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Changing the way you buy cars
Rewards – How we pay money to Sellers (Patent Pending)

LetDealersBid.com pays lowest bidding dealerships money through Dealership Rewards Program (DRP). Below is how this reward program works:

  1. Buyer submits request for bids and has an option to contribute x amount of money towards Dealership Rewards Program (between $20 to $500 depending on the type of vehicle)
  2. Dealerships submit their bids/offers to buyers through our website. Some bids/offers are always lowers than others
  3. When buyer accepts some bid/offer, or when buyer’s request expires with 5 or more bids, we divide buyer’s money by 4 and credit dealerships using following guidelines
EXAMPLE:

John lives in Chicago, IL, and is interested in buying an Acura MDX 2010. He comes to LetDealersBid.com and submits a request for bids after contributing $90 towards Dealership Rewards Program.

Following vehicle offers are submitted by the dealerships within the time-frame John gave to dealerships:


Dealership Name Vehicle Offered to John Offered For
Dealership A Offered exact same Acura John is looking for (BID*) $45,000
Dealership B Offered exact same Acura John is looking for (BID*) $44,700
Dealership C Offered exact same Acura John is looking for (BID*) $42,300
Dealership D Offered exact same Acura John is looking for (BID*) $45,750
Dealership E Offered exact same Acura John is looking for (BID*) $46,200
Dealership V Offered Brand New 2010 Nissan Armada (OFFER**) $41,000
Dealership W Offered Brand New 2011 Honda Pilot(OFFER**) $38,000
Dealership X Offered some Certified Pre-Owned vehicle (OFFER**) $27,870
Dealership Y Offered some Certified Pre-Owned vehicle (OFFER**) $22,000
Dealership Z Offered some Certified Pre-Owned vehicle (OFFER**) $31,350

* What are BIDS?
When dealerships offers exact same vehicle to the buyer said he/she is looking for, we call it a BID in our system to help us separate such offers from "Comparable Vehicle Offers" (see on right)
** What are OFFERS?
When dealership offers to the buyer something other than what buyer is looking for, we call it is an OFFER for simplicity reasons


How we determine amount dealerships are going to earn through Dealership Rewards Program (DRP)?

LetDealersBid.com creates 4 buckets of funds using these guidelines. John’s contribution of $90 is divided between following dealerships as soon as John accepts any offer or after his request expires:

  1. Dealership D gets $22 (lowest offer over-all)
  2. Dealership B gets $22 (2nd lowest offer)
  3. Dealership A gets $22 (3rd lowest offer)
  4. LetDealersBid.com gets $22 (service charge)

Note: If John receives less than 5 offers and does not accept any offer in 30 days no one gets any money since we give John his money back. If John accepts an offer even when there were less than 5 offers, dealerships earn even more money since there are less no. of parties getting money (see guidelines)


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