How to Buy and Sell in Lockdown
Whilst some of the houses are now offering online bidding, others have simply cancelled scheduled auctions due to the complications associated with adopting a different operating model. This isn’t a problem for one of our partners, The Market, who designed their online auction process from the ground up before launching in 2016, enjoyed £3.5m worth of cars sold in 2019 and £1.5m sold so far in 2020 with an 85% sale rate – numbers you cannot ignore.
We have supported the team behind The Market from inception as we believed in their aim to create a platform that reduced transaction costs paid by both sides of the deal. At the same time they also wanted to provide a service built on openness and honesty in order to reduce uncertainty for all parties involved in a sale.
Buyers are required to register prior to bidding which includes an identification check using a credit card in order to reduce the type of tyre-kickers that are prevalent on some online auction sites. If successful, buyers do not pay any fees on top of the auction price.
In order to help buyers in their decision making, listings are typically supported by 150 to 200 pictures per lot as well as copies of relevant invoices. Additionally, each lot is thoroughly and honestly described down to the small details. If, on the off-chance, a potential buyer feels that they require additional information they are able to contact the seller to arrange a viewing or pre-purchase inspection to ensure that they are fully satisfied prior to bidding.
For those looking to consign a vehicle there is no charge to list, the only fee is 5% of any sale price achieved. There is an optional premium service for those sellers who would like The Market to photograph their car, store it and host any viewings for a very reasonable additional fee of £250.
If you have been considering selling a car recently but have been caught out by the recent restrictions The Market could be the answer that you’re looking for.
If you would like a personal introduction to the team behind The Market, or have any other motoring queries that you think we may be able to help with, please do get in touch.