HOUSTON--(BUSINESS WIRE)--A new Internet-based service designed to dramatically change the way that buyers and automobile and truck dealers do business together is rapidly gaining acceptance: MyDealerBid.com, which launched in the Houston metropolitan area in March 2012 by HKS Media Group, Inc. (www.hksmediagroup.com) as a “reverse auction” service and has secured 120 dealer subscribers and over 43,000 Web site visitors as of Nov. 30, 2012.
Co-founders are Robert “Bob” Stratton, chief executive officer and director; Christopher Hopper, president and director; and Lee Kemick, secretary and director.
“MyDealerBid.com plans to expand to about 34 U.S. metropolitan markets with approximately 2 million or more residents within the next four to five years. Our goal is to have 30 to 40 percent of the dealers in a given market accessing our system and services within a 90- to 120-day period. HKS Media Group estimates revenue of $120 million annually when expansion plans are completed,” Stratton commented.
MyDealerBid.com is privately funded, fully owned and operated by HKS Media Group. HKS Media Group Inc. operates several Web-based diversified automotive referral service platforms that increase dealer sales opportunities through various innovative and unique products. Through the company’s flagship Web site, MyDealerBid.com, consumers access various products offered by HKS. Additional products are in the development stage and are expected to launch in the first quarter of 2013.
How MyDealerBid.com Works
MyDealerBid.com allows consumers to search for new and pre-owned vehicles without any obligation to buy from any auto dealer bidder.
Consumers access www.mydealerbid.com, follow the prompts to outline specifications for the vehicle he or she is seeking, and initiate a process in which local subscribed dealers bid against each other in a live reverse auction (meaning that the bidding starts high and gradually goes lower). Dealers can see each other’s bids and then compete against each other for the absolute lowest available price on a particular vehicle.
MyDealerBid.com offers a finance option so that potential buyers can input their credit information, which then authorizes MyDealerBid.com to run a credit report without exposing their identity and information. Dealers can then bid on the price, interest rate and monthly payment. The consumer’s credit information is only accessed one time for all competing dealers to review. Because of this streamlined approach, there is no harm to the consumer’s credit score.