Safe, swift and savvy way to sell your car
Online auction platform sgCarMart Quotz allows car sellers to get best prices without worrying about fraud
While you may think that trading in your existing car for a new one seems the natural choice for potential sellers, you can get more by selling it to a car dealer.
One way of doing so is to auction your vehicle to car dealers via sgCarMart Quotz, an online car auction platform.
Incorporated in 2007, the platform helps car owners sell their cars to dealers through a competitive bidding process to get the best prices.
The process of selling your car through this method is simple and hassle-free.
After booking an appointment with Quotz, drive your vehicle down to Quotz at Ubi Ave 2, where it undergoes a quick 188-point professional inspection and photo-taking before it is listed on the live bidding system.
With an opening bidding system accessed by over 500 car dealers, it allows you to obtain the highest selling price for your car within an hour.
The platform gives you the flexibility of accepting the offer only if the price is right, with no obligations to sell.
Once the price is accepted, the seller gets paid immediately and the car is handed over within two weeks.
ON THE SPOT
Quotz director Vincent Tan said: "The inspection and auction process usually takes an hour. So after the auction, if the seller agrees to sell and hand over his car immediately, we are able to make a digital payment to the seller on the spot."
This service is the first of its kind in the industry - where the seller receives a binding offer at the end of the auction and Quotz buys the car on behalf of the winning car dealer.
Sometimes, when deals were finalised offline, car dealers use delay and pressure tactics to offer sellers a lower price than the indicative auction price.
To address this issue, a binding offer is made to protect the seller's interest.
"If the dealer backs out from the deal, we would ban the dealer from advertising in sgCarMart," stressed Mr Tan.
"We have documented a few cases of fraud, where the car dealer took ownership of the vehicle but the cheque to the seller bounced. We could not help the sellers because the deals were done offline," added Mr Tan.
Since last month, car sellers who transacted using the Quotz platform have been assured of receiving full payment for their vehicle.
Quotz deals directly with the car dealers, reducing the risk of fraud for sellers.
Payment is instant as Quotz adopts the Fast and Secure Transfers (FAST) digital payment system that allows for transfers of up to $200,000.
Car sellers have all to gain as it comes with a $100 guarantee that it will provide the highest dealer offer possible in the market.
Mr Glenn Ong, general manager of Quotz, said: "Our market share is less than two per cent. Most sellers still choose to trade in their cars out of convenience.
"They don't realise that we are able to provide a service of being able sell their vehicle for a higher price with added convenience."
Quotz's auction service fee is priced at $38.
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