Why should I sell my car at CarLotz?
It used to be that when you made the decision to sell your car, you had two choices: (1) sell the car to a dealer, which can be convenient but often results in a price that is thousands less than the private party value; or (2) take on the time consuming challenge of selling it on your own. CarLotz offers a third option – an automotive retailer that helps sellers get more money for their cars without the traditional hassles and risk of transacting in the private market.
What does it cost to sell my car at CarLotz?
We take an up front listing fee of $199, which covers the work we do to prepare and market your vehicle for sale, including a state safety inspection, complete interior and exterior cleaning, a vehicle history report, professional photographs, ad copywriting, and various online classified listings. After we sell your vehicle, we take a $799 success fee directly from the sales proceeds. Our incentives are completely aligned: If we don’t sell your car, we don’t get paid a success fee.
What services am I paying for?
When you list your car with CarLotz, you will receive all of the features and benefits of a best-in-class dealership working on your behalf to sell your car quickly and professionally. Our team will educate you on market conditions to help you price your car competitively, clean, prepare and professionally detail your car for sale to maximize its lot appeal, advertise and display your car effectively to maximize coverage, manage buyer inquiries and test drives, and provide you continuous updates to keep you informed. Once you are matched with a buyer, we will arrange any document processing on your behalf.
Why does CarLotz use a flat fee structure?
The flat fee structure is in place to encourage the Company’s core tenets: transparency, integrity, and customer service. A flat fee drives two important behaviors: i) it ensures that CarLotz is equally motivated to sell ANY of the cars consigned regardless of price so that all customers are treated equally; and ii) it ensures a positive buying experience by not creating an incentive to push a more expensive car on a buyer. Aside from motivating transparent and high-integrity behavior, the benefit to CarLotz sellers is typically $2,000 to $4,000 more than wholesale trade-in prices regardless of the cost of the car, and the CarLotz fee is designed to be a reasonable portion of the value added.
Where is my car listed?
We post all listings on our own inventory site, AutoTrader.com, Cars.com, Craigslist, and many others. If your car brand or model has an enthusiast following, we may post it on associated online forums where applicable. We may also feature your car through our Twitter and Facebook pages, leveraging the power of social networking to expose your car to hundreds of additional buyers. In addition, about 45,000 cars a day pass by each of our retail locations, which generates a steady flow of walk-in traffic. Our team works extremely hard to maximize exposure to your vehicle during the marketing process.
What should I bring to list my car at CarLotz?
To get started, we will need a copy of your driver’s license, current registration, proof of insurance, title (or lienholder information, if applicable), and any available service records.
What do I do while waiting for an offer on my car?
Typically nothing at all. We will professionally handle all inquiries, test-drives, and inspections. We will also regularly update you on our progress and sales activity.
What happens when someone wants to buy my car?
We will present you with all the offers we receive for your car…accepting them or rejecting them is up to you. If you accept the offer, we will make arrangements to finalize the deal, process all paperwork, and prepare the vehicle for delivery. Once the vehicle is delivered, we will cut you a check within 5 business days.
What if I don’t live near your store? Can I consign my car from far away?
We work with sellers of cars all around the country and have received cars from places such as Boston, Atlanta, and even San Francisco! Because we can help you sell your car for thousands more than trade-in prices, you can still save thousands of dollars by using CarLotz, even after the cost of shipping and our consignment fee. We will use our network to arrange low-cost shipping from your driveway to our store, so you don’t have to lift a finger. Any paperwork can be processed remotely via email, fax, or mail. Just give us a call, tell us about your car, and we’ll take it from there.
Do I have to leave my car with you?
While we recommend leaving your car with us to increase your chances of a quick sale, we offer a variety of flexible options that allow you to drive your car while it’s for sale. Our online marketing efforts will drive maximum exposure for your vehicle, and we will work with you to schedule test drive appointments while minimizing any inconvenience.
Will you sell my car if I have a loan on it?
Yes! Many of our sellers have outstanding loans on their vehicles, which is one of the reasons they are drawn to our service. We help them obtain more value for their vehicle to pay off their loan and maybe have a little left over. Once we sell your vehicle, we will pay the lienholder directly and write you a check for any difference.
What if I currently lease my car?
We can help. Many of our customers choose to sell their car towards the end of their lease or even with many months remaining until termination. It’s easy and is a great way to realize any equity value you may have built up in your lease. First, call your leasing company and have them provide you with the buyout value. Also have them give you a list of the charges you may be responsible for if you turn the car in (e.g., condition of tires, chips in the windshield, dings or scratches on the car, etc.). Then, give us some details about your car, and we can give you a sense for its value if sold in the private market. If the market value is greater than the buyout value, we will help you realize that value (and have helped customers realize thousands of dollars on their leases so far). You can call us anytime to discuss, or you can read more about extracting value from your car lease.
What if I want to donate my car?
Through the CarLotz Vehicle for Change program, donors can choose their favorite charity, drop off their car, and let us take care of the rest. CarLotz will sell a donated car for private market value with no upfront cost to the donor or charity. In this way, we can cut a larger check to charities and provide donors with the greatest possible tax deduction. If you donate your car through CarLotz, we will maximize the donation amount and tax deduction, handle all of the DMV and IRS paperwork, and also send you a tax-ready deduction form.
What if my car is over 25 years old?
CarLotz has sold cars from every decade beginning with the 1940s. We call cars over 25 years old “Classic Cars.” Classic Cars have a slightly different marketing process and fee from traditional consignments at CarLotz due to their unique attributes. First and foremost, Classic Car owners should keep their beauties at home during the marketing process to protect them from the elements. CarLotz will inspect, clean, and photograph Classic Cars up front, but they should then return to the comfort of the owner’s home or garage. If a buyer wants to see the car, we will call you and make an appointment. We’ve found that Classic Cars generate largely phone interest (as opposed to visitors dropping by the lot in person) and are often purchased from non-local buyers, so an appointment-based system works well. CarLotz will still handle all the payments, transfers, DMV administration, and headache, but you hold onto it until we sell it. Second, Classic Car sellers will have a $399 listing fee and $799 success fee. If the car remains listed for sale through CarLotz at the end of an initial 60 day listing period, Classic Car sellers will pay an additional $399 listing fee for each subsequent 60 day period until the vehicle sells. Finally, in addition to all the benefits of a consignment at CarLotz, sellers of Classic Cars will have the added benefit of having their vehicles listed on ClassicCars.com.