If you’ve ever gone through the headache of selling your car yourself, here’s a new company you’ll appreciate. And it could be a game-changer.
Flipped Remarketing Inc. is a service that sells your car quickly, at market value, at no cost to you.
An unheard of concept in auto sales, it seems almost too good to be true.
“There’s nothing like this,” Mayhew explained. He points to Toronto-based TradeRev as a similar company, albeit one that is solely for new car dealerships to list the used cars received in trade-ins.
Flipped works differently.
Flipped supplies inventory to resellers, with a network of registered buyers that include dealerships and rental car lots. Customers list their vehicles with Flipped, on their website or mobile app, using the Flipped recommended price, which is the calculated fair market value of the vehicle. This prevents dealerships from taking advantage of sellers who may not know what their car is worth.
Once listed, prospective buyers bid against each other for the car, with the seller getting final approval, often netting the seller more than the initial price. It acts as a third-party that works with registered buyers and sellers to foster car sales between them, with very little work on the part of the seller.
Founder and director of operations, Jason Mayhew, agrees it sounds too easy, but that’s also because Flipped uses an entirely unique system to make the sales happen. The company is even ran a promotion during their trial period, guaranteeing to find a user a buyer within 72 hours.
“We’re here to empower you to make sure you aren’t taken advantage of,” said Mayhew. “You get multiple people bidding against each other for your car instead of one person.”
The sales are how Flipped turns a profit. The buyer pays a fee equal to 1.5% or $300 dollars, a paltry amount for big car dealerships or rental companies. The service is free for the seller.
Empowering the seller is one of the things that Mayhew focuses on most. Getting his start by selling Hondas in Vancouver, he is fully aware that the traditional auto sales industry is skewed more heavily against the individual, whether they’re the seller or the buyer.
“(It was) crazy high pressure,” said Mayhew. “Their mentality was that if you walked in, you’re buying a car. Every person is buying a car. Two sales meetings a day. If you screwed up one line, you got chastised in front of everyone. I still did very well in it, but it wasn’t for me.”
He started Flipped in an attempt to find a way for the relationship to be mutually beneficial. The service aims to keep sellers from being taken advantage of, while also supplying buyers with a reliable stream of quality inventory. As a former owner of a dealership himself, he understands both sides of the deal.
“We can make it easier for a dealership in a sense, because a dealership’s game should be selling cars. It shouldn’t be trying to rip people off on their trades,” said Mayhew. “And there’s no reason why you should have to go [from dealership to dealership] to find the right price for the car that you want when you have the invoice from CarCostCanada.com. The only issue is who’s going to pay the most for your trade. That’s what we want Flipped to be.”
Mayhew’s focused on Flipped and its current Ottawa trial period, but is excited that Flipped’s service could have on the car-selling industry. “After something like this takes hold, dealerships no longer will be able to do what they’ve been doing. No one’s going to fall for it anymore.”