In the reverse auctions, radio stations compete for advertisers' pounds and bid the ad rates down. Advertisers and agencies gain simple access to radio at competitive rates. Broadcasters get an easy way to sell last-minute airtime, increase revenue and attract new advertisers.
Dave Newmark, chief executive of Bid4Spots, said: "There's a huge need for a solution that improves the process of buying and selling last-minute radio airtime.
"On both sides of the Atlantic the needs are the same - advertisers want a better and more cost-effective way to reach potential customers, and broadcasters want to increase revenue. The reverse auction model does both, as its continued success in the United States demonstrates."
Paul Mitchard, a former head of commercial scheduling at GCap Media, has been appointed to manage operations. Advertisers and radio stations can sign up at .
"Getting into any media at short notice in the UK has always been a challenge, but with Bid4Spots advertisers gain access to late availability airtime at potentially lower costs. Meanwhile, stations like the system because they maintain control over their inventory, even as they open it up for more revenue and new advertisers - many who've never considered radio in the past," Mitchard said.
Bid4Spots' US marketplace for terrestrial radio is used by more than 2,300 radio stations nationwide, more than 1,300 advertisers and more than 260 ad agencies.
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