CAZOO CAR SALES OVER - COMPANY THROWS IN THE TOWEL
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- čas přidán 6. 06. 2024
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Hi all in this video we talk about the big news that has come from online car dealer Cazoo.
Filmed MARCH 2024
Timestraps
00:00 - Start
00:14 - Vehicle Score, Sponsor
01:30 - What's happened to Cazoo ?
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#carauction #caruk #cazoo #sellingcars #cheapcars #wheelerdealers #flippingcars #auction #carsales #carprices #autotrader #motortrade #motor
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Being old school, I could never buy a used car online. I need to see, inspect and test drive anything that i might buy. I shudder at people using an app to buy a used car costing a lot of money. Good video, thank you.
In days gone by I would have been the exact same. But I have bought my last 2 cars online and luckily for me, they went very well. You do get 7 days to try the car and if you don't like it, you can hand it back no questions asked.
We 've bought two cars online and both worked out great. The first one was a 2008 Focus 2.0 Ghia and the second a 2018 G30 530d. In my experience it is about doing your research on the dealer-company selling the car.
Same. Give it the once over, test drive then haggle ;) lol. Can't imagine buying a car online.
@@markwatson4238 I agree mark. I think the thing that the public dont get is Cazoo is a reasonable company to deal with. Most people assume they will get ripped off. The car I bought from Cazoo had a minor problem which should have been picked up on their original inspection but was overlooked which was poor however the problem was rectified by my local Nissan Dealership. That experience at the local dealership was terrible . They lied to me from the start telling me the small button /clip had to be ordered in from Nissan and made me wait 2 weeks. On the day of repair i saw the mechanic open a drawer and picked the clip/button from a drawer of 100 items. I was expecting the part to be fitted on the spot in the car park. No, the car was booked in for one and half hours to fix the problem .The receptionist took my mobile number and Iwas told they would ring me if it was completed early as it was only a small job. (my estimate would be 2 minutes.) 1 hour 1/2 later no phone call job still not completed. They did offer me a cup of coffee while i waited an additional 15 minutes!!
Unless you’re getting a brand new car, buying online is an absolute no no.
Surely if you're buying a brand new car you definitely want to see it and test drive it? It's a big investment! Otherwise you're quite mad.
Agreed, be careful, VERY careful!
Disagree I buy vans online get them delivered and financed online with Vanmonster and it’s so easy and suits my business needs.
@@andrewwaller5913Of course you'll inspect & test drive a new car but that's at the point of collecting it, I was referring to ordering/buying a car.
And yet that’s what BCA etc want the trade to do…
Hope you enjoy this short video on what big news has come out of Cazoo in the last 24 hours. Let me know your thoughts in the comments. Remember my videos always have time staps so if you want to bypass a sponsor ad you can do by using the timeline bar 👍👍👍👍
My dude another great video
@@crimsonpirate1710 Many thanks
Despite my scepticism my wife bought a car via Cazoo. I have to admit the whole process was very smooth and without all the main dealer upselling (GAP, paint protection etc) and other patronising nonsense. And the car was fine. So from a sample size of one (!) It was a good experience although it has obviously turned out to be a flawed business model.
Having crapped on used car dealers I can't see CAZOO being that popular with traders looking to market their stock.
Totally agree. I hope the dealers stick with Autotrader as they have been doing it for decades...
I have fond memories of Cazoo. Back in 2017-18 I bought a 2-3 year old Honda Jazz auto from them fully online for a decent price, thankfully before small autos went through the roof!
A very friendly gentleman dropped the car off in a fancy branded closed truck, gave me 30 minutes to inspect the car and reminded me of the 7 day no quibble guarantee where they'd pick up the car if didn't want it.
The pics accompanying the ad were revolutionary (at least for that time) with every imperfection clearly highlighted and everything in perfect lighting.
I remember wondering how on earth they made any money given all the add ons and protection they offered.
The car was exactly as promised, no issues at all and drove perfectly well the few years I had it.
Great to hear
They were probably burning investor's money instead. Elevated used car prices during the pandemic also helped their bottom line, until used car prices plummeted after the pandemic. They could not attract new money from investors and it's the end of the game.
Cazoo had no choice in offering you a refund if you changed your mind. If you are not on a dealer's premises when you pay for a car the distance selling regulations allows you fourteen days to change your mind for no reason.
