MintList Unveils Canada’s First Two-Way Online Automotive Marketplace; Saves consumers thousands selling and trading in a new or used car

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Vancouver, British Columbia–(BUSINESS WIRE)–As an ongoing car shortage amid the pandemic continues to limit options for Canadians looking to purchase a vehicle, consumers are turning to MintList, a tech startup that is modernizing the way cars are bought and sold. MintList announced today that the company has officially launched Canada’s first two-way online vehicle marketplace, allowing consumers to sell their private vehicles for the highest possible value. and purchase a new or used vehicle from an extensive inventory through an extensive network of pre-approved dealerships.

MintList makes selling and buying a vehicle easier for consumers

The process of buying and selling a car on MintList is quick and easy. From start to finish, it only takes a seller 10 minutes to list their vehicle for sale. MintList walks the seller through the process, from using their smartphone to take a few photos of their vehicle to answering a few questions, such as year of manufacture, mileage, and service record. MintList then builds a profile of the vehicle and takes care of everything else using a patent-pending artificial intelligence (AI) process to determine the condition of the vehicle and automatically estimate its starting price at auction. Once listed, the vehicle is sold in a 45-minute online auction open only to authorized dealers. It is not uncommon for a seller to receive up to 100 offers in this competitive process.

Once the seller accepts an offer, they have the option of receiving their money within 24 hours or using the funds to purchase another vehicle (new or used) from the vast inventory offered by hundreds of authorized dealers of the MintList network. A key benefit that MintList offers is the ability for consumers to sell to any reseller and buy from any reseller.

Saves consumers thousands of dollars in tax savings

The redemption process allows consumers to unlock thousands of dollars in tax savings when they use MintList for both transactions. The value of a vehicle sold using MintList is applied toward the purchase of another vehicle, and the buyer only pays the tax on the price difference between the trade-in and the new car.

“Buying and selling vehicles online is the future of car retailing in Canada, and MintList makes this entire process easier for everyone with our two-sided marketplace that offers convenience, choice and confidence that consumers need,” said Mike Wood. , co-founder and CEO of MintList. “By providing transparency at every step of the process and enabling competition among dealers in how they acquire and sell their inventory, we ensure consumers are not only getting the highest value for their used vehicle, but also to save on taxes for their new car purchase.”

According to a MintList survey of 300 consumers, 66% were unaware they were entitled to significant tax savings when they trade in a vehicle and buy another from the same dealership. In the past, these tax savings were only allowed when using the same dealer for trade-in and buying a new vehicle. However, MintList now offers this benefit to consumers who sell their existing vehicle on MintList and choose to use the funds to purchase another vehicle within seven days. any reseller on the MintList platform.

“It’s a game-changer in the industry when sellers no longer have to go to car dealerships and invest hours or days trying to get the best price for their trade-in, only to receive a disappointing offer,” said Mehrsa Raeiszadeh, co-founder and COO. on MintList. “Plus, those looking to buy a vehicle no longer need to visit dealer lots or arrange with private sellers for tours and test drives. They simply check dealer inventory, book the car they love with a refundable deposit, drive to the dealership for a test drive, and then can either buy the vehicle with confidence or get their deposit back.And of course, when both transactions take place on MintList, the savings tax can be significant.

The MintList Automotive Marketplace is currently available to consumers in British Columbia, and plans are underway to expand to other provinces.

About MintList

MintList is an AI-powered platform for buying, selling and trading cars. In addition to providing the easiest, fastest and safest way for owners to sell their vehicle for the best possible price, MintList also allows consumers to leverage the value of their existing vehicle to trade in for another vehicle. new or used while saving thousands of dollars. on taxes. MintList’s business model uses state-of-the-art technology, instead of expensive physical infrastructure, to provide the best value for car dealers and consumers. For more information, visit MintList.com.

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