Williams motors on Rogue Traders
Discussion
BrownBottle said:
rangie999 said:
With the naming and shaming policy this site has it appears you are still allowed to have lots of cars in the Pistonheads classifieds!? What a shame they haven't been taken down?
Everything counts in large amounts.MrFappyFappy said:
sa_20v said:
Some but not all. 
>semi retired; 34Lottery winner (at best)
Criminal
Inheritance
jonah35 said:
What business did you set up and run/sell stephen?
Could you share your success story please
I ran online marketing related ventures (built some of the first price comparison websites and then built one of the first automated marketing platforms). Could you share your success story please
fridaypassion said:
Good article that. I'm a dealer. I have a few SOR cars in at the moment mainly from previous customers or through friends but most of my stock is my own.
If you want to do SOR it can work well but obviously do the research! One good tip is to check on companycheck see how much money they have kicking about. I was staggered to see a local Porsche specialist near me has about 40k kicking about in the company but a pitch of £400,000 of cars evidently all on SOR.
The problem with SoR is that it is interest free credit and unlike most credit, no actual need to ever pay it back. As such it is wide open to abuse. If you want to do SOR it can work well but obviously do the research! One good tip is to check on companycheck see how much money they have kicking about. I was staggered to see a local Porsche specialist near me has about 40k kicking about in the company but a pitch of £400,000 of cars evidently all on SOR.
I've only ever sold one car (a TVR) on SoR and the garage folded while the car was there. The owner of the business paid me out of his own pocket and I only learned a while later what he had done. To say I was impressed by such standards is an understatement.
Wrapping up a SoR as a loan secured against the individual etc might be something that helped curb some of the offenders?
I did a SoR about 10 years ago with a local small dealer and his suggestion to me was to keep all my paperwork and V5 as piece of mind. He made copies of the service book stamps and said that he would tell any potential customer that the car was indeed advertised on behalf of someone else (and advertised it as such). He called a few days later and said he'd taken a deposit and asked for the documents which I then provided and at that point he transferred the full amount we'd agreed while my car still sat behind me in his showroom.
Whether I'd have had much comeback if it had gone awry I don't know, but if a dealer is genuine then it can be a pleasant transaction. We did have a written contract too but again what comeback would I actually have had?
Lots of trust is required and I don't think I'd feel comfortable doing it again however.
Whether I'd have had much comeback if it had gone awry I don't know, but if a dealer is genuine then it can be a pleasant transaction. We did have a written contract too but again what comeback would I actually have had?
Lots of trust is required and I don't think I'd feel comfortable doing it again however.
DonkeyApple said:
The problem with SoR is that it is interest free credit and unlike most credit, no actual need to ever pay it back. As such it is wide open to abuse.
I've only ever sold one car (a TVR) on SoR and the garage folded while the car was there. The owner of the business paid me out of his own pocket and I only learned a while later what he had done. To say I was impressed by such standards is an understatement.
Wrapping up a SoR as a loan secured against the individual etc might be something that helped curb some of the offenders?
I think if someones out to rip you off they will just do it. If you start to add red tape to SOR it will be a sometimes useful and valuable service available to people tat will disappear. I certainly wouldnt do it if there was any specific regulation or addition administration involved. SOR can be a murky part of the motor business. Its probably more straight forward with relatively niche stuff like Porsche or my specialism Lotus. One whiff of shenanigans in our small world and it would be game over for the trader. I can see that with more general type cars or dealers that have lots of different types of cars in it would take longer for word to get round. I must admit in the case of Williams although I have my finger on the pulse within most folks that deal with Lotus cars this one I'd not heard anything about these dealings. I've only ever sold one car (a TVR) on SoR and the garage folded while the car was there. The owner of the business paid me out of his own pocket and I only learned a while later what he had done. To say I was impressed by such standards is an understatement.
Wrapping up a SoR as a loan secured against the individual etc might be something that helped curb some of the offenders?
king cad!Tony 1234 said:
robinessex said:
Isn't the solution to have an Escrow account set up for a SOR deal ?
Please explain?A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
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