A NEW car buying platform is offering the UK’s first facilitated secure payment gateway to millions of sellers and buyers who worry about transferring and receiving funds when a private sale is agreed.
Car Trust also provides important checks as part of its newly launched service, including confirming the identities of both parties, their addresses and a complete vehicle history based on the industry-standard HPI checks.
The Bristol-based company had been looking to raise its initial launch investment via a crowdfunding platform but instead has secured all required funding from one private backer.
According to company founders Khalil Ahmed and Martin Andrews (pictured above) there is currently no facility available in the UK enabling secure transactions between private buyers and sellers.
“Our solution is to allow buyers and sellers to negotiate a private deal on vehicles and then buyers pay the agreed price via Car Trust which takes responsibility for clearing any outstanding credit in a secured, facilitated environment,” Andrews explained.
He added: “When people are privately dealing with sales of several thousands of pounds there is always some nervousness around the security of the payment and the history of the vehicle. Car Trust removes these concerns.”
Ahmed and Andrews believe Car Trust is a much need fillip in the private car sales market, where buyers are being drawn into selling vehicles to national car buying services at below true values to avoid the fear involved in dealing with transactions personally.
Car Trust charges a simple fee for its service – £39.95 for sales less than £5,000; £74.95 for sales less than £20,000; and £99.95 for sales more than £20,000. The balance is paid to the seller after successful completion of the vehicle sale.
Said Andrews: “Research shows that 80 per cent of people find the process of buying or selling a vehicle privately very stressful despite the potential savings.
“We believe there is a growing gap in the market for a truly trustworthy service that can take the fear out of the private selling-buying process.”
Andrews added: “The property market has been using this type of funds transfer model successfully for decades and now a simplified process can deliver much needed security and peace of mind for private vehicle sellers and buyers.”
Car Trust’s simple process starts with registration by both buyer and seller at its website www.cartrust.co.uk with checks then carried out on both parties, confirming vital identity and address details, followed by checks on the vehicle once the seller creates a sales listing.
Once the sale price is agreed between both parties, the buyer pays the purchase price into a secure client holding account and then – if relevant – Car Trust clears any outstanding finance on the vehicle in question.
Once a ‘handshake’ checklist/receipt is signed and agreed by both parties, and then uploaded to the Car Trust website, Car Trust releases the funds to the seller after deducting its fee and the sale is completed.
Car Trust is authorised and regulated by the FCA (the Financial Conduct Authority) and is partnered with credit reference company Experian and Zuto, which provides a car finance comparison service.
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