Cars.com Sees Record Number of Private-Party Sales in June

Offers Consumer Advice on Selling Your Car Yourself

CHICAGO, July 13 -- Most car owners have considered selling a car on their own. Yet for some reason, many decide against it despite the potential financial gains it might yield. With online advertising offerings such as cars.com's Sell It Yourself program, more and more people are discovering the ease and convenience of selling a car themselves.

Since cars.com launched the Sell It Yourself program in June 2000, the amount of for-sale-by-owner ads posted on the site has grown by more than 500 percent. The number of private-party listings on cars.com hit an all-time high this June.

"We're confident that the number of people selling their car on the Internet will continue to grow at a rapid pace," said Chris Long, cars.com director of private-party services. "The perception is that selling your car yourself may be more hassle than it's worth. However, as most of our Sell It Yourself customers are discovering, the Internet has made that process extremely easy."

To make selling cars even more convenient, cars.com recently launched a new Money Back Guarantee for private sellers, making the placement of a premium ad risk free. Because cars.com is confident that there's a buyer for every car on its site, consumers who are unable to sell their car after 90 days are eligible for a refund.

Cars.com offers the following advice to consumers who are ready to sell their car:

  -- Selling a Car When You Still Owe Money on It - If you owe more on your
     car loan than you can readily pay prior to a sale, it's possible to
     close the loan and transfer ownership at the same time by using an
     escrow service. Cars.com recently formed a partnership with Escrow.com,
     the leading online escrow provider in the country. Escrow.com can
     facilitate payment to the lien-holder during a routine escrow
     transaction.

     Another option is to conduct the sale at the lien-holding institution.
     The seller can pay off the loan balance with the sale proceeds and
     immediately sign over the title to the new owner.

  -- Prepping Your Car for Sale - Start by thoroughly cleaning your car.
     Wash and wax the exterior, remove all interior and trunk clutter,
     vacuum and wipe down all interior surfaces, clean all the windows,
     replace burnt-out lights or fuses and top off all fluid levels.

     Once your vehicle looks good, get a vehicle history report to present
     to the buyer; this provides credibility and builds trust. Reports from
     CARFAX are available on cars.com. If you have detailed inspection
     records, prepare itemized copies with service receipts for the
     prospective buyer.

  -- Pricing Your Car to Sell - Determine your car's value. Sellers can
     access their vehicle's worth by using the Kelley Blue Book pricing tool
     on cars.com. The Private Party Value option is the most accurate for
     pricing your vehicle. It's important to provide an honest evaluation of
     your car's condition to get a true idea of its worth.

     Next, search cars.com's used-car listings to price similar models in
     your area. If your car needs repairs, factor that into the pricing. If
     your car is worth $10,000 but needs a new clutch, then don't expect to
     receive full value.

  -- Placing an Effective Ad - A picture is worth a thousand words.
     According to cars.com, 12 pictures are worth even more, and multiple
     photos are one of the best ways to improve response. Cars.com lets
     sellers place up to 12 photos of their car with a premium ad. Be sure
     to tell your car's story, and be specific. Avoid generalities like
     "loaded" or "like new" when describing your vehicle. Include
     descriptions about amenities that you enjoyed most: a V-8 engine,
     all-wheel drive, a sunroof, etc.

  -- Meeting a Prospective Buyer for a Test Drive - It's best to meet
     potential buyers somewhere other than your home. When possible, bring
     along a friend for peace of mind - but in any case, make sure family or
     friends know of your plans.

     Cars.com recommends that the seller accompany the potential buyer on
     the test drive; however, if the buyer makes a special request to go
     alone -- make sure to make a copy of their driver's license, or write
     down their information.  Set a time limit on the test drive, and
     exchange cell phone numbers as a backup strategy.  Also, confirm that
     the driver's license information meshes with what you were told
     initially.

  -- Securing Safe Payment - Be cautious and educate yourself about
     potential scams. Two of the most common Internet scams involve
     cashier's checks and phony escrow services.

     -- A cashier's check scam typically involves a buyer who usually
        inquires from overseas and arranges to pay for the car with a
        cashier's check or certified check in an amount that's more than the
        vehicle's purchase price. The buyer then asks the seller to wire the
        difference either to him or to the shipping company to cover
        expenses. Or, a buyer will send a cashier's check as a down payment
        and then decides to back out of the deal and asks for the money
        back.
     -- Escrow services serve as a middleman between the buyer and seller.
        While they can be extremely useful when selling your car, the
        Internet is littered with bogus escrow sites, so make sure you use a
        licensed, reputable service. Never blindly accept an escrow service
        proposed by a buyer. Cars.com makes using a respected online escrow
        service easy through its partnership with Escrow.com.

     In addition to watching out for the common Internet scams, sellers
     should confirm with the issuing bank that a check issued for payment is
     valid. If possible, wait until the check clears the bank before you
     hand over ownership of the vehicle.

  -- Transferring Ownership - The first thing you'll need to do is sign over
     the title to the new owner. Ownership-transfer legalities vary from
     state to state, so get the details from your local Department of Motor
     Vehicles. For added convenience, cars.com provides links to DMV sites
     for each state in its free Seller's Guide. Remember: In most states,
     the license plates stay with the seller, not the car. Also, call your
     insurance company and remove the vehicle from your policy.

  -- Shipping Your Car - If you need to ship your car, cars.com recently
     partnered with Dependable Auto Shippers to support any shipping needs
     you have.

  For more information about selling your car yourself, visit cars.com.

  About cars.com

Cars.com lists more than 1.4 million vehicles from 10,000 dealer customers, classified advertisers and private parties to offer consumers the best selection of new and used cars online, as well as the content, tools and advice to support their shopping experience. Cars.com combines powerful inventory search tools and new-car configuration with pricing information, photo galleries, buying guides, side-by-side comparison tools, original editorial content and reviews to help millions of consumers connect with sellers each month.

Launched in June 1998, cars.com is a division of Classified Ventures, LLC, ( http://classifiedventures.com/ ), which is owned by six leading media companies including, Belo , Gannett Co., Inc. , Knight Ridder , The McClatchy Company , Tribune Company and The Washington Post Company. .