There are thousands of used cars for sale on eBay every single day. In fact, eBay Motors is the foremost profitable sales division on eBay and naturally there are a number of entrepreneurs who are curious about jumping into this market. For example, eBay claims it sells an SUV each 9 seconds and is the most important online car dealer in America,exceeding the traditional car companies. After all, there are 15 million cars sold over the Web each year – and growing.
The recent fast growth of the consignment business model has created the used automobile market even additional enticing. Many sellers can sell cars they have never even seen and with no more risk than the cost of the auction listing. Some negotiators even persuade the automobile owner to purchase the ad, thereby risking not more than their time.
The largest single issue for this business model is the trust of prospective buyers. When all, paying thousands or tens of thousands of greenbacks for a automobile sight unseen is an awesome leap of faith. Even shopping for for a plane price tag to go see a automobile before paying causes buyers to be uncomfortable.
The simplest manner sellers will overcome this concern is to use an escrow service. eBay encompasses a most popular service, and it’s easiest to use that one.
An escrow service acts as a neutral third party. In an exchange of merchandise, the client sends his money to the escrow service and the seller ships the product to the buyer. The customer usually has 2 days to inspect his purchase, and if he’s happy, he notifies the escrow company who releases the money to the vendor, minus its fee. If the buyer is dissatisfied, he returns the undamaged merchandise to the vendor, and when the seller receives his merchandise back (in satisfactory condition), the escrow service returns the buyer’s money. Thus both sides within the transaction are protected. The client nearly continuously pays the fees for this, although generally buyer and seller split the cost.
Perry Mike has been writing articles online for nearly 2 years now. Not only does this author specialize in Wholesale
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