Private Seller Exchange Quick Facts
- Private Seller Exchange (PSX) is Autotrader’s solution to provide a safer, quicker process for peer-to-peer car sales.
- Confirms identities of both seller and buyer while keeping information confidential.
- PSX acts as an intermediary for a secure transfer of funds and car title.
Autotrader’s Private Seller Exchange helps facilitate safe sales of used cars among private sellers and buyers. While the easy-to-use service costs you money, a big benefit of using the peer-to-peer exchange comes when you consider the cost savings of selling your car to a private buyer compared to a dealership. Typically, dealerships offer used car owners less money for their vehicles due to overhead costs. Read on to see what you need to know about selling a car using the Private Seller Exchange.
5 Facts About Private Seller Exchange
We break down the top things about Private Seller Exchange so you can determine if this service is right for you, from the costs to the paperwork.
1. What Is Private Seller Exchange?
- Private Seller Exchange (PSX) is Autotrader’s solution to provide a safer, quicker process for peer-to-peer car sales.
- The service acts as a middleman to ensure different aspects of the transaction remain secure, including vetting participants, facilitating fund transfers, and handling the car title.
2. Why Use PSX?
- Allows you to buy or sell a vehicle without any involvement from a dealership, helping you save money in the process.
- Reduces uncertainty, distrust, and potential safety issues associated with peer-to-peer car sales.
- Provides an added layer of security in transactions that have traditionally had elements of doubt or anxiety.
3. Features and Services of Private Seller Exchange
- Vehicle Condition: PSX offers buyers an AutoCheck vehicle history report. Sellers might be eligible for a free presale inspection.
- Identity Verification: Confirms identities of both seller and buyer while keeping information confidential.
- Car Title: Ensures that the title is correctly in the seller’s name, with no issues, and takes care of transferring the car title.
- Fund Exchanging: Acts as an intermediary for the financial transaction, safeguarding funds and ensuring both parties are confident in the transaction’s security.
- Vehicle Registration: Handles car registration in certain states while it provides the necessary documents for the buyer to register themselves in others.
- Added Benefits: Provides daily support, facilitates secure messaging, arranges test drives, offers financing options, gap insurance, available warranties, and shipping options if needed.
4. PSX Costs for Sellers
- An initial listing fee of $49 on Autotrader.
- Upon the sale’s conclusion, a service charge of $99 or 0.99% (whichever is greater) of the final transaction amount.
- For a sale amount of $10,000 or less, fee = $99.
- For a $15,000 sale, the fee = $148.50.
- For a $35,000 sale, the fee = $346.50.
- For a $55,000 sale, the fee = $544.50.
5. Who Should Use It?
- Sellers seeking a secure, fast, and streamlined process should consider the peer-to-peer Private Seller Exchange.
- Those who want peace of mind and the backing of Autotrader’s long experience in peer-to-peer sales.
i have already given my name and email now you want a photo too. im leary this is a scam. i wasn,t able to chat with seller or go look at the car to see if i want to buy it. no security for me.
Hi Michael. Private Seller Exchange verifies sellers to help mitigate scams. Verified buyers get a clean title. Verified sellers get secure payments.
I purchased my car on October 11 still no title, plates or registration. Have you received yours yet?
I sold my car for $45,000.00. A friend of my niece advertised the car to a feed (social media) and found a buyer for me. The friend (unlicensed middleman) gave a brief background about the buyer and gave my phone number. That is all the middleman did. The buyer called me and asked for pictures, service records, the integrity of the car and answered all the buyers questions via text….we became friends because we have a common topic about cars. I did all the legwork and buyer was convinced and bought the car. Payment transactions went through properly. I texted the middleman who found the buyer for me that I will send him a $500.00 finder’s fee. The middleman waited for the sale to go through and a week after the car was picked up by a car transporter from my home, the middleman did not want the $500.00 finder’s fee but a very large commission of $5,000.00 which middleman said that I promised on that $5,000.00. I never promised the middleman $5,000.00. The middleman also found a buyer for me on another car last May 2024 and was very happy to receive a $500.00 finder’s fee. Now, with the second car that was sold last month, middleman not satisfied with $500.00. He wants $5,000.00 and he’s been harrassing me since October 2024. What is the California law regarding unlicensed middleman? If I knew this would happen between middelman and I. I did not know about autotrader because this is my first time sell. I should have gone to autotrader more professional. Thank you.
They need to actually give their customer updates.
Car finalized in July 2024 and still no title as of October 2024. Called in at least 5 times and the title group never calls back. No communication whatsoever.
They just need to work on making the financing available in every state. I found the car I want on private seller exchange but they don’t offer financing in my srea.