Seoul, Aug 8 (IANS): South Korea's major e-commerce site, Ticket Monster on Monday said it has started sales of British luxury car brand Jaguar.

Ticket Monster put on sales of 20 Jaguar XE Portfolios and R-Sports on Monday morning, marking them down 7 million won (US$6,317) from the regular retail prices to 48.1 million won and 46 million won, respectively. The two models were sold out in three hours, the company said.

Ticket Monster said it could sell all of the vehicles on the first day because it offered the best available price and even promised a refund if it was not the cheapest, Yonhap News Agency reported.

"Although new cars have been sold by overseas online shopping malls, it is the first time that a Korean e-commerce site sells new cars online," a company official said.

Consumers made a one-time payment on the website and will take over the vehicles from designated dealers or visit dealer shops, officials said.

Ticket Monster said the latest move was aimed at changing customers' expectations and leading the new trend in the highly competitive market.

"The sales of imported cars is part of Ticket Monster's efforts to change the retail paradigm," Ha Sung-won, the chief operating officer of Ticket Monster, said.