eBay will make escrow services available on eBay Motors and in the eBay Motors App through a new partnership with Escrow.com, part of a new “vertical” strategy it revealed in January.
In Wednesday’s announcement, eBay said of the partnership, “As more car owners and enthusiasts sell or shop for vehicles from home, eBay and Escrow.com are providing automotive buyers and sellers with a simplified, trusted experience when they opt to pay or get paid via Escrow.com. Buyers can rest assured funds are protected until they have inspected and accepted the vehicle, just as sellers can more safely reach and transact with buyers over long distances.”
On January 28, eBay’s then interim CEO Scott Schenkel had told Wall Street analysts that eBay would build better vertical capabilities – including escrow for high-dollar items – starting in a few categories and scaling across the platform.
This week’s announcement about its partnership with Escrow is a sign eBay is still on board with that strategy, despite the company naming a new CEO in April.
To read what sellers had to say about Schenkel’s revelation about bringing escrow services to high-value items on eBay, check the comments section of this January EcommerceBytes blog post.
A new Youtube video explains the process of buying a vehicle on eBay using Escrow.com, and the fee for using Escrow.com for eBay Motors purchases is explained on the Escrow.com website. Processing fees start at 3.25% for transactions up to $5,000.