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Frequently Asked Consignment Questions

By using a Consignment Professional, you get more Value, Expertise, Safety, and Convenience.

You might be interested in reading: Selling Your Car, Motorcycle, or RV: Why Choose Consignment?

Each Consignment Pro prices their services a little differently based on your type of vehicle, range of services requested and other variables, but will typically have 1) a small upfront enrollment fee, 2) a commission fee taken if/when your vehicle sells and 3) fees for optional services such as detailing, reconditioning, repairs, etc., to maximize your vehicle's value and salability. It is important to discuss the pricing terms and total cost expectations with your Consignment Pro and include the agreed upon terms in a written consignment agreement during the enrollment process.

You might be interested in reading: What Costs Are Associated With Using a Consignment Professional?

Each consignment program is a little different depending on your geographic area and type of vehicle, but generally speaking, most Consignment Pros will take care of everything. They will get your vehicle inspected, appraised, prepared, photographed, listed and sold. You don’t have to do anything! Simply sign up, sit back, and collect a dealer check when your vehicle is sold.

You might be interested in reading: Take the Test: Sell It Myself or Use a Consignment Pro?

Not all licensed automotive dealers are Consignment Professionals. However, all Consignment Professionals (Consignment Pros) listed on Retail My Ride are licensed, bonded, insured, and state-approved motor vehicle dealers that provide their own unique consignment program, fee structure, and valuations depending on type of vehicle. They generally handle all aspects of getting your vehicle inspected, appraised, prepared, listed, and sold. You hand them the keys, then sit back and collect your money when it sells. Its that easy.

You might be interested in reading: Automotive Retail Consignment Professionals: Unique Experts with a Passion for Selling

Most Consignment Pros will have your vehicle sold within 5 - 60 days. Use Retail My Ride to find a Consignment Pro near you specializing in your type of vehicle, then contact the Consignment Pro to discuss their expectations based on year, make, model, mileage, condition, maintenance records, and history.

Here is a general checklist of the most common things you will need to bring with you when you take your vehicle to a Consignment Pro.  You should always ask your Consignment Pro for their list before your appointment:

  • Driver license or valid ID
  • Clean Title or payoff statement from your lender/lienholder, if loan balance outstanding
  • Copy of vehicle registration
  • Proof of insurance (you generally must maintain full insurance coverage while consigned)
  • Extra keys
  • Maintenance records, extended warranty policy, if available
  • Minimum of ½ tank of Gas
  • Vehicle should be clean inside & out to a “display-ready” level

You should consult with your Consignment Pro to get their specific answer to this question. However, it is usually okay as long as the amount you owe (bank payoff) is not significantly more than your vehicle's retail consignment value minus their consignment fee(s). Once your vehicle is sold, your Consignment Pro will pay your lienholder directly from the sale proceeds and give you a check for any difference. If you owe more than your vehicle's retail consignment value (called Negative Equity or Underwater), many Consignment Pros will still allow you to enroll in their program, but may require you to place the estimated difference/shortfall in escrow at time of enrollment.

You might be interested in reading: Underwater with Negative Equity? How to Get Your Head Above Water

Contact a Consignment Pro near you. They know the market best because they eat, sleep and breathe selling your type of vehicle. They are experts at determining the optimal "triple-win" price for getting you the most money.

You might be interested in reading: The Secret is Revealed: How to Get the Most Money for Your Car, Motorcycle, or RV

Always be sure to consult with your Consignment Pro and your insurance carrier about insurance requirements in your state and based on your type of vehicle. Generally, you will be required to maintain full coverage while your vehicle is on consignment.  

Most, if not all states require licensed dealers to be bonded and insured for liability. Many dealers also carry Garage Keepers coverage in the event something happens to a customer's vehicle while in their care and custody (i.e., test drives, storage, transporting, etc.), but these policies my not cover "acts of god," such as weather, fire, flood, etc. while your vehicle is with them on consignment.

You should also contact your insurance carrier to determine if your policy has any coverage exclusions for damage or loss while on consignment. 

Lastly, check to see that insurance is addressed to your satisfaction in the consignment agreement.

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Retail My Ride is an all-in-one site to learn about using consignment professionals to sell your auto, motorcycle, or RV. Browse our collection of articles and common questions. Search for dealers near you that offer consignment services. Learn more about us.