There are millions of used cars for sale on eBay every
single day. In fact, eBay Motors is one of the most profitable
sales division on eBay and naturally there are many
entrepreneurs who’re interested in jumping into this
market. For instance, eBay claims it sells an suv every nine
seconds and also the biggest online car dealer in America,
exceeding regular car websites. In fact, there are
15 million cars sold over the online market place each year – and
The recent rapid associated with the consignment business model
has made the vehicle market even more enticing. Many
sellers has the capability to sell cars they have never even seen and
with stop risk than the cost for this auction selling. Some
negotiators even persuade car owner to pay for the the ad,
thereby risking no more than their a little time.
The biggest single problem for this business design is the
trust of prospective you. After all, paying thousands or
tens of thousands of dollars for a car sight unseen is an
awesome leap of believe. Even buying for a plane ticket to go
see auto before paying causes buyers to be uncomfortable.
The easiest way sellers can overcome this fear is to apply an
escrow services. The one chosen by eBay is Escrow.com, which
handles eBay auctions in the and Ontario.
An escrow service works as a neutral to be sure. In an
exchange of merchandise, the buyer sends his money to
Escrow.com as well as the seller ships the product to the purchaser.
The buyer usually has two days to inspect his purchase, and
if she’s happy, he notifies the excrow company who releases
the money to the seller, minus its fee. If the buyer is
dissatisfied, he returns the undamaged merchandise to the
seller, and after the vendor receives his merchandise back
(in satisfactory condition), the escrow company returns the
buyer’s currency. Thus both sides in the transaction are
protected. The buyer almost always pays the fees for this,
although sometimes buyer and seller split the are priced at.
Escrow.com has built its “Vehicle Services Division”
specifically for dealing with the used cars, trucks, SUVs
and most situations else with wheels including a motor. The buyer
can possess a 160 point inspection performed before agreeing to
the expense. This is an inexpensive service and certainly
will save the buyer any headaches.
* Customer pays a $125 fee that is non-refundable
* The seller is contacted and the inspection is carried out
* The buyer receives a report
* The buyer chooses to go forward with obtain – or not
Another choice for the buyer is to deposit his payment with
Escrow.com and also take delivery of automobile. The
seller ships the car after he knows the money is secure with
the escrow company. The seller must provide tracking
information, that verified by Escrow.com.
The buyer has between one and 30 days to thoroughly inspect
his new purchase (the period is negotiated relating to the two
parties ahead of time). If this time expires and the escrow
company haven’t heard originating from a buyer, it assumes happy
and provides the purchase price to the seller.
The buyer may return his vehicle if the final results happy and
sometimes consumers work out partial payment
agreements, customer being satisfied with some aspects of the
transaction, benefits with some other. If a dispute arises, it is
settled from American Arbitration Association.
The fee for support is:
* $0 – $7,500 = value of vehicle: $125
* $7,500.01 to $15,000: $170
* $15,000.01 to $30,000: $200
* $30,000.01 to $50,000: $275
* $50,000 = 6% of the value
Once agreement have agreed, the title transfer process
begins and Escrow.com assures that this too, for a fee of
$95. Title transfers are handled by Centerpoint Diversified
Services which works in total 50 jurisdictions. The fee, naturally,
doesn’t include any transfer costs – it should be only insurance
that the title always be expedited to the satisfaction of both
Escrow.com has also a service that will ship cars almost
anywhere in the industry and will gather an auto history report
to inform sellers might new chariot has been salvaged or
stolen, suffered flood or hail damage, been within a fire or
accident, has an odometer rollback or has been used as a
police car, a rental or a cab.
Anyone considering offering used cars available on eBay would
be wise to thoroughly learn the support available
through Escrow.com and offer those to prospective buyers.
The trust factor will skyrocket plus your chances of
completing sales will dramatically increase.
About The Author:
Learn how you can sell on eBay with 16 hours of online instruction taught by a 10 year eBay veteran. Own an eBay business as an alternative to an eBay hobby.