Operations

New Online Marketplace RideBid.com Unites Riders With Operators

Posted on October 20, 2009

Page 1 of 2

The reverse auction process only charges vendors a fee for rides that are actually booked.

LAS VEGAS, NV - New, user-friendly RideBid.com is the first bidding engine to unite riders and livery companies using a competitive, reverse auction process, where vendors actively bid on upcoming rides from potential customers.

How It Works

Riders post details for upcoming rides, including pick-up and drop-off times and location, and livery companies submit competitive bids. Unlike other online quoting systems, RideBid.com provides equal and open access for vendors to view the details of each ride before bidding. The vendor may then tailor their bid according to the time of year, day of week, occasion, and other factors that may influence price fluctuation. Pricing is left entirely to the vendor's discretion.

This bidding system keeps the process dynamic. All bids remain visible throughout the bidding cycle and may be revised at any time until the rider chooses a vendor. Vendors also can take advantage of the optional SecuredBid functionality, where they can submit their ideal rate and a floor amount (or the lowest price at which they are willing to fulfill the ride). If a competitor bids at a lower rate, the system will gradually decrement the vendor's bid amount toward the floor price so that the best rate is always presented to the rider.

The rider is not obligated to accept the lowest bid, and may choose to give prior customers' feedback greater consideration when selecting a vendor. The advantage is that a vendor with an exceptional service rating may still win the bid although their price is not the lowest.

What makes RideBid.com unique? The site partners with livery companies to get idle fleet moving. There is no cost to vendors to join or view all rides available in their service area. Vendors pay a nominal bidding fee only if the ride is booked through RideBid.com. No fee is charged if the rider walks away, unlike other e-commerce livery sites that charge vendors simply for the lead regardless of the outcome.

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