Looking to buy or sell your car but wary of online marketplaces?

Commonwealth Bank has expanded its Cars for CommBank platform into private used-car sales, creating a marketplace where CommBank customers will be able to buy and sell vehicles directly with each other. The new service will extend Cars for CommBank beyond its existing dealer and manufacturer listings and into a substantial part of Australia’s second-hand vehicle market.

It also represents another step in CommBank’s move beyond simply providing vehicle finance. Cars for CommBank already allows customers to search new and used petrol, hybrid and electric vehicles, browse finance options and sell vehicles through an instant-quote service. The private marketplace aims to tackle some of the less appealing aspects of person-to-person vehicle transactions.

Person holding a smartphone showing a car-selling app in front of a yellow car, indicating online car listing.
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“The primary point of difference is the focus on helping customers navigate the private-sale journey with greater confidence,” says Tim Burdon, CommBank’s Executive Manager, Cars & Home Energy.

“Cars for CommBank combines listings with authentication, verification, transaction management and settlement support provided by VEME, alongside access to financing options for eligible customers. The aim is to help address the trust, payment and coordination challenges customers commonly face when buying and selling vehicles privately.”

Customers can access the marketplace using their existing credentials, with buyers and sellers required to complete verification processes with VEME before progressing with a sale or purchase. The marketplace also allows parties to communicate within the platform before exchanging personal contact information.

CommBank already works with VEME for private vehicle purchases. Now, VEME will verify identities, check vehicle registration and history and facilitate payments as part of the Cars for CommBank marketplace. VEME is an independent company and is not part of the CommBank Group. Its existing process illustrates the safeguards likely to be important to the broader marketplace. VEME can conduct PPSR checks covering areas including outstanding finance and vehicle history, while buyer funds can be placed in a regulated trust account rather than transferred directly to the seller. Money is released after required conditions are satisfied and the vehicle has been handed over.

VEME also assists with sales agreements and other paperwork associated with completing the transaction. Identity verification is performed through ConnectID.

“Cars for CommBank does not charge a listing fee,” explains Burdon. “VEME charges sellers $29 for verification and, where a sale proceeds, a $99 settlement fee. Buyers are not charged VEME verification or settlement fees. Any fees are disclosed before customers proceed. CommBank car finance is available to eligible customers but is not mandatory, and customers can use other supported payment methods.

“Anyone can browse listings, however they must log in as a CommBank customer to create a listing, submit an enquiry or participate in the Deal Room experience,” continues Burdon. “Customer authentication is an important part of the platform’s trust and safety design, helping create confidence in the people participating in a transaction. Authentication is complemented by separate verification processes managed by VEME.”

Should something go awry – a vehicle is not as described or a buyer has second thoughts, for example – the platform offers ready-made procedures to achieve a resolution.

“Customers will be supported through defined complaints, incident management and remediation processes established between CommBank customers, Vyro, and VEME,” says Burdon. “VEME manages identity verification, sales agreements, payment, settlement and handover activities, while Vyro provides access to the Cars for CommBank platform and listing.”

A timely response to the concerns of customers about the risk and time-consuming nature of car transactions between buyers and sellers, Cars for CommBank’s new offering will provide access to a one-stop online location for safe dealings between the parties.

“Customers consistently tell us they are concerned about who they are dealing with, whether a vehicle is legitimate, how to transfer large amounts of money safely, and how to manage the paperwork and settlement process,” says Burdon.

“Many existing platforms focus primarily on connecting buyers and sellers. Cars for CommBank is designed to help support customers through more of the end-to-end transaction journey with confidence.”

Laptop displaying a bank site with a 'Buy or sell used cars privately with confidence' banner and a family by a car.
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Buy and sell with confidence with Cars for CommBank

Key advantages

  • Confidence in who you’re dealing with – buyers and sellers must be verified CommBank customers before they can enquire, list or negotiate.
  • Free vehicle listings – there is no charge to advertise a vehicle on Cars for CommBank.
  • Low seller transaction costs – sellers pay VEME $29 for verification and $99 for settlement if the vehicle sells; buyers pay no VEME verification or settlement fees.
  • More than a conventional classifieds platform – listing, enquiries, negotiation, verification, payment and settlement support are brought together within one seamless process.
  • Structured Deal Room – provides a dedicated environment for buyers and sellers to communicate and negotiate.
  • Vehicle information and history reporting – gives customers access to additional information to help assess a vehicle before proceeding.
  • Identity and transaction verification – VEME provides separate verification processes in addition to CommBank customer authentication.
  • Guided settlement process – VEME manages sales agreements, payments, settlement and handover activities, reducing the administrative burden on buyers and sellers.
  • Greater payment security – payments and settlement are handled through a defined transaction process rather than being arranged informally between private parties.
  • Finance integrated into the buying journey – CommBank customers can arrange car finance as part of the process rather than sourcing it separately.
  • Defined complaints and incident processes – complaints, transaction incidents and remediation are covered by established processes involving CommBank customers, Vyro and VEME.
  • Combines private and dealer vehicles – the addition of customer-owned vehicles gives shoppers access to both private and dealer inventory through Cars for CommBank

Visit www.carsforcommbank.com.au to discover more

CommBank

* Vehicle sales via the platform are not conducted by CommBank. CommBank is not responsible for vehicle sales and car listings and advertising appearing on the platform.

CommBank does not recommend or endorse any particular product on this platform (including any product mentioned on a chat service available on this platform), other than CBA finance options. With the exception of any information relating to CBA finance options CBA does not warrant, guarantee or endorse the accuracy or completeness of, or the representations made in, the material on the platform (including any chat service available on this platform) or any information received as a result of placing an enquiry about a vehicle. You are responsible for assessing the accuracy of the material and any such information and rely on it at your own risk, and to the extent permitted by law, CommBank is not liable for any loss or damage relating to your use of, or reliance on the material or information.

VEME

The VEME platform, and the services associated with it, are hosted and managed by Vehicle Exchange Online Pty Ltd (ABN 97 665 759 106) (VEME). VEME is not part of the Commonwealth Bank of Australia (CommBank) Group. Vehicle sales and transactions conducted via the VEME platform are not carried out by CommBank. CommBank is not responsible for any vehicle sales or transactions on the platform. CommBank does not warrant, guarantee, or endorse the accuracy, completeness, or reliability of any information or representations on the VEME platform. You use VEME’s services at your own discretion and assume responsibility for your use. To the extent permitted by law, CommBank is not liable for any loss or damage arising from your use of, or reliance on, the VEME platform or its content.