The biggest car auction website in the world, Liveauction, is adding a feature to its adverts that will allow people to pay a small fee to have their car’s auctioned for them.
The news comes after car auction company Liveauctions reported that it was losing $100 million a year in revenue due to a lack of competition.
Liveauction CEO Paul Denton says the new feature will allow users to pay for the bidding of their car without being charged.
“We have a feature that allows you to pay with cash and the bid amount will be calculated based on the auctioneer’s bid,” Mr Denton said.
“So if the auctioneers bid for a car you can pay them with a credit card.”
The new feature is only available on the first weekend of each month and will only be available in Australia, New Zealand and South Africa.
“This is a first-time for us and the only other country that we have so far that we are going to offer this is the United Kingdom,” Mr, Denton explained.
“In the United States and in other countries that we do offer it, the bidding is charged directly into the card.”
Mr Denton expects the feature will eventually be rolled out in all countries, but has yet to confirm exactly how soon that will happen.
“I think we have the technology in place now and I think the rollout will happen pretty soon,” he said.
Mr Dickson has said he expects to see a $100,000-per-month fee on the new option within three months, although the company will not disclose the exact price.
“That’s where it comes in,” he told News.
“Our goal is to make it as simple as possible to buy a car from a real estate agent and we’re working on that.”
Mr Jaffe believes that the new advertising option will not only allow people the opportunity to buy their next car, but also to be paid by the car, rather than a third party.
“You can have your car sold for $1 million,” Mr Jaffe said.”[And] it’s not just you who’s going to get to buy it.”
Mr. Jaffe says he expects the new ads will be popular and could help improve the adverts for the popular Australian stock market.
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