A new online service is set to save UK new car buyers GBP2.8 billion(i) annually if they part-exchanged their old car for a new car via AutoeBid. AutoeBid, the original reverse auction website, has expanded its award-winning service to offer private new car buyers the chance to secure a competitive price on their old vehicle by reaching over 700 dealers online to secure the best price.

When it comes to part-exchange deals, buyers until now have been limited by geography, only visiting one or two local dealers to try and obtain the best part-exchange deal. However, by using the auction tactics via AutoeBid, it is now possible to reach dealers nationwide. These dealers will bid the price up on the buyers part-exchange thereby saving people money, but also time and hassle.

Amin Saleem, founder of AutoeBid said: “Since we launched in 2003 we have taken over GBP50 million worth of orders for our suppliers, yet one of the biggest improvements to our service that people have called for is to help them with part-exchange. We believe our offer will be one of the most competitive which will hopefully take out some of the stress associated with new car buying.”

The new part-exchange service provides two ways for customers to enter a deal. Firstly a ´DIY´ option which involves the seller valuing their car according to a 38 point check list provided by AutoeBid and supplying their own images. This results in at least one guaranteed firm offer from a dealer. The second ´Professional´ option, which generates higher bids from a larger pool of dealers, costs GBP60 which involves AutoeBid organising for a professional photographer to come to the sellers home taking photos of the car and paperwork.

AutoeBid has prepared the 4 P´s of Part-Exchange to make the process even easier:

1. Paperwork – check you have all of the car´s paperwork such as registration documents, MoT certificate and service book to show full service history (if you don´t have the last stamp etc contact the garage to get it) and check it is all up to date and correct.

2. Presentation – a clean, tidy car inside and out with professional images will make a car more appealing to a dealer and drive up the price

3. Pay to fix it – if there are any items that need fixing or replacing it will work out cheaper to get them replaced or fixed prior to selling it

4. Pitching it – the more dealers you pitch your car to the more likely you are to get a higher price, it´s that simple

To find out more about the part-exchange service and to receive advice on how to secure the best part-exchange deal visit http://www.autoebid.com or call 800-033-6022 (Lines open 9am-6pm Monday to Friday).

Note to Editors:

AutoeBid is an award-winning online business operating in the UK new car industry. It provides a unique online reverse auction service, together with a quote-generating service. The service benefits consumers and suppliers alike, saving both of them huge amounts of time, effort and money. It was launched by Amin Saleem in 2003 and to date has taken over GBP50m worth of orders. AutoeBid´s awards include the DTI National e-commerce Award 2004, DTI ´Highly Commended´ award for ´Best Sales and Marketing online´ 2005.

Ref: 004AEB

(i) Out of the 2+ million new car buyers each year, 1 million are private buyers (source: Society of Motor Manufacturers and Traders). The saving is based on the average AutoeBid customer saving of GBP2,846 in July 2007