Monday, August 11, 2008

Big Changes

At iLUXCARS, we are constantly trying to improve the process to balance the needs of both buyers and sellers. Starting tomorrow, the format and rules for buying cars is changing.

First, cars on the "Live Trades" list will have commitments from sellers at the specified target price. If the target price is met, the bidding will automatically close. This will encourage buyers to bid early and tie up the car quickly. Once the target price is met, it is the seller's responsibility to finish their deal and accept the offer as quickly as possible.

Second, when you enter a new vehicle you will be asked if you have a commitment from your customer. If you don't, the System will enter your vehicle as an appraisal where you will receive a value based on the last 30 days of transactions. The Appraisal will help you start your deal and achieve a real commitment from your customer. Once commitment is established, you can convert from Appraisal to Live Trade, enabling the entire network to view your car. Note that if the commitment is too far above the appraised value, you will be unable to convert to a Live Trade.

Our biggest complaint from our network is the lack of commitment from the sellers - either no commitment or above market asking prices. These changes are designed to alleviate these frustrations, as well as increase the participation from the dealers. We are aware all dealers want to know what buys the car. We are also aware that dealers don’t like the auction process and want the bidding closed once they have bid the money.

Designed for Trades. Faster. Safer. Better

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