Price & Compare Cars - How Automotive Consignment Works in 3 Easy Steps
Content provided by Retail My Ride
What is Auto Consignment?
Most people are familiar with the concept of using a local consignment shop to sell their used furniture, clothing, jewelry, art, etc. Take your items to the local shop and when they sell, you split the sale money with them. Automotive retail consignment is basically the same except you take your Auto, RV, or Motorcycle to an automotive "Consignment Pro." The term Consignment Pro is used here to mean a licensed, bonded, insured, state-approved motor vehicle dealer (dealership) that will market your Auto, RV, or Motorcycle for you alongside their vehicles and take a reasonable commission when it sells
Another helpful way to think of automotive Consignment Pros is like the common practice of hiring a real estate agent (professional) to sell your house for you.
The Consignment Pro will typically handle all aspects of inspecting, appraising, preparing, advertising and selling your vehicle, which is a rather large list and undertaking. The retail consignment sale option will always yield you more money than a trade-in or instant cash wholesale offer. Generally, retail consignment will even get you more than selling it yourself, but without all the hassles and dangers commonly experienced with the private sale option (especially since the arrival of COVID-19).
Each Consignment Pro offers a slightly different approach to consignment, but generally their compensation consists of a fee(s) or commission or some combination of fees (upfront enrollment) and commission (when your vehicle sells).
Automotive retail consignment is a simple, proven, and valuable selling option. Hand the keys to your local Consignment Pro then sit back and collect your money when it sells. It all starts with finding a Consignment Pro near you that specializes in selling your type of vehicle.
Three Easy Steps
- Step 1 - Find a Consignment Pro like Price & Compare Cars - Send your information to Price & Compare Cars through the Consignment page and one of our team members will get in touch with you quickly.
- Step 2 - Drop Off your Vehicle - During your appointment, your Consignment Pro will complete: Vehicle inspection, appraisal and consultation on competitive market pricing, discuss/recommend any pre-sale reconditioning to maximize the resale value, and sign a consignment agreement.
- Step 3 - Site Back and Relax - Once your vehicle is enrolled in their program, your Consignment Pro will generally handle everything:
- Prepare, Detail, and Recondition your vehicle
- Photograph your vehicle
- Advertise and list your vehicle on multiple websites for maximum exposure
- Display and market your vehicle on their property
- Supervise test drives (COVID-19 compliant)
- Handle all negotiations with prospective buyers
- Accept buyer trade-in to facilitate sale of your vehicle
- Offer financing options to buyer if needed
- Offer warranty products to the buyer if requested
- Certify and guarantee buyer funds
Once your vehicle sells, your Consignment Pro will:
- Pay off your outstanding loan and obtain title and lien release, if applicable
- Pay you the proceeds of sale as agreed, generally within 24-48 hours of funding
- Complete title transfer and registration process for you and the buyer