Manheim Auctions has adapted its Cyber Auction product to run interactive auctions for Volkswagen on a bi-monthly basis. It will complement its physical Closed Auction Programme.
The first interactive auction attracted an audience of 40 retailers, who were offered 70 cars.
A total of 62 cars were sold and prices achieved were consistent with physical closed auction results at an average of 105% of CAP Clean.
Sample prices produced by the company include a Golf 1.9 GT TDI 130 3dr with 12,000 miles, going for £14,275 (107% of CAP clean), a Lupo 1.6 GTi with 3,000 miles fetching £9,850 (113% of CAP clean) and a Golf 1.6 SE 5dr with 11,000 miles raising £11,350 (115% of CAP clean).
The star of the sale was a Golf GTi Anniversary, which sold for £17,200, or 126% of CAP clean and 93% of its original list price. Bids are made electronically and the system informs buyers of the highest bid and confirms vehicle purchases.
Peter Webb, used car sales manager for Volkswagen UK, said: 'I am very pleased with the early response from our retailers to this new technology.
'If you are serious about re-marketing used cars you have got to be able to offer electronic online solutions for purchasing.
'Interactive auctions not only bring convenience to this process, but also offer a very competitive environment for improving residual values.'
Manheim account manager John Husband added: 'Online auctions still account for only a small part of our volume, but provide vendors with another route to market. Some buyers like the convenience that comes with buying online and other parts of the Volkswagen Group are set to adopt the interactive route in 2003.'