Buyers rule in online auction

Car buyers can now sit in front of a computer screen and watch dealers battle for their business.

A new online service, www.autoebid.com, allows buyers to choose the model they want and the price they are prepared to pay, and then sit back as suppliers from across the UK bid for the sales. Autoebid.com claim that discounts average 10 per cent and can run as high as 30 per cent.

Both the deposit and the balance for the vehicle can be paid into a secure bank account controlled by Fortis Band so the buyer has control over the release of the money once they have taken delivery of the car and are satisfied with it.

Successful buyers pay autoebid.com a finder’s fee of 1 per cent of the purchase price or £250, whichever is greater. The fee is pre-authorised before the buyer enters the auction so that suppliers know that a winning bid will mean a confirmed order.

Founder of the site, Amin Saleem, claims the scheme is turning car buying on its head: “Buyers are dictating the terms of purchase, rather than the supplier dictating the terms.”