BIDDING AGREEMENT

 

1. Full payment of purchase must be received on day of purchase, within two hours of the item selling. Terms are cash or certified check. Checks will not be accepted unless accompanied by an irrevocable letter of guarantee credit from the bank stating buying limit and authorized by an officer of the bank. Letter of Credit is retained by Auction Company at the time of issuing bid pass.

 

 

2. All bidders must provide Specialty Auto Auctions and Sales with proof of means to pay for any purchases. Specialty Auto Auctions and Sales retains the right to require a cash deposit before issuing a bid pass. I give permission for you to obtain my credit information.

 

3. All vehicles or any other purchases are sold “as is” and without warranties or guarantees by Specialty Auto Auctions and Sales. In no event shall the Auction be responsible for any guarantees or representations.

 

4. All statements by the Auctioneers and those statements printed in advertisements are based upon the consignor’s representation and are believed to be correct, however, bidders are to examine all cars and other items before bidding and do so upon his or her opinion or examination only.

 

5. The Auction is not responsible for correctness of year, genuineness or any other description of the vehicles. These items are the responsibility of the owner/consignor of the vehicle.

 

6. All cars are offered for sale subject to a reserve price set by the seller unless otherwise stated.

 

7. Ownership of an item passes to bidder when Auctioneer says “sold”. At that time the new owner assumes full responsibility for the item.

 

8. Should any dispute in a bid arise the Auctioneer will use his/her judgment and his/her decision is final.

 

9. All vehicles must be removed from the premises by the owner at his/her own expense immediately after the sale. If it is not removed, the Auction Company may remove and store the vehicle at the owner’s risk and expense.

 

10. All state and local taxes apply unless you can show the cashier proof of non taxable status and current copy of dealer’s license or an Automobiles Dealer’s number and resale tax number. (Be prepared with your tax number.)

 

11. A purchaser’s failure to comply with all the condition of the sale entitles Specialty Auto Auctions and Sales and the consignor to use other available remedies or courses of legal action to hold the purchaser liable. This may include the following: 1. Cancel the sale and retain as liquid damages all payments made by the purchaser. 2. Re-sell the property to a new purchaser at this auction or other private or public sale, and in such event the purchaser shall be liable for any deficiency plus any incurred attorney fees or court costs. 3. Grant the right of immediate repossession without notice to Specialty Auto Auctions and Sales or its agents.

 

12. Payment Agreement:

I understand that the entire amount of any purchase I make must be paid on the day of the auction, including all applicable state & local sales taxes.

I understand that failure to pay for my purchases on time will entitle Specialty Auto Auctions and Sales and the consignor to hold me liable. This may include any incurred attorney fees and/or court costs.

 

 

13. The Auction Company provides title only. Licensing (including any emissions requirements, vehicle inspections, plates and tabs) is the responsibility of the new buyer.

 

14. Titles for items purchased are mailed by certified mail to the Buyer by the 10th banking day following the sale, or transferred for a retail buyer as per local motor vehicle regulations. ON CASH TRANSACTIONS ONLY are the titles released to the purchaser at the time of the sale. Due to the liens and titles held in safety deposit boxes, any title may be delayed up to 30 days before it is released to the buyer, regardless of the method of payment. Vehicles announced with title delay buy the auctioneer may have a delay of 90 days.

 

15. SPECIAL NOTE: As a buyer of a car at this auction, I “explicitly waive my right to any implied warranty as set forth by state law.” As collector vehicles these automobiles may not be fit for ordinary driving nor reasonably safe and free of defects. This includes but is not limited to tires, brakes, steering, motor mounts, front and/or rear drive units. I agree to inspect each vehicle myself and ask the consigner of the vehicle to describe the condition for each vehicle.

 

16. Statements about the vehicle on the description sheets are provided by the consigner, not Specialty Auto Auctions and Sales. All statements made by the seller are accepted as reliable. Specialty Auto Auctions and Sales shall have no obligation to verify seller’s statement or claims. Any disputes regarding these statements must be made directly between consigner and purchaser without effect on responsibility for paying for the purchase to Specialty Auto Auctions and Sales.

 

17. I agree to abide by the Specialty Auto Auctions and Sales’ policies as listed on each vehicle description.

 

18. In the event of a dispute all transactions with Specialty Auto Auctions and Sales may be combined together towards resolving the dispute.

 

19. The auctioneer may announce special circumstances that apply to the legal status of specific vehicles. These announcements are described below and are part of the contract to purchase that specific car. May Require Bonding – Buyer will be responsible for any bonding or licensing required in their own state. Not Street Legal – Buyer understand that vehicle only suitable for offroad use. Typographical Error on Title – Buyer’s responsibility to correct. Salvage Title – Brand on title will remain with car. Bonded For Registration Only – May not be a clear title until announced time period expires.

