Terms of Sale ALL BIDS ARE FINAL AT AUCTION. At auction there is no “cooling off period.” If you are awarded the final bid, ownership changes hands at the drop of the gavel. You own the merchandise and are responsible for payment in full. No bidder may retract a bid made during the sale for any reason.
Buyer’s Fee A buyer’s fee is an amount charged by the auctioning dealer (Monterey Auction Company or other affiliated company ‘MAC’) for conducting the auction sale. If your bid price is accepted as the winning bid on any lot, you will be charged a buyer’s fee in addition to the accepted bid price. The buyer’s fee is part of the purchase price and is subject to sales tax, if applicable. Buyer’s fee is 10% on all motor car lots, 15% on all other lots.
Terms of Payment Payment is due in full on or before 5:00pm of the next business day following the auction. All payments must be in the form of cash or certified funds unless other arrangements have been approved in advance. Cash payments will be reported according to U.S. Federal government requirements. Should a bidder default on payment in any manner whatsoever, without limiting any recourse MAC may have, bidder agrees to pay MAC all lost auction fees (which is the maximum published rates for (1) the seller’s commission, (2) the buyer's premium, and (3) the entry), this amount is due and payable without relief. Bidder will also be liable to seller for its damages. Bidder hereby authorizes MAC to deduct these lost auction fees from bidder's cash deposit, or to charge this amount to bidder's credit card provided. Bidder agrees not to dispute this charge with the credit card company at any time. Bidder agrees to also pay MAC’s costs of collection, including attorneys’ fees and costs.
Conditions of Sale All sales are ‘as is’ and ‘where is’. Bidder is responsible for inspections and verification of condition, authenticity, and completeness of any vehicle or lot purchased. No warranties of any type whatsoever are made by Monterey Auction Company. Statements printed in catalogue brochures, signs, and window cards, and verbal statements made by auctioneers or auction staff are representations made by the Consignor and MAC has no obligation to verify or authenticate any such claims or representations. Any announcements made at time of sale supersede any earlier printed information. Except as herein provided, all vehicles are sold as is, where is, with no representations or warranties, expressed or implied. SELLER AND MONTEREY AUCTION COMPANY DISCLAIM ALL WARRANTIES, EXPRESSED OR IMPLIED AS TO CONDITION, ORIGINALITY, OR AUTHENTICITY, ORIGIN OR PROVENANCE, PREVIOUS USE OR OWNERSHIP, MANUFACTURING OR RESTORATION PROCESSES, YEAR OR AGE, SERIAL NUMBER, MAKE, MODEL, OPTIONS, TOOLS, OR MILEAGE OF ANY VEHICLE OR COMPONENT OF ANY VEHICLE, AND SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTIBILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
Risk of Loss Bidder is responsible for all risk of loss or damage immediately upon purchase of the vehicle or item, which occurs at the time of sale when bidder is declared by the auctioneer to have the successful bid. All vehicles or items purchased must be removed from the auction site at the bidder’s expense immediately following the sale. If not removed by the end of the day following the sale, MAC will remove the vehicle or item with all costs of moving and storage to be paid by the bidder.
Other Terms Vehicles not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor. When a vehicle is sold subject to such a reserve bid the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve bid. Bidder is responsible to pay all city, state or other taxes due for which the buyer does not qualify as exempt. Proof of exemption is bidder’s responsibility. Any and all terms of sale posted on the auction premises, printed in sale brochures or forms, posted on our website (www.rmauctions.com), publicly announced, or otherwise published are incorporated herein by reference. In the event either party brings action against the other from or relating to this bid card or any auction held in connection herewith, the prevailing party as, determined by the court, shall be entitled to recover its reasonable attorneys' fees and costs. The law of the state in which the auction is held shall govern the provisions of this bid card. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located. You are responsible for all bids made with this bidder number, whether or not made by you and whether or not authorized by you. If your bidder card is lost or stolen, immediately report same to MAC as all bids made with this bidder number will be your responsibility.
