According to UK Car Exchange, the new website – www.ukcarexchange.com – gives buyers another route to disposal, with the potential to achieve higher returns on sales.

Cars are uploaded free of charge and offered for immediate sale, typically over a 14-day auction period, to provide sellers with fast cash return. Prices drop automatically on a daily basis – by an amount pre-determined by the seller – with the idea being to encourage visitors to buy promptly to avoid the prospect of being beaten to a purchase by a rival bidder.

The website provides another route to market for fleets. Until a car is purchased, the seller's details are withheld, allowing the advertising of the same car at a different price through other channels. If a car is sold elsewhere, it is simply removed from the website, without a cancellation fee being incurred.

Sellers have the option to show their stock only to registered trade buyers, or to both traders and consumers. They can list an unlimited number of cars on the site, for free – a fee is only payable when a car sells. Sellers also have the ability to set a reserve price. 

UK Car Exchange's management team, led by managing director Tony Hinkley, has over 75 years' experience in the motor trade. 

'We are really excited to bring this innovative new concept to the UK motor trade,' said Mr Hinkley. 'Sellers can now access a new national market, at no cost until a car is successfully sold, in addition to continuing to market their stock through traditional methods. This will give fleet managers and leasing firms the chance to get maximum return for minimum effort, particularly with the option of selling direct to a consumer audience.'

The company says that it has already signed up a wide range of customers, from major dealer groups to single-site independent traders.

For more details, visit www.ukcarexchange.com or call 0845 519 1499.