Race the clock for a cheap car on eBay

@CNNMoneyTech June 28, 2012: 7:00 AM ET
EBay Motors will sell off 50 cars in a new race-the-clock format.

EBay Motors will sell off 50 cars in a new race-the-clock format.

NEW YORK (CNNMoney) -- EBay's model for selling cars is getting a twist: Starting Thursday, some vehicles will have their prices chopped every hour until they sell.

The company plans to put at least 10 cars a day on sale every day through Monday, when the promotion is set to end. The models to be offered include the Ford (F, Fortune 500) Mustang, F-150 and Fusion; Dodge's Challenger and Charger; the Jeep Wrangler; and Toyota's (TM) Prius C and Camry, among others.

"This sale was inspired by the classic Summer Blowout Sale you might find at a local dealer's lot," eBay Motors spokesman Danny Chang said. "We wanted to provide a modern version of that sale for tech-savvy shoppers."

It's the first time eBay (EBAY, Fortune 500) has sold cars this way. The company wouldn't say how much prices will drop when the hour hand ticks over, but it claims the decrease will be "significant."

There's no floor. Prices will keep going down until some buyer pulls the trigger.

The stunt is a partnership with AutoNation (AN, Fortune 500) Direct, which is providing the vehicles. The company thinks customers will enjoy the "excitement" of deciding whether to hit the buy button or taking the chance of letting the price drop further, AutoNation Direct president Ron Frey said. To top of page

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