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Keeneland Commissions Trimmed On Pass-Ins
In recognition of the pressures currently facing vendors, US sales company Keeneland "plans to lower its sales commission at its next three auctions on Thoroughbreds who fail to reach their reserve," reports thoroughbredtimes.com. The move will see the current rate reduced from 4.5% to 2.5% for the September yearling, November breeding stock, and 2010 January horses of all ages sales. Commenting on the planned reduction, Keeneland President Nick Nicholson said: "Keeneland realizes the economic downturn is presenting challenges. Keeneland is the industry leader and we stand with our clients in good times and in bad. Given the current states of both the global economy and the Thoroughbred industry, our directors and trustees believe this is the right thing to do at this time." Wanting to ensure a level playing field, Nicholson commented, "We feel it is important that there be no exclusivity; these are across-the-board reductions. Horsemen at all levels of the market are feeling the pain, and all should share in the benefits. Keeneland too is being impacted as the reduction will have repercussions for our operations as well." The move has been lauded by major US vendor Taylor Made Sales, with its president Duncan Taylor stating: "I think it's admirable that Keeneland has taken action to help sellers during these tough economic times."