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LAUNCHES AUCTION-STYLE LISTINGS
Auction-style selling tool for private sellers goes live
AutoTrader.com, the number one
automotive classifieds site on the planet, today announces the
launch of its new Auction-Style Listings product for private
sellers. Sellers will now have the option to place their
cars on AutoTrader.com via either classified advertising or
auction-style listings. Bidders will have the opportunity
to shop for both dealer and private seller Auction-Style Listings.
Our Auction-Style Listings
product was developed based on strong feedback that automotive
Internet shoppers are interested in exploring the purchase of a
car through an auction, said Chip Perry, president and
chief executive officer of AutoTrader.com. Now consumers
have the option to not only buy and sell their cars via
classified advertising but also through our unique Auction-Style
Listing product, which allows conditional, local market bidding
unlike anything currently in the industry.
Listings encourage local market bidding, giving sellers more
flexibility to sell vehicles both online and offline. Unlike
existing auction-style sites, AutoTrader.com does not charge a
sell fee, so buyers and sellers do not have to transact online.
Additionally, since mainstream car buyers strongly prefer to see
a car before buying it, buyers are able to bid on conditional
auction-style listings, which allow the winning bidder to inspect
the car before completing the purchase.
Listings product was built with the car shopper in mind. Internal
research shows that 50 percent of users are extremely interested
in selling through an online auction and 20 percent have
participated in an auction, with 58 percent of those placing bids.
A recent J.D. Power and Associates Used Autoshopper.com Study
finds that 47 percent of used-vehicle buyers used the Internet
during the shopping process in 2002 and that AutoTrader.com
controls the single largest share (28 percent) of used vehicles
found online and subsequently purchased.
AutoTrader.com first launched its
Auction-Style Listing product earlier this year in a version
designed for dealers.
AutoTrader.com, created in 1997 and headquartered in Atlanta, Ga.,
is the Internets leading auto classifieds marketplace and a
comprehensive consumer information website. Serving as
matchmaker, AutoTrader.com unites buyer and seller online
dramatically improving the way people research, locate and
advertise cars. AutoTrader.com aggregates in a single location a
comprehensive database of more than 2.2 million vehicle listings
from 40,000 dealers and 250,000 private owners, which provide the
largest selection of vehicles attracting more than 6 million
unique visitors every month.