Finding the correct market price for your vehicle, trusting the buyer to complete the title transfer process, and hoping the negotiations with potential buyers go well can all drag out a transaction.
To help make the selling process a bit more transparent and hassle-free, Cars24 and OLX Cash My Car help you sell your car through a structured process. These two firms have a similar business model – they are platforms for car owners to put their cars on sale. This happens via an online auction in which dealers and other partners participate from across the state. What you get is a relatively hassle-free fair market approach. For this story we visited their centers to find out about their process in more detail and experience this new way of selling a car.
Upon visiting the centers, Cars24 provided a more inviting feel with its more pleasant office layout and brighter color scheme. The staff at both places were courteous and friendly, however those at Cars24 appeared more professional – they wore uniforms (which OLX staff didn’t), and seemed to have a more systematic approach. The evaluators are strictly instructed to verify all the original documents of the car (registration and insurance) before a 30-45 minute inspection. The evaluator carefully examines and photographs all the smaller details of the car, test drives it, and then submits a detailed report (internally).
Based on the report submitted by the evaluator, an online auction is conducted which lasts for 30-45 minutes. Cars24 didn’t allow us to witness the live auction, but OLX were more open to the process and we got 62 bidders for the Hyundai, 94 bidders for a 2010 BMW 5 Series and 39 bidders for a 2013 Renault Duster, all of which were taking place simultaneously.
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