Stock Watch: Launches Auction Service

It was only a matter of time before automobile dealers started buying cars via auctions on the Internet.

Online automobile seller (Nasdaq: ABTL) announced a new service on Monday that will let dealers do just that.’s 2,700 accredited dealers will now be able to bid on pre-owned wholesale vehicles at The service will soon also be available to dealers, fleet, rental and lease companies.

Shares of, which just went public in March climbed 13 percent on Monday, closing up 3-3/4 to 32-5/8 after the news. The stock is still well off its all-time high of 58.

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