Online marketplace launched for classic car auctions

09 September, 2016

Footman James' partner Patina, has launched a new platform called marketplace that will help owners buy and sell motors.

Patina was launched in 2013 by Joslyn Ltd. Tim Joslyn, founder and MD is a long-time classic car enthusiast with a background in building technology businesses.

The firm has now launched The Market, a new online classic car marketplace which allows owners to sell their cars in a secure, transparent and simple manner.

Patina says its new venture is the solution to the challenge of a traditional physical auction which only has limited information and photo catalogues, along with expensive and complex fees.

It will offer both classified listings and an auction platform.

The Market will select and curate the most interesting vehicles that are submitted to the platform – and their stories will be shared on the site too.

Experts in the community can offer advice on the sale and the seller can respond to questions via auction comments.

Owners will be able to make the full vehicle history available online for review online adding unlimited photos, videos and documents for prospective buyers to see.

All sellers will be properly verified, helping to stop fraud, which is a common problem at traditional auctions.

The auctions will run for seven days – allowing time for inspections before a bidding and will get rid of the need for collectors to make snap decisions.

The firm has promised that fees will be transparent. A total of 5% of the winning bid will be taken from the sale price and paid by the buyer. There will also be low listing fees for the seller.

And according to Patina the days of tyre-kickers and abandoned transactions are long gone, as buyers have to make a financial commitment at the point of bid.