Tuesday, November 13, 2007

The Rules Are Changing

We're rolling out some new rules for the site. These come about after much discussion both internally and externally. The first set of changes all relate to deal and bid expiration:
  1. Bidding will close at 12:00 PM PST for all deals (Fresh Trade and Inventory).
  2. For Fresh Trade deals, the bidding will close the next business day.
  3. For Inventory deals, the bidding will close 2 business days later.
  4. If you enter the vehicle on Friday, the bidding will close Monday at noon.
  5. All Inventory deals will expire 2 hours after the bidding closes.
  6. All Fresh Trade deals will expire 24 hours after the bidding closes. This is to allow you time to close your retail deal.
  7. You must accept the offer before expiration or the bids will no longer be committed. You don't have to wait until the end of bidding to accept. You can reopen the vehicle, but the bidding process will start over.
  8. Your bid is committed only until the deal expires.

The other change only applies to Dealer Inventory deals. After talking to many of you over the last couple of weeks, we've gathered that the vast majority of you know the amount you need to make your deal. You are all putting an asking (or reserve) price that, if met, will make your deal. (Many of you are a still a little confused on the definition of "wholesale", but we're working on that).

So, from now on, if a bid meets or exceeds your asking (or reserve) price the system will automatically accept the offer on your behalf and start the process of getting you paid and your car delivered to the buyer. Which is, of course, our whole purpose - get you paid and get the car delivered, fast.

For bidders, you will now see both the reserve status and the bidding close date as soon as you bid. Also, we're leaving you on the 'Make An Offer' page after you bid (for those of you who want to bid on multiple cars). Bidding, if you're new to the network, is super simple. It takes exactly 2 clicks. Choose the car, enter your bid, click Next, click Submit. That's it.

iLuxCars - Faster. Safer. Better. The only sensible way to trade.

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