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trademe.co.nz grows past 10,000 registered users

PRESS RELEASE – For Immediate Release trademe.co.nz

Trade Me, New Zealand’s largest online auction site, has surpassed ten thousand registered users – up 400% in the last 6 months. With over 150,000 visits a month Trade Me believes they now rate within the top trafficked sites in New Zealand.

“We are growing at 20-30% every month”, says 24-year-old founder Sam Morgan. “We think we have now attained a size which will be difficult to for a new entrant to assail, given how important established momentum is in the online classifieds and auction space.”

Investment to date in Trade Me (www.trademe.co.nz) has been made by company founders Sam Morgan and AMR & Associates, a Wellington based e-commerce and systems integration company. “Our modest investment to date, when compared to other top sites, has been focussed on growing a loyal community of users” says Phil McCaw, Trade Me’s chief financial officer and an AMR director. “Our next steps are to grow Trade Me into a pervasive New Zealand Internet brand and leverage our community to drive value.”

In addition to their online auction site, Trade Me Ltd also operates SafeTrader (www.safetrader.co.nz), New Zealand’s only online Internet escrow service. Buyers can use Safe Trader to pay into the SafeTrader trust account. Funds are only released once both parties are satisfied. Although SafeTrader currently focuses on supporting Trade Me, major online auction sites in Australia and Europe have expressed an interest in buying the service for wider application.

“We plan to be a major NZ e-commerce brand” Phil McCaw says. “Our position today will allow a transition into both business-to-consumer and business-to-business models of selling while continuing to service our loyal community of users.”

About Trade Me Ltd Trade Me Ltd was founded by Sam Morgan and Abbott McCaw Richter & Associates Limited (AMR), a Wellington-based e-commerce systems integration company. Formed on August 1st 1999, Trade Me now has over 11,000 registered traders. The AMR website can be found at www.amr.co.nz

ends

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