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After 11 years in the business, I a started a business to try and execute a different way of buying and selling cars. Unfortunately, we don't have the scale that CarMax or Carvana do yet, however, over time I am hoping that we can scale our idea into something larger.
Most our cars do come off Craigslist and we try to minimize the amount of hassle for the seller.
But just as it's a hassle to sell a car, it's an equal hassle to buy:
- A high percentage of sellers think their car is in impeccable condition. They fail to disclose a great deal of cosmetic damage and lack of maintenance that is material to a vehicle's value.
- Many sellers fail to disclose true accident or claim history. No accidents could mean they had no accidents while they owned it. However, they are the 3rd owner and the first 2 owners did have accidents.
- Some sellers are just trying to test vehicle value and not ready to sell.
- Some sellers have liens on their vehicles that they can be unaware of or have failed to clear.
- Some people refuse to sell to a dealer (even if I can pay the asking price).
The Carvana model is nice and flashy. But in reality, a week can be a long time from selling a car to getting your cheque (uncleared funds FYI). If I see a reasonable buy, I will contact the seller, be there in an hour max within the lower mainland and provide a bank draft that is guaranteed funds within the same day.
Kev
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