Need to Know
- A new partnership with Escrow.com will ensure funds of eBay Motors buyers are protected until vehicles have been inspected.
- The functionality will add security, confidence for both buyers and sellers.
- A new chat functionality will also enable in-app conversations between sellers and buyers.
eBay has launched a new partnership for its car-resale vertical, eBay Motors, that will add security and confidence for buyers.
The partnership with Escrow.com adds an escrow option to eBay Motors, which means buyers’ funds are ensured until the vehicle on which they have placed a winning bid has been inspected and approved. The secure transactions will be enabled on eBay’s website, and on its mobile car-buying app, eBay Motors, which it launched in 2019.
“At eBay Motors, we strive to always deliver the most trusted and easy experience for our customers,” Ron Jaiven, GM of eBay Vehicles. “With the introduction of Escrow.com, we’re evolving how users shop on our platform in a way that is unrivalled in the market, and completely changes how users buy and sell cars on our platform.”
In addition to the escrow option, eBay announced a chat option for eBay Motors, which will allow buyers and sellers to communicate directly within the platform.
eBay Motors is one of the top online marketplaces for used vehicles: a used car or truck sells through the website roughly every three seconds, and the website sees 7.4 million unique visitors per month looking to purchase a used car. AutoTrader, one of its major competitors, reports only three million unique visitors per month, while Cars.com, the leader in online used-vehicle sales, boasts a whopping 22.4 million.