This Company Wants to Change How We Buy and Sell Used Cars

, and there won’t be many positive responses. But financing a private party purchase isn’t easy, and there aren’t any warranty packages available. Add in the hassle of titling and registering a vehicle on a bill of sale, and the whole process can be daunting compared to a dealership trip. Dealers invest in software to ease the process for customers as well, while there’s been no help for private party buyers.

Caramel aims for its software to be used alongside traditional online vehicle marketplaces in an attempt to improve the current private-party shopping experience. Among its features are enhanced safety functions that allow buyers and sellers to upload scans of their driver’s licenses. From there, each party can use the app’s biometric selfie feature to verify their identity, which is then matched against existing DMV data.

During the buying process, users have the opportunity to utilize a number of features previously available only from dealers. This includes filing for financing from verified lenders like Ally Financial . Caramel also allows customers to compare rates and enroll in insurance for their new car in real-time. Caramel claims to ease reliability concerns by way of purchasable vehicle service packages from Zurich.

“My crude analogy would be like when certified pre-owned cars launched a few decades ago,” Brojerdi told. “People suddenly were like ‘I'd rather have a CPO car versus a normal used car.’ In a way, we’re sort of thinking if there’s that little Caramel link in a post, I as a buyer know that this person is willing to go through security validation. They’re willing to make sure that my money and the title are handled digitally and professionally.

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