UAUTOBID.com, Inc., Introduces the Capability to Purchase Specific Vehicles Online
13 September 1999
UAUTOBID.com, Inc., Introduces the Capability to Purchase Specific Vehicles Online
UNIONDALE, N.Y.--Sept. 13, 1999--and Research Resources
UAUTOBID.com, Inc. today introduced the first automotive e-commerce Web site that allows consumers to directly purchase a specific vehicle of their choice from dealers' new and used car inventories. The site provides customers with two distinct sale functions, both of which provide instant notification of the purchase of a vehicle. UAUTOBID.com is the only Web site that forwards confirmed purchasers to dealers, while other auto sites function as mere "lead-generators" that capture a customer's contact information to forward to a dealer in order to complete a sale.
Owned and operated by Interstate National Dealer Services, Inc. , UAUTOBID.com (http://www.uautobid.com) allows the consumer to browse through the listed vehicles on the site through criteria such as make, model, year, price range and mileage, within a customer-determined radius. Once a vehicle is selected and the bid is accepted, the customer pays a $250 deposit via credit card. The customer then visits the dealer within 48 hours to examine the vehicle and complete the sale, all without haggling over price.
"UAUTOBID.com's mission has been customer focused since its inception. We are giving consumers the ability to buy vehicles at prices that are comfortable for their wallets," said Michael G. Gannon, president of UAUTOBID.com. "We have gotten rid of the wheeling and dealing, the hardest, most uncomfortable part of buying a vehicle, by providing customers with two different purchase options."
Purchase Options
UAUTOBID.com utilizes two forms of sale - "Dutch" auction and name-your-price. In each instance, the dealer works with UAUTOBID.com to set a reserve or "floor" price for each vehicle. The "floor" price can be based on UAUTOBID.com's equations, or submitted by the dealership itself.
In the "Dutch" auction, found at UAUTOBID.com's Auto Auction section, the vehicle price is reduced at predetermined time intervals until a sale is made. The vehicle is sold to the first bidder who agrees to pay the current price. At all times, the start price and the current price will be displayed to show the consumer's savings.
At UAUTOBID.com's Auto Mall, consumers are able to enter the amount they are willing to pay for a specific car. If that amount meets or exceeds the dealer's sale price, the consumer wins the vehicle. In each section, Auto Auction or Auto Mall, the customer will be instantly notified of their purchase.
Consumer Help Information
In order for shoppers to make informed purchase decisions, UAUTOBID.com provides various links and information centers within the site. These resources allow consumers to research their vehicle, examine price and reliability, and prepare for insurance and financing. Some of these resources include:
| - | INSWEB(TM) for auto insurance quotes; |
| - | Lemon Check(TM) from Car Fax for reliability issues; |
| - | Web Car Book(TM) from Chrome Data for competitive pricing information |
| - | Links to vehicle reviews, automotive publications and all major manufacturers' Web sites. |
Customer Comfort
UAUTOBID.com gives consumers the comfort of knowing they can reject the car if the on-lot inspection fails to meet their expectations. In order to receive an electronic refund, UAUTOBID.com provides an online refund request form. After visiting the dealership the purchaser submits the form with the dealer's signature and the deposit would be refunded, less a service charge of $25.
UAUTOBID.com provides additional security with a comprehensive 3-month/3,000-mile warranty as part of the purchase price. The warranty is good for both new and used cars and is backed by a national warranty company with insurance company backing. For new cars, the UAUTOBID.com warranty takes effect after the manufacturer's warranty expires, extending 30,000 mile coverage to 33,000 miles, for example.
Dealer Comfort
Unlike many of the Web sites that merely generate leads to hand off to dealers, UAUTOBID.com does not charge retailers for participation. The UAUTOBID.com service gives dealers the benefits of creating an instant online presence. By listing inventory with reserve prices, UAUTOBID.com acts as an extension of the dealer's sales force.
"We are a one-of-kind site due to our long-standing tradition of good dealer relationships," said Chester J. Luby, chairman and CEO of Interstate National Dealer Services, Inc., and chairman of UAUTOBID.com, Inc. "Having personally owned and operated over a dozen dealerships for the past several decades and with Interstates' status as one of the leading service contract providers, we have formed UAUTOBID.com to bring our knowledge and expertise of the car business to the Internet. Anyone can build a lead-generation site, but in order create a true auto e-commerce site with specific cars for sale, dealer participation is essential."
About UAUTOBID.com
UAUTOBID.com (http://www.uautobid.com) is a subsidiary of Interstate National Dealer Services, Inc., one of the nation's leading vehicle warranty and service contract firms. The $50 million company is publicly traded, with principals who are well established in automotive retail. Their experience includes owning and operating over a dozen dealerships for several decades. UAUTOBID.com is available nationwide with full-service capabilities in Dallas/Ft. Worth.