Consigning a vehicle

[jhrusk]

Has anyone consigned a vehicle with someone like gateway, RKmotors or streetside classics and what was the experience like. Thanks in advance.

[AnobleL74]

I just did some research on this, here is my take on it.
1. be careful, your collector car policy will probably not cover your car for loss. the dealers tell you they have insurance, but that is not full cover for you. you need to get a policy that will specifically cover your car while on consignment . my policy American collectors would not cover it during consignment, I think Hagarty will write a policy that will cover it, but I did not want to go to the hassle of changing insurance as it affects my other policies ( umbrella coverage).

2. my best unstanding of how the commissions work is : dealer will want to list your car with about 10% off of cars value. , then they will get a bout 20% commission. so you would pay about 30% commission off of what you could sell it directly to the new buyer for. . these are rough estimates of what I learned.
They will sell it fast, but you take a big risk and pay excessive commission. You will take longer to sell it on your own, but get closer to your cars value in your pocket.

I decided not to go this route.

[hotrodder]

I used Gateway in ST. Louis to sell a 48 Chev. Cpe. Sale went smooth. I wanted $26500.00, they listed it for that and when it sold I paid a 18% commission. It took 28 days to sell. I was having a situation at home so is satisfied.