The largest online truck auction to date generated $2.2 million in one day, according to Transportnews.com (15/8/00).

The real-time auction of used trucks - conducted for a leading medium-and heavy-duty trucks manufacturer - was facilitated by Truckcenter.com, 80% owed by Entrade Inc., which provides the software for the online company.

The private auction service not only streamlined the transaction process for all involved, but also gave the vehicle manufacturers` dealers direct access to its inventory by removing geographical restrictions, says the report. Control over the opening bidding price, alongside the increments for bidding and the reserve price throughout the auction were controlled by the manufacturer.

Quoting Truckcentre.com's President Carrie Shea, the article says that the real time auction not only allowed the manufacturer to get its used trucks to the dealers in record time, feedback from dealers showed that the auction also provided them with both time and cost-savings benefits.

Citing dealers who participated in the event, Transportnews.com said that the auction was more convenient than conventional travelling alongside the fact that the auction allowed dealers to avoid crowded auction halls. Cutting travel costs was also considered an additional benefit to dealers, said the report.