June 22, 2004

By: Tristan Peterson
Website: http://www.1st-in-cars.com

Permanent tsb finance to host Ireland's first internet based car auction for the general public this weekend

Permanent tsb finance, the car financing division of permanent tsb bank, is to launch the country's first internet based car auction for the general public. This is the first such auction of its type in Ireland.

The auction will take place on the website www.autopoint.ie. It will run over four days of the coming Bank Holiday weekend. Those interested in participating in the auction are asked to pre-register with the site prior to the auction itself.

The auction will enable members of the public to review details and photographs of individual cars supplied from car dealers across the country. Members of the public will be able to bid for the purchase of these cars and even organise finance for the purchase through their car dealer and permanent tsb finance.

Speaking today, Chris Hanlon, Chief Executive of permanent tsb finance, said that the public auction was a development of a private facility which the company currently has available to car dealers through which they can source second hand vehicles; We view this facility as part of our service offering to our network of car dealers across the country. Its one of the ways we can bring extra value to their relationship with us.

The site has already been proven. Over the past year we've organised an average of 3 auctions a week using the autopoint site with over 1,000 cars sold. Till now participation has been limited to car dealers but now we are ready to offer the service to the general public.

The action is being organised in association with Carzone, Ireland's leading used car website, listing 14,500 cars from 395 dealers nationwide.

Speaking about this week's auction, Noel Halloran Managing Director of Carzone.ie said, Our partnership with Autopoint allows us to provide our dealers with access to this exciting new sales opportunity. As well as significant dealer interest in partaking we also expect widespread consumer interest from a large number of the 200,000 visitors we get to our site each month.

How will the Auction work? Autopoint is an auction 'style' site. While site visitors will bid in an auction type manner, no legally binding agreements are concluded by the purchaser or the vendor.

The Autopoint site will introduce the selling dealership to the person who bids the highest amount or meets the reserve price. The price and other terms are subject to agreement and conclusion in line with normal motor trade practice. After the auction has ended the purchaser will be notified by email stating whether their bid met the reserve or if they were outbid.

The vendor will receive an email giving contact details of the purchaser. The highest bidders, which have met the reserves, will then be contacted by the vendor to agree collection/delivery and payment for the car. The sale is not complete until the vendor and the purchaser have agreed to accept the offer.

About The Author:

Tristan Peterson is a successful author and regular contributor to http://www.1st-in-cars.com.  Making that car wish list come true with auto parts, stereos and accessories plus financing tips.