Sold. Autoebid.com

AutoeBid.com
A reverse bid auction site offering new cars from reliable UK suppliers at the lowest possible price
Utilising a bespoke platform that has taken over £190m of new vehicle orders. Currently attracts more than 850,000 annual visitors per annum. Over 50,000 registered users. Supplying from a database of over 1,600 registered suppliers
Ref.AM155
Location Fully Relocatable
Asking Price £ 1,000,000
AutoeBid is an established, innovative on-line business in the UK new car industry. AutoeBid operates a reverse auction using proprietary technology. With a 98% customer satisfaction rate and recommendations from the likes of The Sunday Times, Which consumer champion and Auto car, AutoeBid has taking over £190 m order value.
This award-winning company has achieved many prestigious recognitions including: featuring in Which consumer champion magazine, winning the Department of Trade and Industry's National e-Business Award, and London Region award, and short-listed for "Best use of Science or Technology" at the Thames Gateway Business Awards.
That AutoeBid is one of the few companies in the world to have made the reverse auction model work and the understanding of how to make it work is an important feature of the corporate "know how".
AutoeBid is the only new car service that not only enables clients to make the best possible savings but it enables clients to possibly save twice.
An example is a client who agreed to buy a new Aston Martin and save £5,504 however ended up saving an additional £7,469, giving him a total saving of £12,523, enough to buy his son a car just with the additional saving that he did not expect to make. A video testimonial from this client "Ian Pye" is available on the website

Expansion Potential
This company has grown organically and has achieved tremendous success. The prospects for growth are almost unlimited.

Due to lack of resources, existing success has been achieved without any significant marketing or sales campaigns, including to its existing significant database, relying principally on new customers finding the service through search engines and personal recommendations, and then placing orders themselves online. There is currently no dedicated telephone order line.

The company does not currently service the significant UK Used Car industry, nor does it currently capitalise on the significant number of customers using the site who wish to sell their existing cars.

The business also does not provide its own finance solutions, even though availability of finance is a significant driver towards new car sales growth.

There is also potential to grow internationally.

According to the SMMT, UK new car registrations rose 5.3% in 2012 to 2,044,609 units, boosted by strong consumer demand. According to Frost & Sullivan (report dated 21 January 2013), online auto sales are set to soar by 2020.

Market / Competition / Non-Competition Agreements
The business achieves the majority of its orders from recommendations, repeat business and FREE SEO – Search Engine Optimisation.