Wholesale.autobytel.com designed to lower the cost of buying and selling pre-owned vehicles
Updated
Jun 10, 2004 22:41:12
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Description: Irvine, CA-April 26, 1999-Autobytel.com inc. (Nasdaq:ABTL) is now processing auction transactions through its new auction program, Wholesale.autobytel.com ( Designed to revolutionize yet another aspect of the automotive industry, Wholesale.autobytel.com provides car dealers the opportunity to substantially reduce the typical costs associated with purchasing pre-owned wholesale vehicles at traditional auto auctions. Currently available to all 2,700 Autobytel.com Accredited Dealers, the multi-tiered Wholesale.autobytel.com will soon be open to non-Autobytel.com dealers, fleet, rental, and lease companies.
"Car dealers have relied on auction systems as a way to purchase pre-owned vehicles for years," said Mark Lorimer, President and CEO of autobytel.com inc. "Wholesale.autobytel.com offers car dealers the opportunity to significantly reduce the cost of wholesale car purchasing, a savings that ultimately can be passed onto consumers."
Traditional auctions involve significant costs, including travel to and from the auction site and administration costs that do not exist in the online auction model. When dealers or third-party resellers access Wholesale.autobytel.com, they can sell their vehicles and bid on others from any location in North America-eliminating travel time or costs incurred each time their inventory needs replenishing. In addition, dealers benefit from being able to post their pre-owned vehicle inventory and take bids any time of the day or night.
Key features of Wholesale.autoybtel.com include photos and detailed descriptions of every vehicle in auction, real-time bid alerts, buyer and seller profiles, detailed statistical reporting for both buyer and seller, automated inventory uploads, and real-time auction information. Before a vehicle is posted for auction on the site, it will undergo an inspection where a Vehicle Condition Report will be generated. An escrow system completes the process.
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