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Buying or Selling a Vehicle at Auction

These are general terms and conditions we have found that Vehicle Auctioneers supply.

Buying a vehicle at auction

Auction Process:

If you are the highest bidder and the hammer falls a contract is made between the Seller and the Buyer and you have an obligation to buy the vehicle.

If you are the highest bidder but the hammer does not fall, your bid failed to reach the Sellers reserve.

The Auctioneer will then submit your bid to the Seller. If your bid is accepted a contract is made between the Seller and the Buyer and you have an obligation to buy the vehicle.

Cash Deposit

If you are the highest bidder a Cash Deposit is generally payable immediately at the Auctioneer's rostrum.

Account customers do not need to provide a deposit.

Only if your bid is not accepted by the Seller will your deposit be refunded.

Settlement

The settlement value (Sale Price + Buyers Fee - Deposit) is payable by either:

Cash**
Bankers Draft (or Building Society issued cheque)
Debit card (Visa Debit, Maestro, Switch, Delta or Solo) - Presented in person + PIN number required

Generally - NO CREDIT CARDS OR PERSONAL CHEQUES ARE ACCEPTED

All lots must be paid for on the day of sale.
Later payments may only be made by arrangement with the office.
The vehicle will not be released from site until full payment has been received.
Failure to pay on time may result in loss of deposit.

Buyers Fee

A Buyers Fees is on a sliding scale and is payable over and above the sales price.
This fee payable by all Buyers for services provided by the Auctioneer

**Anti-Money Laundering Legislation introduced by H M Customs & Excise is in effect at many UK Vehicle Auctions. To comply with the rules Auctioneers only accept up to £9,000 in cash from any buyer on any one day.

Selling your vehicle at auction

Entry Form

An Entry Form generally needs to be completed for every vehicle entered into a vehicle auction

V5 - UK Registration Certificate - Vehicle Registration Documents
To sell a vehicle in the auction all you need is the car, its V5C or old V5 (see note on Registration Certificates below) and MOT and Service History if applicable.

Clear Title

You must have clear legal title to sell the vehicle and it cannot be subject to a Hire Purchase Agreement.

Total Loss Vehicles

Many Vehicle Auctioneers will not accept entries that have been an insurance total loss.

Reserve Price

The Seller sets the reserve price. When a vehicle is entered into auction most auctioneers can provide a free valuation and recommend an appropriate the reserve price if required.

Entry Fees

There is usually an Entry Fee payable for every sale your vehicle is entered into.

If your vehicle does not sell it is entered into every applicable future sale whilst it is left on the auction site.
If your vehicle subsequently sells, all Entry Fees and Commission are deducted from the sale proceeds.
If your vehicle does not sell Entry Fees are payable before the car can be removed from site.

Commission

Commission is usually only payable if the vehicle sells. It is based on a sliding scale and is deducted from the sale proceeds.




 


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