World's First Live On-Line Only Auction Site

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Aussie breakthrough signals the end of traditional auctions at ibuyauction.com.au

Goodbye traditional auctions, your time has passed. Move over E-Bay, Australian technology is set to make your system outdated.

http://www.ibuyauction.com.au is the world’s first live on-line auction site. The entire auction is conducted electronically, in real time, meaning sellers and buyers can interact via their computers from anywhere in the world.

The auction is completed in minutes, not days as with current technology.

The unique http://www.ibuyauction.com.au is covered by three certified Australian patents, with international patents pending.

The costs are a fraction of standard ‘physical’ auctions. Goods remain in the seller’s possession, eliminating transport costs; there is no venue to hire or wages to pay; and commissions on sales are low.

Sellers nominate a reserve price which is known only to ‘iBidBuddy’ the electronic auctioneer, who calls out each bid and the name of the registered bidder while recording it on screen for all participants to see.    

Each auction begins with ‘iBidBuddy’ setting an opening price calculated using a unique patented algorithm system. When asked how it works, Mr. Wakim replied: “this is our secret 11 herbs and spices . . . our ‘special sauce’.”

Sellers can reduce the reserve price ‘on the fly’, provided they are linked into the system.

When the reserve is reached ‘ibidBuddy’ announces it.    

If a potential purchaser is unable to bid at the on-line auction the system has another clever feature – proxy bidding. This stores an individual’s highest bid pre-auction, then progressively bids on their behalf at the appropriate time in the live auction up to the nominated amount.

Initially the site will concentrate on auctioning motor vehicles – each year in Australia some $47-billion worth of used cars are traded – but the technology is suited to all goods, including property.

The breakthrough technology has been developed by Sydney man Buddy Wakim, who has owned various automotive dealerships for 39 years, as well as spending the last four years bringing his electronic auction vision to reality.

Mr. Wakim is currently launching http://www.ibuyauction.com.au to a network of motor vehicle dealers across Australia, with ‘test’ live auctions proving successful.

Dealers can create their own public or wholesale auction whenever they want, without having to leave their premises they simply upload details and photos of a car, or multiple vehicles, to the auction site and chose a date and time they want the auction to be held. Each vehicle to be auctioned is automatically advertised through the on-line classified website, mycarads.com.au which Mr Wakim has operated for the past two years.

Potential buyers register with http://www.ibuyauction.com.au and bid on a vehicle in real time, against other bidders. http://www.ibuyauction.com.au will take a deposit on the dealer’s behalf from the successful bidder and then put both the dealer and purchaser in contact with one another.

“It’s the beginning of the end of auctions as we know them,” said Mr Wakim.

Video Media release can be seen on you tube link below
[http://www.youtube.com/watch?v=poZbbPADCQQ

Full information about the revolutionary technology is on http://www.ibuyauction.com.au

Released by: ibuytrader Pty Ltd T/A ibuyauction.com.au, 327 Hume Highway, Cabramatta, NSW 2166
http://www.ibuyauction.com.au
Email: buddy(at)ibuyauction(dot)com(dot)au
Contact: Buddy Wakim, CEO, Ph: (02) 97235433, Mob: 0414 757575

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Buddy Wakim
MyCarAds
(614) 147-5757 x5
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