"Log on for bid savings"

A new internet car auction site puts buyers in the driving seat – by allowing them to dictate the terms of the deal, rather than suppliers.

Consumers can now log on to autoebid.com, then sit back and watch as car dealers and supermarkets battle it out for their business on-line.

All buyers have to do is specify the model they are interested in and the maximum price they will pay.

Then they can relax as car suppliers from across the UK start a bidding war.

AutoeBid.com are claiming discounts as high as 30 per cent and an average 10 per cent on a full range of every model and brand of new car. Amin Saleem, founder of autoeBid.com says: “Our reverse auction turns the traditional process of car buying on its head and puts the buyer in the driving seat, dictating the deal rather than the supplier.”

As a guide for both buyer and supplier, autoeBid displays on-screen the best price it has been able to source. But if the buyer can find a better price independently, this can also be displayed as a target for dealers.

To guarantee peace of mind, both buyer’s deposit and the balance for the vehicle are paid into a secure account controlled by the independent Fortis Bank.

This gives the buyer full control over the release of their money, until they have taken delivery of the car and are fully satisfied with it. The buyer does pay a finders’ fee of one per cent of the purchase price, or £250 – which ever is the greater – to autoeBid, instead of commission.

This fee is pre-authorised via Barclays Merchant Services before the buyer can enter the reverse auction.

This shows suppliers a commitment to buy and encourages them to offer the best price to win the order.

AutoeBid.com also offers a Group Buying Scheme where, if more than five people are looking for the same vehicle, it will negotiate a bulk discount to win all the business, which can save buyers an additional five per cent.

MOTORS SAYS: On first glance the new on-line system is well worth checking out. But remember car supermarkets and even main dealers are offering some incredible bargains at the moment. Our best advise is check both out and do your research before committing. Below are some examples of the deals and discounts offered by AutoeBid.com