In this scenario, auto dealers are given a timeframe of two hours to engage in competitive bidding for your vehicle on an online auction site.
**New Car Auction Platform Bidbus Streamlines Used Car Selling**
Bidbus, a revolutionary online car-selling platform, aims to simplify the process of selling a used car by creating a competitive, time-bound marketplace for dealerships and wholesale buyers to bid on a vehicle.
Launched in 2022, Bidbus was founded by industry veterans who have extensive experience in the automotive sector. The platform recently secured a $3.3 million seed funding round led by Mucker Capital, which is expected to help improve its functionality and expand its reach.
To sell a car on Bidbus, the seller must enter basic car specifications and set a reserve price, the minimum amount they are willing to accept for the car. The listing is then placed into a private, dealer-only marketplace, accessible only to approved dealers and wholesalers.
During a two-hour bidding window, dealers compete to buy the vehicle, potentially driving up the sale price. If the car sells, Bidbus deducts a $300 fee from the seller’s proceeds, and the seller is paid. If the highest bid doesn’t meet the reserve price, the seller can decline the offer.
The process is designed to be a hassle-free alternative to traditional private sale methods, eliminating the need to manage inquiries, showings, and test drives with multiple strangers. Early reports suggest that the platform generates pricing comparable to wholesale dealer auctions but with reduced effort for the seller.
Bidbus is currently active only in Southern California but plans to expand to other geographies in the near future. The platform is modelled after livestock auctions, with cars rolling through multiple lanes simultaneously, and dealers bidding in person and online.
The author expresses skepticism about AI-powered platforms but suggests that Bidbus could potentially allow buyers to pre-configure parameters and get alerts when cars that fit their criteria are coming. The author shares a personal experience of sprinting around Manheim facilities in Massachusetts trying to buy dozens of cars at once, expressing relief at being out of that situation.
By providing a platform where quality comes standard and every car is worth a bid, Bidbus is positioning itself as a modern, efficient alternative to traditional used car sales, connecting sellers directly with a network of motivated buyers in the automotive trade. While its growth trajectory appears robust, detailed expansion plans—including target markets and launch timelines—have not yet been disclosed.
- Interested buyers on Bidbus may find it beneficial to set up their personal-finance plan to accommodate for the potential increase in car prices due to fierce competition during the test drive phase.
- As technology continues to evolve, the platform might introduce features such as AI-assisted bidding or instant finance options, further streamlining the used car selling process and making it more competitive in the finance sector.
