VANCOUVER, British Columbia--(BUSINESS WIRE)--As an ongoing shortage of cars amid the pandemic continues to limit options for Canadians looking to purchase a vehicle, consumers are turning to MintList, a tech start-up that’s modernizing the way cars are bought and sold. MintList announced today that the company has officially launched Canada’s first two-sided online vehicle marketplace, enabling consumers to sell their privately owned vehicles for the highest value possible and buy a new or used vehicle from extensive inventory across a vast network of pre-approved dealers.
MintList is making it easier for consumers to sell and buy a vehicle
The process of buying and selling a car on MintList is quick and easy. From start to finish, it takes only 10 minutes for a seller to list their vehicle for sale. MintList guides the seller through the entire process, from using their smartphone to take a few photos of their vehicle to answering a few questions, such as year of manufacture, mileage, and service records. MintList then builds a profile of the vehicle and takes care of everything else using a patent-pending artificial intelligence (AI) process to determine the vehicle’s condition and automatically estimate its auction starting price. Once listed, the vehicle is sold during a 45-minute online auction that is only open to authorized dealers. It is not unusual for a seller to receive as many as 100 offers in this competitive process.
Once the seller accepts an offer, they have the option to receive their money within 24 hours or use the funds to purchase another vehicle (new or used) from the extensive inventory offered by hundreds of authorized dealers in the MintList network. A key advantage that MintList delivers is the ability for consumers to sell to any dealer and buy from any dealer.
Savings consumers thousands of dollars in tax savings
The trade-up process enables consumers to unlock thousands of dollars in tax savings when using MintList for both transactions. The value of a vehicle sold using MintList goes towards the purchase of another vehicle, and the buyer only pays tax on the difference in price between the trade-in and the new car.
“Buying and selling vehicles online is the future of the retail car business in Canada, and MintList is making this entire process easy for everyone through our two-sided marketplace that provides the convenience, choice, and confidence that consumers require,” said Mike Wood, co-founder and CEO at MintList. “By providing transparency each step of the way and enabling competition among dealers in how they acquire and sell their inventory, we ensure consumers not only get the highest value for their used vehicle but also save on the taxes for their new car purchase.”
According to a MintList survey of 300 consumers, 66% were not aware that they are entitled to significant tax savings when they trade in a vehicle and purchase another vehicle from the same dealer. In the past, these tax savings were only allowed when using the same dealer for both a trade-in and new vehicle purchase. However, MintList now provides this benefit to consumers that sell their existing vehicle on MintList and choose to use the funds to purchase another vehicle within seven days from any dealer on the MintList platform.
“It’s an industry game-changer when sellers no longer have to visit car dealerships and invest hours or days trying to get the best price for their trade-in, only to receive a disappointing offer,” said Mehrsa Raeiszadeh, co-founder and COO at MintList. “Plus, those looking to buy a vehicle no longer need to visit dealer lots or arrange with private sellers for viewings and test drives. They simply check dealer inventory, reserve the car they love with a refundable deposit, head to the dealership for a test drive, and can then either buy the vehicle with confidence or get their deposit back. And of course, when both transactions take place on MintList, the tax savings can be significant.”
The MintList automotive marketplace is currently available to consumers in British Columbia, with plans underway to expand into other provinces.
MintList is an AI-powered platform for buying, selling, and trading cars. In addition to providing the easiest, fastest, and safest way for owners to sell their vehicle for the best possible price, MintList also enables consumers to leverage the value in their existing vehicle to trade up to another new or used vehicle while saving thousands of dollars on taxes. The MintList business model uses advanced technology, instead of expensive physical infrastructure, to deliver the best value for both automotive dealers and consumers. For additional information, visit MintList.com.