Carwow has launched a free to use payment method for dealers that purchase stock via its daily online auctions to streamline operations and improve customer experience.
Launched in partnership with payments company Airwallex, Carwow Wallet processes payments for dealers who purchase used cars from thousands of private sellers via Carwow’s daily online auctions.
The service can handle payments to multiple beneficiaries during the vehicle sale, such as the seller and a finance house, as well as the management of any negative equity balance.
Dealers who opt-in will be allocated a digital wallet built into their Carwow account, through which they can store, withdraw and transfer funds.
Dealers connected to the service can track the status of their payments, while sellers are notified when payments are sent, bringing greater transparency, security, and efficiency for both parties.
Sally Foote, chief commercial officer at Carwow said: “We understand that, particularly for many large dealer groups and despite best intentions, there are many operational hurdles that limit their ability to arrange same-day payments when purchasing cars from private sellers.
“Our goal is to make it as quick and simple as possible for retailers to purchase stock. Our teams do the heavy lifting for dealers by collecting sellers’ documents, verifying their bank details with Experian and reviewing all information submitted. All the dealer then needs to do is add funds to their digital wallet and authorise the payment transfer.”
Edward Ford from Fords of Winsford added: “This new payment structure is a very welcome addition to Carwow’s auctions. We’ve shared feedback about the service with Carwow over previous months, which has been actioned by their product team. It’s saved us massive amounts of time and resources that we can now invest elsewhere, whilst also enhancing the experience for the private sellers.”
