A new Kiwi-owned auction and classified website that aims to rival the popular Trade Me website is launching today.
Wheedle.co.nz management promise the site will benefit Kiwis by creating competition in the online auction market currently dominated by Australian-owned Trade Me.
"As we've seen in the telecommunications market, the entry of another major player can both simulate growth and make pricing much more affordable for Kiwi consumers," Wheedle's managing director Carl Rees said.
Mr Rees says Wheedle is able to be competitive because it is locally owned and doesn't have to report to a large corporate base or shareholders demanding high returns on investment.
Neil Graham, a founder of New Zealand's biggest road transport company, Mainfreight, reportedly owns 26 per cent of Wheedle.
Mr Graham says the industry is "wide open" for competition.
"The online marketplace is currently wide open for some quality local competition that can give New Zealanders a far better service than they've ever had before with far better prices."
According to the National Business Review's Rich List Mr Graham is worth $65 million.
Commenting on news of Wheedle on Twitter, Trade Me founder Sam Morgan earlier said: "Being rich clearly does not give you skills transferable to areas outside your domain of competence".