£7m saving? It’s car buying, but not as we know it

Weekends spent trailing ‘round car showrooms, looking for the right deal are a thing of the past, thanks to an online service that puts buyers back in control and can save them thousands.

Auto eBid (AutoeBid.com) is a unique car-buying experience – a ‘reverse auction’ system, where car dealers are invited to bid against each other for customers’ business, creating a hassle-free way to buy a new car and driving down the prices paid.

The unique reverse auction means customers save twice – first, by setting the price they’ll pay against Auto eBid’s guaranteed maximum price for their chosen model, which is always under the manufacturer’s RRP, then saving again as dealers, brokers and car supermarkets compete for the sale.

The force behind the company is entrepreneur, Amin Saleem, who has spent the past five years refining the service and has saved customers a total of £7 million in the process.

Auto eBid’s service generates an average customer saving of 15% - or £3,185 – off the retail price of a new car, with the largest single saving to date being 45% - or £18,010 – saved off the price of a new Audi A8.

This combination of big savings and ultimate convenience has led to a 94% customer satisfaction rating through independent authority, Feefo.

Saleem says: “Many people find car buying a traumatic experience; they’re nervous of the high cost, bamboozled by the numerous finance options and feel intimidated by high pressure sales tactics. Auto eBid puts them back in control and lets them dictate what and how they’ll buy.”

Auto eBid attracts all types of car buyers, with over 100,000 unique visitors each month and its most popular car is currently the new Ford Fiesta. To meet this demand, Saleem has built an online network of dealer groups and 5,000 franchised dealers to bid for his customers’ business.

In 2010, he is planning to expand Auto eBid’s services to all UK car buyers, by also offering finance and part exchange online.