AutoTrader.com To Launch Auction-Style Listings
AutoTrader.com, an automotive classifieds marketplace and consumer information Web site, plans to launch an Auction-Style Listings product in early 2003, leveraging its database of 2.2 million vehicles. The auction-style buying and selling tool will serve the needs of mainstream used-car buyers and sellers, giving sellers more flexibility to sell vehicles both online and offline.
AutoTrader.com will not charge a sell fee, so buyers and sellers will not be forced to transact online if they are uncomfortable doing so. Sellers can use available tools to get the highest bid, generate more leads, and maximize value by moving vehicles between auction-style and classified listings. Unique site features include "Know When It’s Close," "Offer to Sell," "Auto Extension," and "Rating Recovery."
Buyers will be able to bid on conditional auction-style listings, allowing the winning bidder to inspect a vehicle prior to completing the purchase, rather than relying on seller feedback ratings. This option removes the buyer’s fear of bidding on a high-cost item sight-unseen.
In a company press release, president and chief executive officer Chip Perry said the product will "expand the size of the auction-style market by attracting mainstream consumers and dealers who have been on the sidelines until now."