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Used Cars For Sale On Ebay
By Sydney Johnston, Sat Dec 10th
There are thousands of used cars for sale on eBay every singleday. In fact, eBay Motors is the most profitable sales divisionon eBay and naturally there are many entrepreneurs who areinterested in jumping into this market. For instance, eBayclaims it sells an SUV every nine seconds and is the biggestonline car dealer in America, exceeding the traditional carcompanies. In fact, there are 15 million cars sold over theInternet each year - and growing. The recent rapid growth of the consignment business model hasmade the used car market even more enticing. Many sellers areable to sell cars they have never even seen and with no morerisk than the cost of the auction listing. Some negotiators evenpersuade the car owner to pay for the ad, thereby risking nomore than their time. The biggest single issue for this business model is the trust ofprospective buyers. After all, paying thousands or tens ofthousands of dollars for a car sight unseen is an awesome leapof faith. Even buying for a plane ticket to go see a car beforepaying causes buyers to be uncomfortable.
The best way sellers can overcome this fear is to use an escrowservice. The one chosen by eBay is Escrow.com, which handleseBay auctions in the US and Canada. An escrow service acts as a neutral third party. In an exchangeof merchandise, the buyer sends his money to Escrow.com and theseller ships the product to the buyer. The buyer usually has twodays to inspect his purchase, and if he is happy, he notifiesthe excrow company who releases the money to the seller, minusits fee. If the buyer is dissatisfied, he returns the undamagedmerchandise to the seller, and after the seller receives hismerchandise back (in satisfactory condition), the escrow companyreturns the buyer's money. Thus both sides in the transactionare protected. The buyer almost always pays the fees for this,although sometimes buyer and seller split the cost. Escrow.com has created its "Vehicle Services Division"specifically for dealing with the used cars, trucks, SUVs andalmost anything else with wheels and a motor. The buyer can havea 160 point inspection performed before agreeing to thepurchase. This is an inexpensive service and certainly will savethe buyer any headaches. * The buyer
pays a $125 fee that is non-refundable * The selleris contacted and the inspection is carried out * The buyerreceives a report * The buyer chooses to go ahead with thepurchase - or not Another choice for the buyer is to deposit his payment withEscrow.com and then take delivery of the vehicle. The sellerships the car after he knows the money is secure with the escrowcompany. The seller must provide tracking information, which isverified by Escrow.com. The buyer has between one and 30 days to thoroughly inspect hisnew purchase (the period is negotiated between the two partiesahead of time). If this time expires and the escrow company hasnot heard from the buyer, it assumes he is happy and gives thepurchase price to the seller. The buyer may return his vehicle if he isn't happy and sometimesbuyers and sellers work out partial payment agreements, thebuyer being satisfied with some parts of the transaction, butnot with others. If a dispute arises, it is settled by theAmerican Arbitration Association. The fee for this service 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 both parties have agreed, the title transfer process beginsand Escrow.com will guarantee this too, for a fee of $95. Titletransfers are handled by Centerpoint Diversified Services whichworks in all 50 states. The fee, naturally, doesn't include anytransfer costs - it is only insurance that the title will beexpedited to the satisfaction of both parties. Escrow.com also offers a service that will ship cars almostanywhere in the world and will gather an auto history report toinform sellers if their new chariot has been salvaged or stolen,suffered or hail damage, been in a fire or accident, hashad an odometer rollback or has been used as a police car, arental or a taxi. Anyone considering offering used cars for sale on eBay would bewell advised to thoroughly learn the services available throughEscrow.com and offer those to prospective buyers. The trustfactor will skyrocket and your chances of completing sales willdramatically increase. About the author:Learn how to sell on eBay with 16 hours of online instructiontaught by a 10 year eBay veteran. Own an eBay business insteadof an eBay hobby. http://www.auction-genius-course.com
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