PrivateAuto, a transaction marketplace for privately owned vehicles, has launched DMV title checks as an add-on service through a partnership with Yotta Automated Software Solutions Inc., a platform that provides real-time data on vehicle lienholders, registrations and titles.
PrivateAuto said the expansion of its platform was designed to reduce fraud and increase buyer confidence in private transactions. The company said private vehicle buyers previously did not have the ability to verify ownership records in state licensing agency records, but can now be assured they are buying the right vehicle from the registered rightful owner.
“Fraud is rampant in the private market and with this new feature we are taking the right steps to ensure the safety of both parties,” said Brad Parker, co-founder and CEO of PrivateAuto, in a press release. “No other platform has this level of cross-referencing of data for private transactions. PrivateAuto is now the best platform to avoid fraud in private deals.”
Sellers and buyers can purchase a title inspection during the purchase process or through the Service Hub in the PrivateAuto app. Sellers see their own information on the title inspection report, while buyers have a pass/fail indicator on each inspection, keeping the seller’s information confidential.
“We are committed to improving safety and reducing fraud in the auto industry,” said Lee Perine, vice president of partnerships at YASSI. “Our partnership with PrivateAuto helps ensure that private vehicle sales are as safe and transparent as possible.”
“PrivateAuto has set a new standard in the industry for creating a seamless and secure way to buy and sell cars, and we are excited to do our part.”
