Hemmings vs PrivateAuto for Car Auctions
Hemmings | PrivateAuto | |
Cost | $599.95–$10,099.95 (buyer and seller combined) | $325 (buyer and seller combined) |
Transactional tech | No innovation. Connects buyer and seller and leaves them to navigate the transaction on their own. | A complete technology stack to facilitate every phase of the deal. |
Ease-of-use | Difficult to navigate | Intuitive to navigate |
Communication with buyers | Clunky, exposes contact info | Securely handled via the PrivateAuto app; keeps your personal info private. |
Identity verification | No | Yes. You can choose to deal with verified sellers only. |
Funds verification | No | Yes. Weed out tire-kickers by dealing with buyers whose funds are verified. |
Is the auction binding? | The auction is non-binding. The winning bid has the right of first refusal. The seller has no way to enforce follow-through. | Enforce immediate follow-through or winning bid is negated. |
Payments | No support. Buyer and seller handle payment off-platform; all options are inconvenient, risky, slow, or expensive. | PrivateAuto Pay allows you to receive any amount of money, instantly, with no transfer fees. Like Venmo—for high-dollar transactions. |
Escrow | Encourage you to use a third-party escrow service (inconvenient and expensive). | Self-administered escrow-like safeguards baked into the workflow. |
Paperwork | No support | Electronically sign the bill of sale in the PrivateAuto app. |
Shipping | No support | Book car shipping within the PrivateAuto app. |
Inspections | No support | Schedule an inspection from a qualified mechanic within the PrivateAuto app. |
Integrated services | None: buyer must coordinate between multiple parties. | Get insurance, car shipping, a warranty, an inspection, or financing within the PrivateAuto app. |
What is a Self-Serve Auction?
PrivateAuto is a technology stack that empowers you to conduct your own auction. Our transactional tools take you from creating a listing all the way through getting paid for your car by the winning bidder.
Is Hemmings a Self-Serve Auction?
When listing a vehicle on Hemmings, the seller must first have the car vetted and accepted by Hemmings' team of experts. Hemmings specialists then work with the seller to set an appropriate reserve price for the auction. During the auction itself, Hemmings consultants facilitate and monitor the bidding process.
This high-touch approach contrasts with PrivateAuto’s self-serve, technology-driven auction solution. It also comes at a much higher pricepoint, which is understandable, given that Hemmings needs to pay the staff salaries of all its employees who mediate the auction process.
Which Auction Site is Cheaper?
Hemmings | PrivateAuto | |
Costs to seller | $99.95 listing fee (due whether the car sells or not) | $25 listing fee, $150 closing fee (due only when the car sells) |
Costs to buyer | 5% of winning bid amount ($500–$10,000) | $150 closing fee |
Total costs | $599.95–$10,099.95 | $325 |
Why should a seller account for buyer costs when comparing prices for the two platforms? To answer that, let’s put ourselves in the winning bidder’s shoes.
Let’s look at a hypothetical.
As the buyer, you are willing to spend $80,000 total to buy that classic car, buyer’s fee included. On Hemmings, you know you’ll end up paying a 5% buyer’s fee, which means your highest bid is in the ballpark of $76K.
On PrivateAuto, you’ll only pay $150, so you can pretty much afford to bid up to your $80K budget.
In either case, the buyer is out of pocket $80K. On Hemmings, the seller takes home just over $76K. On PrivateAuto, the seller takes home just shy of $80K.
PrivateAuto is a way better deal for buyers and sellers alike.
Which Auction Site Is Easier?
Hemmings, like all our other competitors, runs on a combination of legacy technology and human intervention. This means that it has little in the way of transactionality. Listings are glorified blog posts—web pages with text and images—and don’t offer any functionality beyond allowing a buyer and a seller to find one another.
PrivateAuto, in contrast, enables every stage of the deal.
On Hemmings, the buyer and seller are left to their own devices to communicate, meet up, handle paperwork, and figure out how to transfer funds (spoiler alert: outside of PrivateAuto Pay, there are no good options).
Which Site is More Secure?
Which Site Is Better For Payments?
Hemmings does not support payments. The buyer and seller need to navigate the transfer of funds on their own. Here are their options:
Outside of PrivateAuto Pay, payment options are risky, slow, inconvenient, expensive—or all of the above.
Which Site Has Integrated Services?
Do I Need an Escrow Service to Auction My Car?
When you use PrivateAuto, we give you escrow-like control and protection. Unlike an escrow service, PrivateAuto Pay is free and instantaneous.
With PrivateAuto Pay, you act as your own escrow agent. Here’s how PrivateAuto Pay protects you in a PrivateAuto auction:
1. Buyer and seller each link their banking institution to their PrivateAuto Pay account. The buyer funds their PrivateAuto Pay account and the funds are verified to the seller.
2. The buyer wins the auction and the PrivateAuto mobile app takes the buyer and seller through a series of confirmations and asks each to electronically sign the official bill of sale.
3. The PrivateAuto app confirms to each party that the other party has signed the bill of sale. At this point, the buyer is safe to transfer the money since the seller is bound by a legal agreement to deliver the vehicle.
4. The app prompts the buyer to release funds and the buyer initiates payment.
5. The seller instantly gets confirmation that funds have appeared in their PrivateAuto Pay account. This works on nights, weekends, holidays, or anytime.
6. The seller signs over the title and delivers the keys to the buyer.
No cost, no hassle, no wasted time. It’s the ultimate way to handle escrow in a car sale. Using PrivateAuto Pay, a buyer can even buy a car long-distance and have it shipped!
Which Cars Are Better For An Auction?
Here are some car categories that may do better via an auction than a standard listing:
If your car is unusual in any way, consider auctioning it on PrivateAuto. If your vehicle is a mass-produced car, you might be better off listing it in a standard sale.