Priceline.com
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| Subsidiary | |
| Founded | 1997 (online 1998) |
| Headquarters | 800 Connecticut Avenue, Norwalk, Connecticut, United States |
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Key people
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Brett Keller (Interim CEO) |
| Parent | The Priceline Group |
| Website | www |
Priceline.com is an American company and a commercial website that claims to help users obtain discount rates for travel-related purchases such as airline tickets and hotel stays. The company is not a direct supplier of these services; instead it facilitates the provision of travel services by its suppliers to its customers. It is headquartered in Norwalk, Connecticut, United States. Priceline.com is wholly owned by The Priceline Group.
Priceline was founded by Jay S. Walker, who left the company in 2000. Hong Kong company Cheung Kong Holdings later purchased a significant portion of Priceline's stock.
Paul J. Hennessy was named Chief Executive Officer of the priceline.com brand in April 2015.
Priceline first became known for its Name Your Own Price system, where travelers would name their price for airline tickets, hotel rooms, car rentals and vacation packages. While the purchaser can select a general location, service level and price; the hotel, rental car company and/or airline (as well as the exact location of the hotel and the exact flight itinerary) is disclosed only after the purchase has gone through, with no rights to cancel.
Priceline's cut of the proceeds is the difference between the price an individual named and the price charged by the service establishment. More recently, it has added a more traditional model, called Express Deals,where travelers are presented prices but are not told the name of the establishment. Travelers can still choose to name their price for airline tickets, hotel rooms and rental cars. The number of airlines, hotels and car rental company participants in the name your own price program has increased as these suppliers utilize this opaque market Priceline created to sell their perishable inventory without lowering prices through other traditional sales channels. Priceline now also sells discounted cruises, as well as tours and attractions.
In 2002 Priceline licensed its "Name Your Own Price" travel system to eBay.
During November 2007, Priceline “permanently” eliminated all booking fees on published airfares.
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Wikipedia