Auction Of High Profile Domain Name Held Exclusively At Sedo.com From July 19 Through July 31, 2004
In March of 2002, Indianapolis bail bondsman Kerry Edwards was an average American looking to build his own Web page to display family photos. More than two years later and on the eve of the Democratic National Convention (DNC), Mr. Edwards, the longtime owner of www.KerryEdwards.com, is sitting on a very hot piece of Internet real estate.
Having received unsolicited offers of up to $150,000 for the domain, Mr. Edwards has announced that he will auction the rights to www.KerryEdwards.com to the highest bidder. The auction will be held exclusively at www.Sedo.com, the leading online marketplace for buying and selling Internet domain names, from July 19-July 31, 2004. With the DNC set to begin just days after the start of the auction, Massachusetts-based Sedo.com will open the bidding at $150,000, and there is no reserve price.
Sedo.com will use a public auction format for KerryEdwards.com — where bidders can make an offer directly through Sedo.com and the listing will be continuously updated to reflect the current highest offer.
“I’m not an independently wealthy individual, unfortunately, and so it’s in the interest of my family to auction the rights to the domain,” said the 34-year old Edwards. “Once I received substantial unsolicited offers, I believed it was time to engage a professional organization like Sedo.com that specializes in brokering domain names to maximize this opportunity for my family.”
How Sedo.com Auctions Work
Sedo.com’s expert domain brokers follow up on incoming offers to determine their authenticity and to provide the bidder with additional information about the sale. In addition to coordinating the brokerage process, Sedo.com actively seeks out additional parties who may be interested in purchasing the domain–in this case, the political parties, political organizations, Internet entrepreneurs, and the campaign itself.
Sedo.com also verifies online traffic statistics for the domain and the domain’s current advertising revenue, and advises prospective buyers on domain monetization (i.e., how to get a profitable return on their investment in a premium domain name).
Once the sale of the domain is complete, Sedo.com acts as a secure escrow agent to protect the transfer of domain ownership from potential fraud or technical error. All of these services are included in the standard commission fee of 10 percent of the domain’s selling price, just as with any other domain sold through Sedo.com.
Sedo.com also offers domain sellers the ability to generate additional revenue through its Domain Parking Service by displaying contextual advertisements on the domains that they are selling. This two-pronged approach enables domain owners to maximize the revenue potential for their unused domain names, throughout the sales process.
“Mr. Edwards’ amazing fortune shows that having the right domain for your Web site is critical,” said Matt Bentley, CEO of Sedo.com. “Although in practice we will handle this auction as we do for more than one million other domains, it’s exciting to be part of these unique circumstances, particularly as the Democratic National Convention occurs right in our backyard. We’re delighted Mr. Edwards has placed his trust in us and look forward to seeing who the highest bidder is for this most important domain name.”
Beyond the Domain Name
In addition to handling all aspects of domain name auctions and sales, Sedo.com’s expert brokers advise clients on the current state of the domain secondary market (e.g., how much premium domains are selling for these days) and the details of transferring domain ownership. Key Sedo.com services include:
— Domain Name Marketplace: Connects buyers and sellers from around the world, in ten different languages. Domain buyers can browse the domain catalog or search for their new domain name. Around 400 domain sales are generated each month.
— Domain Name Escrow/Transfer Service: Provides peace of mind and security for both buyers and sellers. Sedo.com assists with the financial portion of the transaction (serving as an escrow agent) as well as the technical (assisting the domain transfer, to reduce risk of fraudulent or accidental loss).
— Domain Name Appraisal: Helps buyers and sellers determine the fair market value of their domain name or website. Sellers can find out the potential worth of their portfolio or get help setting asking prices; buyers find out how much to bid.
— Brokerage Service: Leverages Sedo.com’s market expertise and negotiation skills to assist businesses acquire their desired domain. Evaluation, negotiation and transfer assistance.
— Paid Domain Parking: Allows domain sellers to monetize the traffic that their domain receives while also improving their chances of making a sale. Traffic from generic type-in domains and old websites is put to good use without needing to develop a website or pay for hosting: Sedo.com determines the most relevant subject area and automatically generates a simple “domain for sale” page featuring targeted advertising links. Revenue from these links is shared with the domain owner.