@@pandong2008plummeted?!
@@ConesuelaLadyTailor Yes, however they are allowed to take "depreciation of use" from the refund price. But this will be the reason of bankruptcy. A cheap way to get a nice weekend car!
I almost purchased from Cazoo. I noticed on the advert photographs the car had four different makes of tyres fitted. I emailed them to see if they would change the tyres but never had a reply. With all the boasting they made over the checks they did I was unimpressed. had a narrow escape me thinks.
Any claimed checklist that any used seller claims to do is basically pointless. They all essentially amount to 'does it have an MOT', 'has it had an oil change in the last 12 months' and 'are the wheels about to fall off it'. I went to view a 30k+ value used vehicle with a family member recently (Volvo) and despite the salesman claiming it's had a 100 point check list and everything being perfect, the headlining at the back was hanging down from a dodgy water leak repair and one of the rear seats was locked flat and would not move on the seat rail. Quality inspection that 👎
the cars they churn out have little to no prep work, may as well be sold as seen, they deserve to go under
A couple of years ago I went to Audi Tunbridge Wells to collect an "approved used" TT- I hadn't previously seen it, I'd actually test driven a different one before and put the deposit on it but a seemingly better car turned up so I switched my order.
Audi say every used car goes through 150 checks so I was confident it'd be fine. As I arrived the salesman was just pulling into the dealership in the car- I instantly clocked that the passenger side mirror appeared broken. I went to wait while he took the car for supposed final checks, 25 minutes later he brings the car around so I can actually get a good look at it. He tells me that the mirror is indeed broken but they hadn't noticed because the previous owner has put a black wrap on them- he tells me they'll fit a new one. I'd noticed immediately but apparently it had been overlooked in those 150 checks.
Next I spot that the car is running some unknown Chinese brand tyres- a quick Google shows that they retail for £60 each and have terrible reviews that use words like "dangerous". I point this out and the salesman goes to get a few other department managers to take a look before finally telling me they'll replace the tyres because they're actually not allowed to sell it without Audi approved tyres fitted.
Finally I take a look underneath and see that the entire rear suspension is rusted to fuck and one of the shocks has actual corroded holes in it. This being the last straw I refuse the car and demand my deposit back -which they agree to with no fuss because they know if it goes further I can clearly prove none of the promised checks have been carried out.
Basically if a main dealer can lie about it why trust a trader who buys cars from auction?
First thing i check is tyres all the same make also 🤔
@@andyhbo86
4 wheels… 4 ticks. 4 tyres… 4 ticks. Bonnet open… yep. Easy to get 100 check points really
brought a Mercedes convertible from Cazoo, damage on it that was not listed, exchanged for another but what a hassle - truth is, you need to see a second hand car before you buy it - Cazzo, you couldn't do that - not a good buying experience
I bought one car via a Car Supermarket. Paid a deposit on-line, turned up for the test drive and 'look over' car was fine, but they tried to knock a huge chunk off the valuation of the part ex. I anticipated this was likely to happen, so I said stuff the pix, well just take the new car 'cash'. You should have seen the sales guys face, it was a picture. The car we were buying was good, we sold the 'px' privately for three times the trade in amount. I don't think I have the balls to buy a used car on-line a have it delivered. I do like to kick the tyres and can live with a refundable deposit
They grew out of the pandemic and the lack of alternatives to going online. The marketing spend and massive sport sponsorship it was unsustainable and with margins reported of circa £200 per car at one stage. At one point, the whole trade knew it wasn’t viable. It was not a question of if they would fold, just a question of when and how much investors money they’d waste in between. A total scandal.
Hi Lee. I agree with you - I don’t think Cazoo stand a chance of taking on Autotrader. Dave Birmingham
thanks david,
Turnover of second hand cars by dealers in my own locality has been very slow in the past couple of years, so much so that on two occasions I have had little alternative but to by my cars unseen on-line, the first from Cazoo, the second from Cinch. On both occasions the cars were delivered by very nice, helpful persons who allowed me to carefully look them over and in the case of Cinch even pointed out the two cosmetic marks upon it. Hence, my purchases were satisfactory in each case, so much better than experiences that I've had with franchise dealers whom I always try to avoid. I find that my local "independent" dealers, as a whole, to be fairly honest and these are my preferred places of purchase if they have what I want in stock. Great video!
