23 August 2001 | Robin Parker
The success of the first forward auction on the airline industry e-marketplace Cordiem has persuaded British Airways to consider up to six further events for its used surplus parts.
Eight surplus Pratt and Whitney JT8 engines for Boeing 737 aircraft were auctioned off for more than £2 million, fetching one and a half times the expected figure, according to BA.
The airline approached 20 bidders for the engines, more than three times the average amount for a traditional sale, Paul Alexander, trade exchange manager for BA, told SM. Bids came from the UK, Europe, the US and the Middle East.
The traditional sale cycle was cut from several months to a few weeks. Auctions ran for three days and bids, which were visible to all parties, closed within half an hour of each other.
Cordiem was set up this year by nine of the world's major air carriers, including BA, American Airlines and Air France.