It was only a matter of time before automobile dealers started buying cars via auctions on the Internet.
Online automobile seller Autobytel.com (Nasdaq: ABTL) announced a new service on Monday that will let dealers do just that. Autobytel.com’s 2,700 accredited dealers will now be able to bid on pre-owned wholesale vehicles at wholesale.autobytel.com. The service will soon also be available to non-Autobytel.com dealers, fleet, rental and lease companies.
Shares of AutoBytel.com, 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.