I worked for a car supermarket a couple of years ago, and I used to see Cazoo trucks and vans everywhere. I did wonder where they had all gone lately as i haven’t seen one in a very long time.
Very often you'll find them unmarked now but still in the cazoo livery, I suspect they've flogged off a LOT of their fleet.
@@quas392 Yes they have, even brand new transporters with no miles have been seen at auction.
I think they're toast. I always want a test drive and proper look at a car before buying. I don't see how they can muscle in against the likes of auto trader etc successfully
Wouldn’t be a bad thing for auto trader to have some real competition though no matter where that may come from, they’ve been more or less dictating to the motor trade now for far too long in my opinion
Do they not just host ads(?), so they don’t dictate anything. Other platforms are available but also more expensive.
@@localheroEd thank you for replying… my thoughts are they are the “go to” for motor traders nowadays who use them as a model for trading… am I way off the mark?
Most people only buy a car every few years. Surely spending a couple hours to go and see it shouldn’t be a problem?!
🎖️👍 agree, great comment
True, but prices up country are so much cheaper than Cornwall. Wish it was 2 hours, more like 5/6 hours, and you take the risk it's not as described 😅
I suspect that the trouble may lie in the fact that we all think we know a wrong un when we see it but, in truth, doing an inspection on a dealer site and a run round the block while the dealer chats non stop doesn't give most of us any real idea of what we're buying and once bought, if it is rubbish, not much chance of winning an argument back in the showroom. At least buying online the law is more weighted towards the purchaser.
Weren’t too long ago Carzam went under. Only really Cinch left as an online seller now.
Im wishing cazoo well ...taking on Autotrader could be really positive for traders and consumers ...only Rightmove in the property sector match Autotraders superiority in the uk
You will do really well at cazoo l purchased an old Mondeo from them and they did not seem bothered
Great video . Never liked the thought of buying that way still like to go to a forecourt look and drive .
Yep ! They have been crashing cars out in my local car auction for last few weeks !
It could be a good thing for motor traders in general if Auto Trader had some competition, every Chanel I watch traders mention how much it cost. When a company has a monopoly you will be charged a premium. An example of this is carVertical, now we have vehicle score a bit of competition.
Always interesting to hear the back story on this stuff. I’ve been very tempted to buy from Cazoo in the past because their prices were very keen. However customer reviews on Auto Trader are not very favourable, many complaints about cars arriving dirty. Generally independent traders are doing well, with good customer reviews. There will always be a few whom you can never please, or they leave rogue reviews to spoil a rival business. “Cinch” is another one, how long they will last I’m not sure.
I used the discount code for mu vehicle score ,Great report.
Very wise words Lee. We will watch when happens..👍
A friend of mine bought a Peugeot 5008 from Cazoo. It developed an engine issue but was still under manufacturers warranty, however Peugeot tried to wash their hands of it as Cazoo had supposedly serviced it before he bought it. Peugeot wanted proof that they'd used genuine Peugeot parts, the correct oil etc. before they'd do anything and it all turned into a big argument between him, Cazoo and Peugeot. I don't exactly know who won, but he eventually got a new engine but was without the car for months while they sorted it out. Buying cars online is a big no-no for me.
Great content ,really informative
Thanks graham
Hi Lee interesting stuff but not surprised to be honest as most people like to at least try a car before buying.
Still looking forward to your next auction video keep looking for it then one with the focus Titanium 😉.
I brought my XE from Cazoo not had a days trouble with it
Our Volvo estate is only 32 year sold - why ever should I buy a new car?
I think even an ounce of competition will help the punter, but's it's a massive job. They need to get dealers onside quickly, maybe they can help do some of the work? (Sourcing, Prep, pictures etc?)
All I know is anything bought privately you should have about £1,000 extra set aside for the bits and pieces that the car will most likely/defiantly need .
In to mine for about £300 extra bought October
I have Mercedes c220 1999 v plate bought for £500 owned for 15 years sold it to a scrap dealer for £575 he shipped it to Africa
Good value for money…
Going, going, soon,Bill.
You are have more fun than most!
