Ableauctions.com Inc. announced it will outsource its live auction broadcast and point-of-sale business operations to employee owned companies not otherwise affiliated with the company in order to reduce operating expenses. The company will license the technology, domain names, intellectual property and various assets to the respective companies in consideration for the greater of 50% of all net profits realized from the operations or 10% of revenue. The outsourcing of the operations follows aggressive moves by the Ableauctions.com in implementing cost controls and other changes to attempt to withstand the downturn in the auction marketplace and the economy, it said.
Following eBay's decision to suspend its live auction platform, the company's subsidiary, iCollector, now operates using its own technology platform and has completely terminated the eBay Live Auction portion of its business.
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