TRANSACTION FEES AND COSTS
Each
item submitted for auction will be given a unique Auction ID number and will be
considered one auction. If multiple items are wished to be auctioned;
then multiple auctions are created and fees assessed per auction (item).
The following describe the basic fees imposed by the National Dealer Auction on
a successful or early withdrawn auction. Other fees may be reserved or
imposed under special circumstances. See: Buying and Selling and Refusing
an Auction.
DATABASE
LISTING FEES
All
vehicles submitted for auction must first be placed within The Auto Dealer Database
and paid before the listing will become available for auction. To bypass
the per vehicle charge, the dealer may choose to purchase a “Premium
Membership”, which will allow the dealer to post UNLIMITED vehicles
within the site www.TheAutoDealer.com
and make them available for conversion to Auction.
$9.95 Database
Listing Fee - Per vehicle charge assessed to the dealer to
become available for Auction. /Or
$59.95 Premium
Membership - Monthly Fee allows for unlimited vehicles placed within the
database.
SUMMARY OF
SELLERS FEE’s
NOTE: Once a vehicle is in the database there is no charge to turn
that vehicle into an auction. The fees associated with the auction are
only assessed if a WINNING auction has been achieved.
Auction Sellers Fee’s - A Sellers Fee is the charged to
sellers according to the type of auction presented. This
“pending” fee will be assessed by the dealer only when a Winning
Bidder has been announced. This fee is normally collected by the NDA after the
deposit for a winning vehicle has been placed by the seller.
$0 NON-Winning
– Any auction that ends with NO winning bidder, will not be charged,
or
$35 Private
Auction – Any Dealer to Dealer (Private) Auction that ends with a
WINNING bidder, or
$45 Public
Auction - Any Dealer to Public (Public) Auction that ends with a
WINNING bidder.
Early Auction Withdraw or Cancellation Fees - An Auction Listing
Cancellation Fee is charged to a seller who cancels an auction prior to its
completion (ending time). This fee is assessed depending upon whether or not
bids had been placed on the auction at the time of cancellation; and the type
of auction placed. NOTE: the Cancellation fee must be paid in order to have the
vehicle withdrawn from the auction.
$0 Auction
Withdraw Fee – Cost to withdraw an auction placed
in error and removed within two hours.
$30 Auction
Cancellation Fee – Fee assessed for canceling a Private Auction once bids have
been placed.
$40 Auction
Cancellation Fee – Fee assessed for canceling a Public Auction once
bids have been placed.
Sellers Cancellation Fee – Should a WINNING auctioned vehicle
be sold to a different Buyer other than the winning bidder prior to a deposit
being placed by the said winning bidder; a Sellers Cancellation Fee will be
accessed to the Seller, to cancel the auction.
$75 Sellers
Cancellation Fee - Fee
assessed to the Seller to cancel a winning auction.
SUMMARY OF
BUYERS FEE’s
Escrow Fee - All Winning Buyers are required to place a Deposit up
to $500.00 on items won. An affiliate site known as www.AutoAuctionEscrow.com will
hold all deposits until the vehicle has been received by the buyer. Once
the buyer has received the vehicle, the deposit held by Auto Auction Escrow
will be released to the seller. All buyers will be assessed a
non-refundable Escrow Fee which is required for services rendered; which
is to be placed at the time of deposit.
$30 Escrow
Fee -
Fee required for Auto Auction Escrow services.
Required Deposit - All Winning Bidders are required to place a Deposit up
to $500 for any winning auction by the bidder within 48 hours upon auction
ending. The required Auction Deposit amount is based solely upon the
amount of the winning bid; and will not exceed $500. Use the chart below
to resolve the required deposit amount.
Required
Deposit Winning Bid Amount
$50.00 IF
bid = ($50.00 - $5,000.00)
$100.00 IF
bid = ($5,000.01 - $10,000.00)
$150.00 IF
bid = ($10,000.01 - $15,000.00)
$200.00 IF
bid = ($15,000.01 - $20,000.00)
$250.00 IF
bid = ($20,000.01 - $25,000.00)
$300.00 IF
bid = ($25,000.01 - $30,000.00)
$350.00 IF
bid = ($30,000.01 - $35,000.00)
$400.00 IF
bid = ($35,000.01 - $45,000.00)
$450.00 IF
bid = ($40,000.01 - $50,000.00)
$500.00 IF
bid = ($45,000.01 - $1,000,000.00)
Buyers Cancellation Fee - Should a Buyer be allowed to refuse a vehicle for
cause (as determined by the NDA.); a Buyer Cancellation Fee will be accessed to
the Buyer.
$45 Buyer
Cancellation Fee - Equivalent
to the sum of the Listing and Processing Fees
OTHER FEES
(Special Circumstances)
Buyer / Seller Reinstatement Fee - Should a Buyer or Seller be unable
to conclude a transaction (as described below), then the responsible party will
be charged a Reinstatement Fee. Payment of this fee is required prior
to re-activation of NDA. privileges. See Buying and Selling
Should
a Buyer fail to submit the required Escrow Fee and Escrow Deposit after being
declare the Winner of an Auction; then a Buyer Reinstatement Fee will be
charged to the Buyer. NOTE: all auction privileges will be suspended
until the fee has been paid.
$75 Buyer
Reinstatement Fee - A fine
assessed to the BUYER for not completing a transaction.
Should
a Seller fail to produce the vehicle or cannot legally title the vehicle to the
Buyer thus causing the auction to be refused by the buyer, then a Seller
Reinstatement Fee will be charged to the Seller. NOTE: all auction privileges
will be suspended until the fee has been paid.
$75 Seller
Reinstatement Fee - A fine
assessed to the SELLER for not completing a transaction.