Used to work in one of the customer centres as a specialist doing the handovers best time at Cazoo such a good place to work for as short as the time was if they didn’t make me redundant I’d still be there now, shame it didn’t work out I honestly wish them all the best
It always struck me as strange that a company would list itself on a stock exchange where they weren't based ( US ). Keep up the good work
Maybe to avoid the UK stamp duties and they had designs on being international.
The margins on trading US shares are much tighter I find. And with IBKR cheaper to trade
Another problem is they went absolutely nuts buying dealers abroad, massive advertising, cinch can rely on wbac for cheap stock while cazoo just couldn't get cheap stock, recently they've been trying to buy off the public, but too late. When they were floated I listened to a pod cast and it was all Internet guys with no idea of the motor trade. Proper franchised dealers spend millions on tech and training, that the back up people want if their spending big bucks.Although people hate salesman, they want all their wants and fears attended by someone, someone to go back to, maybe repeat business, not just click on line.
Thanks for a very good video. I wonder how Cazoo will take on Autotrader while having to slash selling fees to attract sellers AND service their massive debts. I can’t see it working, tbh. My guess is that the new management team will hope to make it vaguely profitable and then hope sell it on.
Also, I think they must have agreed seller contracts prior to the announcement with at least several of the big UK dealer groups, effectively giving those dealers an advantage in the marketplace with reduced listing fees / selling commissions. But is that sustainable? Probably not.
Anyway, watching this tale with interest. Thanks again.
I think you could be spot on dave with the idea of selling the stock to chains in return for coming onto the platform 🤔
There was a similar scheme back in the early 2000’s backed by Royal Bank of Scotland operated out of a unit in Thorn, Doncaster. You went on their site and bought your 2nd hand car. All were prepped in Thorn, and then delivered to the customer who could drive them for 2 weeks then keep or return them. If returned they were taken back to Thorn.
Again the scheme didn’t work for long. The market is I suspect too competitive and you can’t afford to be carting the cars around and giving refunds
The cazoo showroom by where I live only lasted about 7 months and then it closed
Interesting, thanks
We buy any car wont last,amazed its still going
Great vid. I feel cazoo just spent way too much on branding, basically style over substance. Back in the day when auto trader was in print format I use to Also use exchange and mart, so I hope cazoo do take on auto trader online and provide more competition
I wonder how willing used car dealers will be to place their vehicles on the Cazoo website noting how Cazoo via Chesterman denigrated used car dealers for years.
The distance selling model didn't work very well for them then. It will be interesting to see what approach they take as an online sales platform.
Me 2 thanks for watching chris
Like a lot of things in life , " Money Talks " . If Cazoo can undercut Autotrader, price wise ( knowing what Autotrader charges , that shouldn't be too hard ) then i think they have a fair chance of success . Also , its not like they are a newcomer to the whole scene . More competition is always a good thing 👍
I wonder if they’re vehicle mover vans are suitable for conversion to a camper?
sad to see Cazoo run into trouble . I think the selling model they used worked well for the customer. I purchased a nissan in 2022 and was able to choose the year /colour/fuel/transmission/mileage using their web site. My local Nissan dealer was full of high mileage diesels and more expensive. Cazoo also let you reject the car in the first 7 days of ownership and temperary car insurance was offered. I would buy from them again if the same deal was offered.
You did well. Always a gamble by used motors. I'm always thinking, what's wrong with it? Why did the last owner get rid? After a few weeks you see the flaws such as water leaks etc
Interesting glen
I would never buy from this type of setup, however I did sell a car to them. The price they offered was very good, almost too good. I was very pleasantly surprised. When they came to pick it up they were very professional and the money was in my bank within minutes. A great selling experience.
always thought the Cazoo model was ideal during the Covid years, a bit like Peleton. Cazoo also removed that unscrupulous car trader element which gives the industry a bad name (so long as you trust their brand).
however, cars are a high value item so need that 'in person' buying experience - you need to kick the tyres and take it down the road to be sure its right for you.
competition for Autotrader is a good thing...
Big congratulations on 50k subscribers!
Thank you!
I agree, a great honest no-nonsense bloke 👌
Common sense showed it was unsustainable, especially with BCA owning most auctions and a competitor. I don't suppose they'll do much better with their new venture.
