eBay has “signed a definitive agreement” to buy online automotive transaction platform provider Caramel to help make buying and selling vehicles on the auction site “more simple than ever.”
Caramel has a site and app that helps private parties and independent dealers sell cars by handling the paperwork, ownership transfer, financing, shipping, insurance, and more. The company has several marketplace and auction partners as well.
Although eBay has hosted listings for used car sales and auctions on the site for years, it currently leaves it to the dealer to process payment and complete any paperwork. Fees such as titling charges are also handled through the seller, and you’d have to negotiate separately over things like dealer-installed accessories.
Last month, online retail giant Amazon started its own “Autos” website for people to buy new vehicles from dealers (only Hyundai models to start). However, Amazon advertises that you can complete the transaction (including a vehicle trade-in) to completion and only need to pick up the car at the dealership.
How eBay’s process will look is still to be determined. eBay says its agreement with Caramel was signed on January 11th, and the deal is expected to close in the first quarter of this year.