike when a physical auction is being held.
He noted that the system is an available and scalable system that captures auction time in milliseconds to determine accurately who the last true bidder on an item is. This enthrones probity and accountability and when a final winner is determined there is a Bid history that is available for review in instances where a dispute emerges.
He called on well-meaning Nigerians as well as corporate entities to take up this innovative product that will help increase their potential returns from auctioning activities.
I-naira.com render services that close service quality gaps in terms of reach in the Nigerian market sphere where consumers are adjudged to be hugely underserved due to limitation of sales channels.