The Corgi website has already attracted 600 registered users, who can watch the progress of their bids over a 10-day period.
The first lots under the hammer were for the company's gold plated 50th anniversary range. A model E-Type Jaguar received 3,443 bids, fetching £155, double its reserve price.
Jill Davey, marketing manager at Corgi Collectables, said: "From time to time, Corgi has extremely rare models that, in the past, many of our collectors could only dream of getting their hands on.
"We started TV advertising back in 1957 and now we want to make best use of the internet to reach our collectors."
Other models to attract major bids on the site include a Supermarine Spitfire Mk1, a Simon Snorkel fire engine and a Bristol Lodekka double-decker bus.
The internet auction has been supported by regular email bulletins sent to Corgi's collector database, announcements in the collector media and Corgi's collector clubs.
Corgi, which was founded in 1956, specialises in die-cast collectable cars, buses, planes and trucks.
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