Keeneland has signed a letter of intent to purchase a 25 percent interest in the online auction company Equine Spectrum. An additional 25 percent interest in the company is scheduled to be available to other investors in the Thoroughbred industry. Keeneland's board of directors will vote on the move at its April meeting.
"This alliance makes sense on many levels," said Keeneland president Nick Nicholson. "We've taken a close look at how technology and e-commerce are continually evolving and believe that this type of partnership is a constructive way to improve the Thoroughbred auction arena for both buyers and sellers."
Equine Spectrum's first auction was in December and its second will be held online this Thursday. The principal founders of Equine Spectrum are Coolmore/Ashford, Eaton Sales, Lane's End, Taylor Made, and Three Chimneys. Those partners announced their cooperative efforts last October.
Keeneland will continue to offer online bidding and buying of horses that did not meet their reserves at its various live auctions. Equine Spectrum intends to offer horses and seasons for sale year-round.