Sep 29 2004 -AutoeBid.com - London DTI 2004 e-Business start-up winner

AutoeBid.com who provides an online reverse auction that gets car dealers, brokers and supermarkets nationwide to battle it out to win car buyers business, yesterday won the London DTI 2004 e-Business start-up award.

With discounts as high as 36 per cent, and averaging 10 per cent, Autoebid.com seem to be changing the face of the UK car market. Only AutoeBid offers discounts on models like the Mazda RX8 and the Nissan 350Z as well as immediate delivery on super cars like the Mercedes SLR and Porsche Carrera GT.

Consumers specify the model they are interested in and the maximum price they are willing to pay, then sit back and watch as suppliers from across the UK start a bidding war for their business.

As a benchmark for both buyer and supplier, Autoebid.com displays the best price it has previously been able to source. If the buyer has been able to independently source a better price, this can also be included as a target for suppliers.

For guaranteed peace of mind, both the deposit and the balance for the vehicle, can be paid into a secure Escrow account controlled by Fortis Bank. The buyer then has control over the release of the money once they have taken delivery of the car and are fully satisfied with it.

Autoebid.com does not take a commission from suppliers competing for sales. “This allows us to retain our independence and enables us to access every supplier nationwide, meaning that we are able to offer buyers the most competitive prices and the quickest delivery times” explains Amin Saleem, founder of Autoebid.com

Instead, successful buyers pay a finder’s fee of 1 per cent of the purchase price, or £250 whichever is greater. The finder’s fee is pre-authorised via Barclays Merchant Services before the buyer enters the Reverse Auction. This signals a commitment to buy for suppliers and encourages them to offer the best possible price, as they know a winning bid will mean a confirmed order.

Unique to Autoebid.com is the Group Buying Scheme. Here, if more than 5 people are looking for the same vehicle, Autoebid.com will negotiate a bulk discount to win all of the business. Typically, this equates to a further 3 per cent discount with 5-10 cars, and 5 per cent for 10 or more.

“Our Reverse Auction turns the traditional process of car buying on its head - Buyers are dictating the terms of purchase, rather than the supplier dictating the terms of sale,” explains Saleem.

Alongside the traditional dealer and broker channels, the Autoebid.com platform brings leading wholesale suppliers face to face with the car buying public for the first time.

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