By Jon Bernstein, 17 July 2001 08:15
NEWS Troubled dot-com QXL ricardo has launched a live auction service that enables users to manage the sale of their own goods. This latest innovation is an attempt to turn a profit for one of the founder members of the '90 per cent' club - tech firms who have seen their share price tumble to 10 per cent (or lower) of their flotation worth. Shares closed steady at 4.5p yesterday, 99 per cent down on its all-time high. User-run auctions allow QXL to make money through commission without carrying a large amount of stock. The 'inventory-free' model is seen as sensible way for the European auction site to compete with US giant, eBay. QXL was founded by ex-Financial Times journalist Tim Jackson.
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