Leasing companies and fleet managers are being offered a new option for selling cars in addition to traditional auctions.
UK Car Exchange website is an online “price-drop” car auction portal. Cars are uploaded for free and offered for immediate sale, typically over a 14-day auction period.
Prices drop automatically every day by an amount pre-determined by the seller.
The progressive price drop is designed to entice potential buyers, who are encouraged to buy promptly to avoid being beaten by a rival bidder.
Fleets can post cars on the site for no cost and pay nothing if they sell to a trade buyer. However they must £60 if a private buyers gets the car.
“Cars are brought to market more quickly, which we believe will mean they avoid book drops and should achieve higher returns,” said Tony Hinkley, managing director UK Car Exchange. “Our platform is designed to be a complementary service to be implemented alongside existing activity, rather than replacing it.”
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