U.K.-based used car marketplace Carwow has launched a new system to safeguard dealers from buying cars with mechanical and electrical faults at its online auctions.

The ‘BuySafe’ scheme allows dealers that are signed up to the initiative to request repairs if an issue arises after buying a vehicle via any Carwow auction. This reduces dealers’ risk when buying from private vehicle owners, helps protect their profit when the car is resold.

Carwow has launched the product in collaboration with Warranty Solutions Group (WSG) and claims the program is the first of its kind for the C2B auction market. The scheme has been designed to help combat the most problematic vehicle issues, typically ones hard to spot on inspection.

It includes the cost of repairing or replacing around 3,000 parts under the main system, including the engine, gearbox, alternator, differential, infotainment, lighting units and supercharger and associated labor costs.

The product costs £59 plus VAT per vehicle and after a successful pilot phase, dealers that meet eligibility criteria will be able to join the waiting list for BuySafe.

“Our aim is to build the most transparent and trusted online auction platform for the motor trade,” said Sally Foote, Carwow’s Sell My Car CCO.

“We recognised that buying directly from a consumer via auction might be seen by some dealers as potentially risky. BuySafe has been created to give dealers assurance that they won’t face a hefty repair bill should something go wrong mechanically or electrically. Our dealers can now bid with total confidence.”

Carwow launched its auctions in 2021 and since then it has helped add more than 125,000 used vehicles to dealer forecourts.

 

 

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