BUYING and SELLING

Auction Transactions defined

 

 

A Typical “Successful” Auction Transaction

 

• An Auction is created and designated as Private or Public Auction by the Dealer (Seller).  An end-of-auction date and time is then depicted.

 

• Once an auction is completed and a Winning Bidder is declared

 

• The Buyer (Winning Bidder) is given 48 hours from end-of-auction time to submit the required Escrow Fee of $30 and the appropriate Escrow Deposit (See Fees and Costs).
• The seller is charged the appropriate Listing Fee of $35/45 (See Fees and Costs).

 

• Final Contact / Transaction information is released immediately via email to the Buyer and Seller; upon notification by the Auction of receipt of the Buyers Escrow Fee and Escrow Deposit.

 

• Final Payment and pickup arrangements of the auctioned item are made between Buyer and Seller; and to be concluded within 96 hours of receipt of the Escrow Deposit by the auction.

 

• Final Payment (Winning bid amount less the Escrow Deposit) is made to the Seller by the Buyer; and the auction item is accepted by the Seller.  Both participants mark the transaction as completed within the Auction and leave feedback for each other.  (+3) Points are awarded to each member’s appropriate Power Rating.

 

• Once the Final Transaction is marked as completed by both the buyer and seller; the Auction Deposit (less the sellers Fee) is then released to the seller from the Auto Auction Escrow account.

 

 

Canceling an Auction before Auction Timer has Expired

 

• If the Auction was placed in error and needs to be withdrawn by the Seller; then no Fee will be imposed upon the Seller if the vehicle is withdrawn within two hours. 

 

• Any Auction cancelled or withdrawn or by the Seller after two hours of being listed as an item “up for auction”; then a Listing Cancellation Fee of $30 (private auction) / $40 (public auction) is imposed upon the Seller (See also Fees and Costs); and must be paid before the vehicle is removed as an active listing.

 

After an Auction has Ended and a Winner is Declared

 

• If the Buyer FAILS to submit the required Escrow Deposit and Escrow Fee within 48 hours of end-of-auction time; then the auction is considered as “incomplete by the buyer”; the Buyer will be fined a $75 (Buyer Reinstatement Fee), 15 points will be deducted from the member’s Buyer rating and the Buyer’s auction privileges will be suspended until payment is made.  No fees are imposed upon the Seller. (See also Refusing An Auction)

 

• If the Seller sells an auctioned item to a 3^rd party after an auction has ended BUT, before the Buyer has placed a deposit; then a $75 Seller Cancellation Fee will be imposed upon the Seller.  1 point will be deducted from the member’s Seller’s rating and an email notification will be sent to Buyer stating the vehicle had been sold and that no deposit will be required.  The Buyer will be immediately refunded both the Escrow Fee and Escrow Deposit (if submitted).

 

After Final Contact / Transaction Information is Released

 

• If the Buyer FAILS to provide Final Payment and/or Receipt of Auctioned Item within 96 hours of payment of the Escrow Deposit. AND if the auction is refused by the Seller; then the auction may be considered VOID. The Buyer forfeits the escrow deposit placed (Escrow Fee and Escrow Deposit) for that auction item. 7 points are deducted from the member’s Buyer’s rating and the Seller is awarded the Auction Deposit (less the Selling Fee) for that item. (See also Refusing An Auction)

 

• If the Seller does NOT have the auctioned item and/or title on-hand at the time of final payment by the Buyer AND if the auction is refused by the Buyer; then Auction will be considered VOID.  The Seller will be fined $75 (Seller Reinstatement Fee); the seller’s auction privileges will be suspended and 15 points will be deducted from the member’s Seller Power Rating.  The Buyer will be refunded the full escrow amount (Escrow Fee and Auction Deposit) previously submitted.  1 point will be awarded to the Buyer’s Rating. (See also Refusing An Auction)

 

• If an auction item is physically viewed by the Buyer AND the auction item was found to be misrepresented by Seller; the Buyer has the right to refuse the auction item prior to making the final payment to the Seller. 

 

Once the final payment is submitted to the Seller by the Buyer, the Buyer has “accepted” the vehicle per the terms of the National Dealer Auction and sale is final.  Again, it is the Buyer’s responsibility to ask any decision making questions to the Seller prior to the end-of-auction time; using the Auction Item’s Question and Answer Forum.

 

If the Buyer indeed refuses the auction item for reasons agreed by the N.D.A; then the Auction will be considered Refused.  The Buyer’s Escrow Fee will be forfeited and Escrow Deposit will be refunded (Less a $45 Buyer Cancellation Fee). No Buyer points are awarded to the Buyer.  No Listing Fee will be imposed upon the Seller; however 3 points will be deducted from the member’s Seller’s rating. (See also Refusing An Auction)