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Online Finance expands used car offering

Online Finance, the used car finance subsidiary of General Motors Acceptance Corporation (GMAC), has launched a web-based auction programme called On exchange, enabling UK dealers to purchase and sell used vehicles online.

From February Online Finance has expanded its used car offering from its own repossessions to establsih links with dealer groups to sell their used cars.

Participating dealers pay a fixed flat fee based on the number of their cars sold online, which Online Finance says is lower than the commission demanded by traditional auctions.

Each online auction runs for about a week with bids possible at any time of the day. Dealers can view a gallery of cars for sale, with digital pictures and a description. During the sale bidders are told be either a test message or by email if there has been a raise on their bid meaning the dealer is not tied to his PC.

Richard Tatford, Online Finance credit operations director, said: “On exchange is a value added service to dealers which helps them to buy and sell used cars efficiently and effectively without being restricted to traditional purchasing methods.

“We benefit as well, since we don't have to pay auction fees for the vehicles sold via this channel.”

He said since February 85 vehicles have been offered for sale via On exchange, and 63 (74%) have been sold.

Dealers can access the website at www.olf.co.uk and register by emailing sbrack@olf.co.uk for a password and username, or email Mr Tatford direct at rtatford@olf.co.uk.

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