 

Note the following cars are US legal and no special announcement will be made:

• - Vehicle with reassigned VIN tag.
• - Canadian vehicle
• - Grey market vehicles that have a US state issued title.

 

20. Vehicles over 20 years old and all customized and modified vehicles are considered to have frame damage.

 

21. NOTE: Buyer fee of 8% of the bid amount, not less than $100.00 will be charged to the buyer of each auction lot sold.

 

SELLING AGREEMENT

1. At the time of signing this contract I have entered into an agreement to deliver and offer my vehicle for sale at the Specialty Auto Auctions and Sales for the reserve price stated. The reserve price is an expected selling price which is inclusive of the auction commission. The Auction Company reserves the right to lower the commission in order to sell the car with the sellers net figure being unchanged. The seller may verbally agree to lower the reserve price during the auction process. If a vehicle is checked into the auction and does not cross the auction block to be offered for sale, then I agree to pay the sales commission in full plus a Buyer’s Fee on the stated reserve price unless specific written authorization is obtained from Specialty Auto Auctions and Sales waiving these fees.

 

2. Auction Fees:

AUCTION FEES	ENTRY FEES*	COMMISSION	MINIMUM
No Reserve	$150	Five Percent (5%)	Commision $100
Reserve	$250	Eight Percent (8%)	Commission $250

 

3. Entry Fees are non-refundable and do not apply to commission.

 

4. Title: Specialty Auto Auctions and Sales must have title at time of check in. Exceptions will be considered on an individual basis and will be charged a $50.00 delayed title fee. Lost title applications or titles-in-transit must be cleared through the auction company in advance, and may or may not be accepted. Serial number must match the title. All vehicles must be able to be legally titled. Final sales confirmation may be delayed until state authorities determine that your vehicle is legal to be titled.

 

5. Should no sale occur, titles will be returned to consignor at the end of the auction on Auction Day. Specialty Auto Auctions and Sales is bonded and licensed.

 

6. In the event of a purchaser’s failure to comply with the terms of sale, we will first attempt to resell the vehicle to another buyer for the same price. Failing that the sale is null and void. The Auction Company and consignor may agree to equally share the expense and risk of pursuing legal action to complete the sale.

 

7. Insurance coverage must be provided against all perils and loss by consignor including damage caused by another party. It is recommended that insurance be maintained until consignor receives the sale proceeds. Risk of loss is with the consignor. Insurance responsibility passes to new buyer when the auctioneer declares vehicle sold. Your insurance is the only insurance covering the operation and storage of your vehicle. I agree to allow Specialty Auto Auctions and Sales and its agents to move the vehicle at my risk.

 

8. If said vehicle is sold within 60 days to any person as a direct result of the auction advertising or promotion, then I agree to pay the commission.

 

9. In the event of consignor’s default on any terms here, said Auction Company or assigns shall be entitled to attorneys fees incurred in the enforcement of this consignment.

 

10. Consignor represents and warrantees that he/she has right to consign and sell that vehicle and its title documents are free and clear from all claims and liens unless stated otherwise herein, and/or that Seller’s Finance Company or claim lien holder will cooperate and accept net sales proceeds when presented by Auction Company. All claim or lien holder information must be given to the Auction Company in writing in advance of the sale.

 

11. At the signing of this contract, I have entered into an agreement to deliver and offer my vehicle for sale at the Specialty Auto Auctions and Sales for the reserve price stated.

 

12. It is your responsibility to drive your own vehicle through the auction system, onto and off the auction block. The cars are to line up in numerical order, approximately ten cars back of the car being auctioned. If, for any reason, you are not available to be in the line-up in a timely fashion, and the Auction Company must drive it for you, your file will be marked as such and you will be charged an additional $20.00, to be taken out of your sale proceeds, in the event your car is a no sale, the Auction Company will hold your title until the driving is paid, if however, you would like for us to drive your car through for you, please let us know. There is a $10.00 driving fee, to be paid in advance. In either case, if we drive your car we are not responsible for any damage or accident that may occur. Please understand that your own insurance is the only insurance covering the operation and storage of your vehicle.

 

13. All “frame Damaged vehicles, “Salvaged” or “rebuilt” title must be declared in writing prior to the sale. Failure to do so may result in sale rejection and forfeiture of fees.

 

14. All payments are made on the tenth (10th) banking day following the sale. The check for the sale price of the vehicle less the appropriate commission is mailed to you at the address you provided us on the envelope in your file. Checks may not be picked up in person. Mail or wire transfer are the only options. Funds can be wire transferred directly to your account for an additional $30.00 service fee. Early payment is available for a fee of $100.00 or 1% whichever is greater.

 

15. I do hereby authorize SPECIALTY AUTO AUCTIONS AND SALES to act as my ATTORNEY-IN-FACT in signing my name to any and all forms necessary for a transfer of my rights, title and interest in the motor vehicle described online.