AutoTrader.com, the number one automotive classifieds site, will launch an Auction-Style Listings product in early 2003. Earlier this month, the company said it was ending its relationship with eBay in January 2003, 6 months early. The two companies began working together in March 2000, and under the agreement, AutoTrader.com has provided some of the vehicle listings to eBay's automobile marketplace.
AutoTrader.com said its new auction-style buying and selling tool has been built from the ground up to serve the needs of mainstream used-car buyers and sellers better than existing auction-style sites. Unlike existing auction-style sites, AutoTrader.com will not charge a selling fee, so buyers and sellers will not be forced to transact online if they are uncomfortable doing so. With easy-to-use tools, sellers can get the highest bid, generate more leads and maximize value by moving vehicles between auction-style and classified listings.
Unique features such as "Know When It's Close," "Offer to Sell," "Auto Extension" and "Rating Recovery" will enable sellers to close more transactions and give sellers time to respond to ratings from buyers. Buyers will be able to bid on conditional auction-style listings, which allow the winning bidder to inspect the car before completing the purchase. This feature, available at the seller's option, will remove the buyer's fear of bidding on a high-cost item sight-unseen.
"We will leverage our enormous database of 2.2 million vehicles and the largest audience of in-market car shoppers to create a product that will generate a whole new level of interest in auction-style car buying and selling," said Chip Perry, President and CEO of AutoTrader.com. AutoTrader.com said it receives over 6 million visitors per month.
AutoTrader is the second eBay partner to announce a competing product recently. AOL is set to launch a fixed-price marketplace soon.
