What is consignment?
Consignment is the demonstration of giving guardianship or vehicle of any material or
merchandise to someone else or operator in control yet holding legitimate proprietorship
until the material or products are sold.
In our trade, car consignment refers to giving permission to the consignment car
dealers to sell the car on your behalf whilst maintaining full legal ownership of the
vehicle until the car is sold. Dealers will usually take a cut from the sale of that
consigned car. The fee ranges from $1000 or from two percent of the final agreed selling
price, depending on the consignment agreement.
The Good, The Bad and The Ugly World of Consignment
The Good
Having a consignment car dealer would be extremely beneficial as the dealer will have the experience in handling the entire sales process for you. From the advertisement to the handling of documentations when the sale is made, all these will be well taken care of by the dealers.
You do not have to worry about multiple incoming phone calls from genuine buyers as the car
consignment dealer will be the one handling these enquiries for you. Having them as a negotiator will also fend off potential low ballers that try to under quote the price as the dealers are well versed in the current market prices.
You will not be subjected to the dealer’s mercy and redundant test drivers, as potential buyers will be sieved through by the car consignment dealers and only through your agreement, will the final decision be made.
Consignment car dealers also work with banks to offer financial packages and choices to would-be car buyers. This can be an attractive point to car buyers who are not looking to spend a huge amount of payment upfront.
To avoid disappointment in your car consignment experience, always contact a reputable and transparent dealer. Read more on the 7 value 360 VR Cars uphold.
The Bad
Depending on the business operations of the consignment car dealers, there is a possibility that you would have to leave your car at the showroom. By placing your car at the showroom, it will allow a faster rate of transaction, interested and potential buyers will be able to head down to the showroom and view the car anytime. It also enhances the chances of it getting viewed as there will also be walk-in customers. However, this might be a slight inconvenience to you if you do not have a spare car to use during this transitional period.
Some dealers provide you the option of not leaving your car with them. This however, might result in a troublesome process, where if there is a case of a potential buyer, you might have to take a few hours of your time to make your way down to the showroom.
The Ugly
There are hundreds of cars that consignment car dealers have to deal with. Most of the time, sellers forget that there are other fleets of cars waiting to be sold as well. But as always, your dealers will always be putting your interest as their priority, making sure that you are able to get your quoted price within the shortest period of time.
People who are just looking for a leisure test drive can be a frequent occurrence in the world of consignment.
However, here at 360 VR Cars, test drive is only allowed after both buyer and seller has agreed upon the quoted price.
In short, you are able to drive your car out as per your daily life, while you await for a potential buyer with support from our consignment car dealers. Only when a potential buyer has been matched, an appointment will be set for the seller to come by to showcase their car for viewing.