Partnership designed to provide protection to the over 40 million used cars sold annually
Orange County, CA. May 13, 2013
Escrow.com, the pioneer of online escrow services, and Test Drive Technologies, a pre-purchase mobile auto inspection service, is pleased to announce a strategic partnership that will provide the safest way possible for consumers to purchase a used car.
Scams that involved the sales of used cars include misrepresentations in ads and faulty repairs; and as reported by USA Today, the Better Business Bureau is warning consumers about criminals who hijack online ads to "sell" vehicles that they do not own and have no intention of delivering. AutoTrader.com, another Escrow.com partner, says that "The best way to avoid fraud is to use common sense and exercise good judgment [and recommends that consumers] protect yourselves by using Escrow.com."
When using Escrow.com, both parties agree to the terms online and the Buyer sends the agreed-upon funds to Escrow.com. Escrow.com then verifies the payment and instructs the Seller to ship the vehicle. Upon delivery, the Buyer has a pre-agreed-upon amount of time to inspect and accept the vehicle. Once accepted, the funds are released by Escrow.com to the Seller.
Andrew K. Sokol – GM, Emerging Markets at Escrow.com - said, "The only way to prevent auto-related purchasing and selling fraud is to not only provide services that can help mitigate that fraud, but to also alert consumers of the potential fraud and educate them on ways to prevent it." He adds, "Working with Steve (Paul) and the team at Test Drive Technologies is just another way for us to make all that happen."
Test Drive Technologies provides consumers with a thorough inspection of the vehicle, including the undercarriage, which is not a common feature with most other car inspection services. Once the inspection is complete, consumers receive a 14 page inspection report that will include an average of 150 photos of the vehicle and videos. If needed, results can be delivered the next day.
"We've been offered the chance to work with other online escrow companies in the past," said Steve Paul, Owner – Test Drive Technologies. He adds, "However, we wanted to work with the established leader and one that we could verify to be licensed and accredited. So a partnership with Escrow.com is not only a no-brainer for us, it's a win for all parties."
Escrow.com also offers other services such as Lien Holder Payoff Service to assist in the process of paying off any current title liens and Title Collection Service to guarantee that the title for the vehicle arrives safely to the Buyer.
About Test Drive Technologies
Test Drive Technologies, currently available in St. Louis, MO and southern Illinois, is the only fully mobile vehicle inspection company that lifts all types of vehicles (e.g. cars, boats, RV’s, heavy equipment, tractor-trailers, semi’s, etc.) onsite at dealerships and private sellers, to fully inspect the vehicle’s undercarriage. This provides valuable information to the used car buyer so they know exactly what condition the car or truck is in before they go forward with the purchase. Test Drive Technologies is Veteran Owned & Operated. (www.testdrivetech.com)
Headquartered in Rancho Santa Margarita, CA, Escrow.com, a privately held company, has pioneered the process of online escrow services. The Company, founded in 1999 by Fidelity National Financial, has established itself as the leading provider of secure business and consumer transaction management on the Internet. All escrow services offered on this Website are provided independently and exclusively by Internet Escrow Services(SM) (IES), one of the operating subsidiaries of Escrow.com. IES is fully licensed and accredited as an escrow company and is subject to compliance with all applicable nationwide escrow regulations.