Manhattan Projects LLC, an automobile retail software firm, yesterday unveiled an auction Web site designed to help car dealers sell new cars that have been on their lots for more than 60 days.
For $200 per completed transaction, NewCarDepot.com allows automobile sellers to clear inventory space without having to purchase advertisements or pay sales labor. Consumers will be able to use the site to bid on relatively new vehicles and possibly get bargain deals.
Under the site's selling process, dealers submit specifications and a floor price for the cars they want listed at the site. Car shoppers bid on the automobiles until either a winning bid meets or exceeds the floor price, or the dealer takes the car off the site due to low bidding.
For example, if a vehicle has a floor price of $15,000, then a winning bid of $11,000 would not result in a sale. Most vehicles on NewCarDepot.com have a floor price at or near dealer invoice.
Manhattan Projects, Torrance, CA, said it plans to tender selections from hundreds of car dealerships across the United States.