Wamsley's idea differed from Adbot's in several ways. Adbot also generally sold space on less-known sites on an ongoing basis. Wamsley planned to sell from top-brand sites at the end of each month, so publishers could sell as much inventory as possible at full price. They compete with full-service Web ad networks, and other auction houses are likely to enter the fray. The main auctions are held in the morning and afternoon on the third Thursday of every month.
Registration is free, but buyers undergo a credit check.
Bidding is conducted online for several hours. At the end of the period, the best price wins the space. In October, the company added two specialized auctions that take place at least once a week. Harteveldt says ITN has attracted more than 10 new advertisers, which first bought auctioned space but now deal directly with the company. Wamsley says his goal is to sell space only to the top 100 Web sites, of which ITN is one.