Priceline.com is an American company and a commercial website for finding discount rates for travel-related purchases such as airlinetickets and hotel stays. The company facilitates the provision of travel services from its suppliers to its clients. Priceline.com is headquartered in Norwalk, Connecticut, United States and is wholly owned by Booking Holdings, which also owns Kayak, Booking.com and other sites. Priceline was founded by Jay S. Walker, who left the company in 2000. Entrepreneur Michael Loeb assisted in the “creation and early funding”.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, details are disclosed only after the transaction is complete with no possibility of cancellation. Priceline’s profit from the proceeds is calculated as the difference between the price suggested by a customer and the one charged by the service provider. More recently, it has added a more traditional model, called Express Deals, where travelers have 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. In April 2014, Priceline.com Incorporated announced that it has changed its name to “the Priceline Group Inc.” This corporate name change was intended to create a clear delineation between the global Priceline business. Now, Priceline.com is one of six primary brands of Booking Holdings. Priceline announced in May 2015 that it would invest an additional $250 million in Chinese online travel company Ctrip to tap the fast-growing China market. Priceline.com experimented with selling gasoline and groceries under the Name Your Own Price model in 2000, at the height of the dot-com bubble, through a partially owned affiliate, WebHouse Club.