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About Priceline.com

Quick overview of About Priceline.com

• Better Business Bureau report highlights
• Financial strength
• Customer service overview

With over one billion in revenues during the last year alone, priceline.com stands as one of the most popular and well-known Internet shopping sites and enjoys excellent repeat business. "Name your own price" for airline fares, cars, and hotels has become a reality.

Better Business Bureau report highlights

As of June 3, 2008, Priceline continues to be a Better Business Bureau accredited business based in Connecticut.

Priceline has agreed to use special Better Business Bureau procedures including arbitration to resolve disputes. These seem low in number for a company its size. The majority of disputes center on sales practices (most likely involving the non refundable nature of many products).

The Connecticut Better Business Bureau Internet site states,

"Prior to making purchase offers [with Priceline], consumers should thoroughly read and understand all applicable terms and conditions explained on the firm's Web site.

" . . . once a ["name your own price"] product or service is purchased it cannot be refunded, canceled or transferred."

BidonTravel.com also reminds you that

1. your Priceline transactions are non refundable, as are deeply discounted tickets from most sources, including most airlines,

2. your reservation cannot be changed even by paying a penalty,

3. you must research prices available elsewhere before bidding, and

4. you'll find that the information in BidonTravel.com significantly helps you to submit a money-saving bid.

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Financial strength

On February 15, 2008, Priceline's stock price rose over 20% in one day. Priceline reported a 62% rise in gross sales for its fourth quarter compared to the year before, with earnings up 142.2%.

Forbes joked that "you'd think Priceline took its own advice and named its own price."

With its most recent results, Priceline has topped Wall Street projections for 7 consecutive quarters. In fact, since 2001, Priceline has seen growing profitability often beating Wall Street forecasts.

Nearly alone among "dot.com" companies, Priceline.com has avoided long-term debt, in spite of a general downturn in travel following the Pentagon and World Trade Center attacks.

This stability helps protect your travel investment.

Along with Southwest Airlines, Priceline proves that you can make money with bargain prices, in spite of high energy prices.

With its

• new emphasis on published airfares and hotel rates that make booking easier,
• no booking fees on published airfares (in contrast to other online sites),
• a continuing strong advertising effort led by William Shatner, and
• ownership of additional online sites from Asia to Europe,

Priceline seems well positioned to face traditional fluctuations in travel.

Priceline works hard to develop strong relationships with numerous travel vendors, which assure you of an ample supply of deeply-discounted products, especially hotel and resort rooms and rental cars.

This creates a win-win situation for you (the buyer who gets low prices), for Priceline's profitability, and for Priceline's airline, hotel, and rental car partners, who gain cash flow from products that would not have sold otherwise.

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Customer service overview

Rapid growth since priceline.com opened to the public in 1998 has not come without significant problems. During Priceline's first two years,

• Consumers complained that they were not being sufficiently warned about restrictions on priceline.com tickets.
  
  Like nearly all deeply discounted tickets sold in the United States, priceline.com's airline fares are non refundable. Moreover, the rules state that dates and times cannot be changed.
  
  
• In addition, many complaints centered on the quality and response time of priceline.com customer service, which needed major improving.
  

Faced with all these complaints, the board of directors of the Better Business Bureau in Connecticut (where Priceline is based) revoked priceline.com's membership during September, 2000.

However, just two months later the the Better Business Bureau board voted to reinstate priceline.com after finding major changes. Priceline had quickly

• hired more customer service staff and upgraded their training,
  
• revamped its Internet site to make its fare rules even more clear,
  
• started to feature more nonstop flights and better connections (no more than three hours for flights in the U.S., when available), and
  
• sped up its response time to bids to (in most cases) 15 minutes or less. (This has become usually less than one minute).
  

Perhaps most importantly, Priceline accelerated its transition from the creative "start up" management of its first several years to a management experienced in operating a major business.

As a result, you are unlikely to have a negative experience using Priceline.com today.

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