Very informative, interesting timely info, new subscriber thank you
Welcome aboard and thanks for watching sean 👍
I won't be sad to see the back of them. We bought two cars, the first was excellent, where as the second one wasn't as described and I had huge headaches trying to get things sorted. Dreadful company to deal with.
Joe from shifting metal did a similar video about a month ago predicting it and said he doubted they would be around within 6 months
Yes I remember that one 👌👌
I really hope dealers don’t use there new platform. The CEOs plan was to take over and destroy all independent dealers
they will not be getting me on board so that's one down 😁👍
@@carukchannel glad to hear it !
will be interesting to see what happens to cinch next!
Only ever sold to Cazoo and they were first class to deal with, Was only a matter of time unfortunately with the money they were burning through.
Cazoo was a great car buying experience for us - probably the best ever. We were after a nearly new car and the main dealers I visited were dismal enough to make me look online !
Motorpoint will benefit and may takeover some Cazoo centres?
Cazoo’s customer service was 10/10
No way for me. Constant ignoring and useless salesmen.
I purchased two cars from them. They gave me an extra two weeks to test drive one of them, they paid for the insurance and let me do an extra 200 miles for free.
I believe that BIG MOTORING WORLD have ateam looking at purchasing up to 3500 vehicles from the cazoo inventory.
Had a great experience with Cazoo. No issues at all and price much better than available elsewhere.
I bought an S7 blind from Cazoo, it was exactly as described. I bought a C63 blind from Mercedes approved used. Neither car gave me any trouble. Cazoo’s model was actually heavily in the customers favour, I guess that’s why they lost money. I would have bought from them again. A bit ahead of their time really.
Amazing
I could always find similar cars cheaper from dealers, I never understood the business model.
I had a great experience with Cazoo found them professional and got a good deal very happy with the car I purchased, such a shame really
you will have to keep an eye out if they are selling off all their stock
To new cazoo stock for me dave 👍😂
👌👌
I think they can’t take over Autotrader, they at best will have to run with it. I remember the days when Autotrader had reps taking the photos of the cars at dealerships. I was working in the trade then and Thursday was photo day, taking the cars up the road for a nice backdrop and meeting the rep there.
I’ve no idea how much traders get charged for autotrader ads but you said it’s expensive so I’m guessing Cazoo would have to reduce that to be competitive, or offer a standalone website type section on their website for that dealer where a car search for one particular car would take you to the “ showroom “
Personally, I wish them well but I feel it’s a last throw of the dice to keep something going.
Take on Autotrader lol good luck with that
I do think there is space for an Autotrader rival, Autotrader is so expensive now, but I don't think Cazoo is it.
Totally agree with that ! Gotta be better for traders and end users alike surely 👍
The only way online car sales will work is if the website is connected to dealerships
Autotrader have been round for decades and are trusted, they don’t bad mouth they are just there and trusted
The news about this is perplexing
Some are saying they are throwing the towel
Others are saying they are doing a brilliant restructuring to be the leading online cars service in UK
More saying they are letting go of their stock
WTF
The only way to topple autotrader is to offer free trader and seller listings. Perhaps buyers have to watch an ad or two youtube style.
I’ve sold two cars to Cazoo and the process was was excellent. Good strong offers on price ( way better than dealer offers or other online buyers) and a really good well thought out hassle free process of collection and payment. Shame there wasn’t enough margin in it for them.
and, there's their problem!
I sold a car to Cazoo a couple of years back and it was real easy, the money was in my account before the lorry even left my house.
Good luck Cazoo, you will not have an easy ride breaking into the turf of Autotrader. Back in the days of mag/newspaper based advertising, competition would be eliminated by 'running a spoiler' (the somewhat untechnical term used in those days) against any kind of possible opposition. This may take the form of a very similar publication being sold for a lesser price or even given away, running at a loss if that was the necessary step required to put competition out of business. I'm sure the mentality hasn't changed, even though that management must be retired by now. I would imagine seeing advertising costs with Autotrader greatly reduced should Cazoo show signs of headway.
My idea which anyone can have for free is to charge say £200 to bring a car to your house for an extended (say a weekend long) to test drive. Alan Chesterman was right that buying a car is inconvenient, but when you are spending 6 months+ wages buying one, at the very least you want to have a test drive.
