Dealers are being given access to a new used car sales portal.

UK Car Exchange website is an online “price-drop” car auction portal.

Cars are uploaded for free and offered for immediate sale, typically over a 14-day auction period.

Prices drop automatically every day by an amount pre-determined by the seller.

The progressive price drop is designed to entice potential buyers, who are encouraged to buy promptly to avoid being beaten by a rival bidder.

Lease companies can post cars on the site for no cost and pay nothing if they sell to a trade buyer.