The website has a new approach to sales. It uses a “reverse auction” system, which means that the dealers are invited to auction for the customers’ business, while the customer details are kept secret. After the bidding is over, the winning dealer gets the customer’s contact details.
Dealers bidding on the website need to meet these requirements:
- trading for at least 3 years
- sold a minimum of 100 vehicles
- have at least 3 employees
- take a small deposit only by credit card
There is no reason to worry about your money, as the customer only pays after he inspected the car delivered by the dealer and agrees everything is in order.
“Cars are a big transaction for anyone, not least those nervous about online security” explains Auto eBid CEO, Amin Saleem. “That is why we go the extra mile to make sure buying a car online is safer even than doing so in person. You can’t get duped by a dealer, you can’t lose any deposit and your details are not passed on or sold to any third party.”
“We have seen that by addressing people’s security concerns, we can gain where others lose,” says Saleem. “This is the future model for high value transactions that will change the way cars are bought.”