Tuesday, December 17, 2013

car buyer's deal goes bust

(Reuters) - It used to be that people in the market for a new car could go to the car-shopping website TrueCar.com, which collects bids from auto dealerships, and get dealers to undercut one another on price. Dealers could see the rival prices, so prices tumbled lower over time almost like a reverse-auction.
Faced with complaints from dealers over the way that worked, TrueCar changed its website, the system became less competitive, with dealers no longer seeing rival prices, and now U.S. antitrust enforcers are trying to unravel what happened.

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