First time SOR

[mikemmw]

I've never sold a car on consignment before but my Ferrari is going to DMB collection for them to sell on my behalf.
This dealer is fairly local to me, I've visited multiple times over the last couple of years, they have 4.9/5 on google with 101 reviews.
I've never heard a bad word about them and nothing looks concerning when checking the company financials.

I feel I've chosen a good reliable business, but since I've never done this before, is there an advisable procedure I should follow?
Things I should ask before hand?
Do I alter my insurance to tell them the vehicle is now been stored there, on the off chance something happens and DMB wouldn't/couldn't cover it for whatever reason then maybe mine would. I'm not sure, just looking for advice from people who've been around the block.

[Gnevans]

I recently sold an R8GT with Julian Clinkard at Clinkard cars. Paid immediately. Sold quickly.
Deals with high end cars. Talk to him too.

[mikemmw]

Looks like they're 270 miles from me so not very practical

[bennno]

Google GVE London

[Trev450]

Not all dealers are the same.

[topjay]

Check their accounts and don't use anyone that doesn't have a lot to lose themselves.

I have used VVS a couple of times and found them much more professional than the main dealers.

[mikemmw]

Let me clarify, I'm not looking for dealer recommendations.

I'm looking for advise on if there is anything I should be doing ahead of handing the car over to them.

[andrew]

i'd be keeping one key and putting a couple of those cheapo tracking tags on mine

[BlackStang5point0]

High Peak Autos did a video on the GVE debacle. From 15:50 onwards has some pointers for buyers and sellers on SOR.

https://www.youtube.com/watch?v=Kejel1sUn00

[alscar]

I would certainly check on the insurance aspect from their side and then decide however notifying your insurer would be sensible given technically it’s change of overnight location for perhaps some time.
Ensure you know what they are doing ( or not ) about potential test drives.
Ensure the written contract has full and complete fee information - if you want a certain minimum amount then make sure contract says so.
Ask for full proofing ability of the advert.
Consider time limiting the contract - with obviously ability to then extend.
All above assumes your own prior due diligence extends to a little bit more than just “ visiting “ them etc.

[bennno]

mikemmw said:

Let me clarify, I'm not looking for dealer recommendations.

I'm looking for advise on if there is anything I should be doing ahead of handing the car over to them.

I wasn't reccomending GVE London, i was drawing your attention that they are the most recent SOR dealer to go pop with customers discovering their SOR cars had been sold or pillaged for parts.

Id keep one key and the v5 back and make sure the tracker is active on the car.....

[ThingsBehindTheSun]

I wonder how many other dealers out there are effectively running a ponzi scheme where they can't pay out one SoR customer until they have sold the next car as the money has already been spent elsewhere.

Too risky for me, I personally wouldn't be able to sleep at night if I knew a dealer had my car and I was relying on them to pay me once it had been sold. At the end of the day, if they don't pay you, what exactly are you going to do about it?

[alscar]

ThingsBehindTheSun said:

I wonder how many other dealers out there are effectively running a ponzi scheme where they can't pay out one SoR customer until they have sold the next car as the money has already been spent elsewhere.

Too risky for me, I personally wouldn't be able to sleep at night if I knew a dealer had my car and I was relying on them to pay me once it had been sold. At the end of the day, if they don't pay you, what exactly are you going to do about it?

Which is why due diligence needs to be done first.
Or better still word of mouth from someone whose judgement you trust.
Or a dealer that you already know.
I’ve sold 3 cars SOR - 2 through MD’s whom I had originally purchased the car from and 1 through a specialist Dealer whom I knew personally.
In all cases not the slightest issue.

[mikemmw]

alscar said:

I would certainly check on the insurance aspect from their side and then decide however notifying your insurer would be sensible given technically it s change of overnight location for perhaps some time.
Ensure you know what they are doing ( or not ) about potential test drives.
Ensure the written contract has full and complete fee information - if you want a certain minimum amount then make sure contract says so.
Ask for full proofing ability of the advert.
Consider time limiting the contract - with obviously ability to then extend.
All above assumes your own prior due diligence extends to a little bit more than just visiting them etc.

Thank you, all very helpful

[JJ77]

bennno said:

I wasn't reccomending GVE London, i was drawing your attention that they are the most recent SOR dealer to go pop with customers discovering their SOR cars had been sold or pillaged for parts.

Id keep one key and the v5 back and make sure the tracker is active on the car.....

Exactly what I have done 3 times SOR, 1 Key, V5 and tracker still active. All deals have gone through correctly and paid same day…however now listening to GVE stories, not sure that would have protected me, the salesman could easily tell the buyer that key and v5 is incoming as seller on holiday and the tracker will tell me where it is if I report it stolen, but if the buyer had legitimately paid for it, even though I didn’t get paid, not sure if police will get involved. Food for thought, but due diligence and friends experiences.

[ratrod 2]

mikemmw said:

I've never sold a car on consignment before but my Ferrari is going to DMB collection for them to sell on my behalf.
This dealer is fairly local to me, I've visited multiple times over the last couple of years, they have 4.9/5 on google with 101 reviews.
I've never heard a bad word about them and nothing looks concerning when checking the company financials.

I feel I've chosen a good reliable business, but since I've never done this before, is there an advisable procedure I should follow?
Things I should ask before hand?
Do I alter my insurance to tell them the vehicle is now been stored there, on the off chance something happens and DMB wouldn't/couldn't cover it for whatever reason then maybe mine would. I'm not sure, just looking for advice from people who've been around the block.

Glad you found someone you can trust but very wise to ask questions before you hand the car and keys over,

I was going to recommend Karl Verdi alias Houdini the motorist friend ,

Saw him last working from GVE while waiting for his court appearance ,

Funny that,when history repeats itself,

[bennno]

JJ77 said:

Exactly what I have done 3 times SOR, 1 Key, V5 and tracker still active. All deals have gone through correctly and paid same day however now listening to GVE stories, not sure that would have protected me, the salesman could easily tell the buyer that key and v5 is incoming as seller on holiday and the tracker will tell me where it is if I report it stolen, but if the buyer had legitimately paid for it, even though I didn t get paid, not sure if police will get involved. Food for thought, but due diligence and friends experiences.

I let a MD have my GT4 back post covid - sat there for months, whilst they sold others, then they suggested the only offer was x less than asking if I wanted to sell and ultimately they paid me a chunk less than we' agreed.

I think they are incentivised to sell the stock they have their own money wrapped up in.

The GVE thing was terrible, selling the next ones to pay back those already sold who were shouting loudest - not to mention the suggestion they were fixing sold cars under warranty with parts from cars in with them for SOR.

[renmure]

I bought my McLaren 600LT Spider through DMB just over a year ago. I appreciate I was coming at it from the opposite side of the deal but I found them to be excellent and really knowledgeable about the cars they had and were able and willing to answer all my questions and allowed me to see all the paperwork.

Whilst I was free to have a good look all over, around and under the car I was conscious that I was being discreetly observed in a way that would make me feel comfortable leaving a valuable car in their showroom. Clearly they were the 3rd party in the price “haggling” but I felt that they were playing with a straight bat for both sides.

They aren’t exactly local for me but I’d personally have no hesitation in using them to move the car on if / when the time comes, which is as good a recommendation as any.