Aiming for a piece of the online auto sales pie, Bid.Com International Inc. inked an agreement with Megawheels.com Inc., home to Canada’s largest automotive online database.
Bid.Com will license its proprietary online auction and e-commerce technology, including Dutch and rising price components, to Megawheels for undisclosed fees and a share of future profits. Bid.Com will also take a minority equity position in Megawheels.
“The addition of an auction component to our print and online sales services provides dealers and their customers with better buying mechanisms for used cars and leasebacks,” said Marty Hilsenteger, CEO of Megawheels.com Inc.
Megawheels.com enables automotive, motorcycle, RV and specialty automotive dealers and consumers to advertise products online as well as through their four regional specialty magazines. The company already has an alliance with The Globe and Mail through its site and the GlobeMegawheels weekly print insert.
Bid.Com offers its online auction platform for joint ventures into business-to-business markets and for distribution through broadband/cable media.