Regarding the Cazoo money back thing how did that work if you had traded your car in ?
Its the same situation as with a conventional dealer transaction, if the part ex is available the dealer can return it to you if you are refunded or reject a car etc, however the vehicle is gone, sold etc then the original value of the sale would be returned. Example, car is 9995 par ex 1000 customer pays 8995 physical, so you would still be returned 9995 if the part ex is sold on
The fact that the founder dumped £100m of his shares, essentially taking his profit, *before* the firm even listed on the market should have been a red flag that the whole thing was based on very shaky foundations…
A competitor for auto trader would be good. Their app is ok but their website is very poor - competition might force them up their game. Prices are too expensive. Lots of private listings are clearly traders.
Auto trader is part of the Cox group who owns Manheim auction
So how much time has Cinch before it goes the same way.
Their business model just doesn’t work, it worked for a while during Covid, but it’s a crowded market and expensive when car sales are down. Their business model doesn’t factor this in. Clearly the money is running out.
Agree, cannot see this new idea working either tbh, thanks for watching damian
@@carukchannel agreed. Thanks for your informative videos. 👍
Cazoo have a fixed price policy, so no haggling allowed … they say it makes life easier for buyers !!!
They were at 147 quid, net average per car last year so never going to work, main dealers are at 1500 quid net.
£147 a unit that's more than us Royston 😂
@@carukchannel sometimes mate, I've got 40 parked up and I'll be blowing on some, just sold a 61 plate megane, had it 2 years, lent it out, he crashed it, then it needed an injector, anyway pulled it out, did the repair, sold it, so actually made a few quid, but took a galaxy in with a shredded aux belt for 200 quid, just done the belt and tentioner, so that's a brucie bonus, drove it back last night, no lights, no pas, wanted to get it away before they changed their mind(!)
What’s the story with the mini I see on every vid lurking in background lol
2002 - 2007 I used to sell cars £1 no reserve on eBay and we would sell a fraction of them entirely remotely; ie paid for then delivered once won eBay auction. Nobody viewed they bought online.I was doing over 600 cars a year - it’s not a new formula they were offering. People just want a day out to see the cars see the “grubby” motor traders 🤣
Dreadful as a company to deal with. They used to agree deals with suppliers and then withold payment to retrospectively negotiate better prices.
I here big motoring world are buying the stock
Debts, losses... Not to mention the fraud. The number of cars sold that were written off and not declared to the customer was unreal. Alot of them still unknown to the owners.
Cazzo,cinch, we buy any car and BCA are owned by the same owner constellation
Cazoo was a separate company, set up by the guy who founded Zoopla and listed on the New York Stock Exchange.
Not Cazoo, completely separate!
This could be a good thing as obviously they will try and undercut Auto trader and that might lead Auto trader to cut prices in response
had a car missing loads of advertised features, refused to budge on any discount.. wasted so much time
I saw a fascinating video by another car Youtoober where he explained that if you, as an individual investor, had put £100k into Cazoo in 2021, your investment would now be worth.........
Two hundred quid!
And that's why I steer clear of the stock market 🤣
Cazoo share prices in dollars:
19th Feb 2021: 27,200.00
7th Mar 2024: 2.72
100,000 down to exactly 10 in only three years!
😢😢😢😢😢😢
Its all OK when it goes the other way and very exciting but when it all goes wrong say bye bye to all your savings. So risky.
I plan to keep my car as long as I can. I really don't trust these new big corporate companies selling cars now!
Cazoo was basically a vehicle 'scuse the pun, for its founder to make a cool hundred million, sell off his shares after a coupleof years and walk away. He's done the same with virtually every other company he has founded.
Cars are too complex and complicated to sell online. Take your time, and have a good physical and visual inspection, and test drive. Unsure? Go back another time and have another look with a clear mind and perhaps a friend/mate - the dealer won't mind.
Any competition in the market particularly against autotrader is welcome. Curious - if you don’t use Autotrader what platform do you use to sell your stock?
Thankfully No Dealers Want to Sell or Keep EVs on the forecourt.
one positive In 2024.
Seeing EVs brand new with 2022 plates sat there not being brought, two years sat there unsold.
Where do private sellers list now a days??? Autotrader is expensive as hell and marketplace is a nightmare!