Consigning vehicles
 

Do any of you currently sell vehicles on consignment? Have any of you sold inventory from another dealer? If so could you please tell me how the process generally works.

we take SALEABLE cars, bikes, etc..

customer must sign letter of agreement as to the minimum he will accept for his property. if he's not realistic , we advise him to try craigs list and hope he doesn't get killed showing his vehicle to scammers.

wer'e doing less of it as more people seem to be super unrealistic about the value of their stuff. we don't work minimums or percents, and we don t take anything that wont give us an opportunity for a high gross deal.

good luck!

jayhawk is correct on all counts. Also check your state laws and how they relate to consignment sales. Here in South Dakota it was illegal until a few years ago.

People ask me from time to time if I'll do it. I don't because it is a hassle with the states requirements and as someone else mentioned, most people are unrealistic.

I don't know about others, but my insurer charges an extra premium if you take consignments, because they know if someone is test driving and gets involved in an accident any attorney will first check to see who all can be named in a suit, and the dealer's garage liability policy is going to be a target for sure with much higher limits than the consumers minimum policy. I never liked doing it even 30 years ago, because if they buy it off YOUR lot, they are going to come back on you with any problems down the road.

I am not a fan of consignments. As others have mentioned, unrealistic expectations abound. If we can't just stroke a check for it and buy it from the customer I'm not interested.

Whether it's your unit or a consignment vehicle, you are still representing the car, so might as well own it from the beginning.