Online Luxury Car Auctions with No Reserve, Single Fee Get Rolling at BidSociety.com

SAN FRANCISCO, Nov. 29, 2012 /PRNewswire/ -- BidSociety.com announced today its first online luxury car auction using an innovative model that eliminates minimum sale (reserve) prices and introduces a single-fee "Auction Pass," which allows each bidder to place unlimited bids.

Auction passes for a gorgeous, new tungsten pearl Lexus IS250 four-door sedan go on sale this Saturday, December 1, 2012 at 7:00 p.m. Pacific Time for $15 at www.BidSociety.com.

The Lexus IS250 online auction will then commence on Sunday, December 9 at 7:00 p.m. Pacific time, and is expected to last 60 to 90 minutes. The second two cars will be announced shortly thereafter.

"Pay-per-bid schemes and high reserve prices have turned-off many luxury car enthusiasts from purchasing their cars through online car auctions," says BidSociety CEO David Andrews. "Our model makes the buying process fun and rewarding. We expect buyers to save 45 to 50 percent off the MSRP of each auctioned vehicle."

After the auction begins, the BidSociety system gives each bidder one minute to place a competitive bid. The clock will reset each time a bid is placed. When 60 seconds pass without a bid, the highest bidder wins the vehicle.

The winning bidder is not required to put any money down, and can lease or finance the cost of the vehicle on approved credit (OAC) with the dealer. Those who don't win a vehicle on BidSociety can use their Auction Pass number to receive $1,500 off the MSRP of any new car at Magnussen's Lexus of Fremont.

"This model enables anyone to purchase a luxury vehicle for the price of a regular car," said Bo Magnussen, CEO of Magnussen's Lexus of Fremont. "Those who have wanted a true luxury vehicle, but have never been able to purchase one, will now have a shot."

For more information, including the auction schedule, please go to: www.bidsociety.com

About BidSociety
BidSociety is a luxury automobile auction website operating in a disruptive, no-reserve, single participant-fee format. BidSociety membership is for individuals, not dealers or consortiums. Bid participants must be able to settle payment on purchases within 48 hours.

SOURCE BidSociety.com