RM SOTHEBY’S ACHIEVES $16.4 MILLION IN ONLINE ONLY: DRIVING INTO SUMMER SALE
RM | ONLINE ONLY
Driving into Summer
$16.4M IN SALES AND MOST VALUABLE CAR SOLD IN A DEDICATED ONLINE ONLY COLLECTOR CAR AUCTION
21 - 29 May 2020
ONLINE ONLY: DRIVING INTO SUMMER
RM Sotheby’s hosted its first car auction specifically curated for the Online Only platform—Driving into Summer—with great success this past week, presenting 193 motor cars and 24 lots of memorabilia, which opened for bidding on 21 May and closed in a staggered format on 28-29 May. The time-based, online auction totaled an impressive $16,385,738 in sales. More than 550 bidders participated from no less than 35 countries, with 24 percent bidding with RM Sotheby’s for the first time.
Proving that rare, iconic supercars remain in strong demand among enthusiasts, it was a 2003 Ferrari Enzo that led the online auction sales, selling for $2,640,000 to become the most valuable car sold in a dedicated online only collector car auction to date. An exceptional, as-new example of Maranello’s defining millennial hypercar, chassis no. 133033 was offered at auction from just two California-based owners, having resided within its first owner’s collection until 2018. Regularly serviced and used sparingly, 133033 goes to its next caretaker in outstanding condition, showing just 1,250 original miles and optioned with the very rare two-tone racing seats with red 3D cloth inserts.
Following close behind the Enzo, an exhilarating 1985 Ferrari 288 GTO sold for $2,310,000 during the Friday sale session, taking the second top sale slot. Enjoyed by a mere three caretakers throughout its life, the 288 GTO was originally delivered to well-known Ferrari collector Hartmut Ibing optioned with factory air conditioning and power windows.
“We are extremely pleased with the results of our first Online Only collector car auction curated specifically for the digital platform,” comments Gord Duff, Global Head of Auctions, RM Sotheby’s. “We saw continued momentum from our Online Only Palm Beach car auction, with considerable pre-sale interest from consignors and bidders, as well as activity throughout the auction with more than 550,000 total page views. We also saw an abundance of bidding throughout the week and during the closing days with an increased average of 19.6 bids per lot, up to a total of 56 bids on a single lot. Stand-out prices resulted across the sale, demonstrating sustained demand from collectors for buying and selling a wide spectrum of quality cars online—including blue-chip collectibles. The sale of both the Ferrari Enzo and 288 GTO mark a significant milestone for what the RM Sotheby’s Online Only platform can achieve, as well as the confidence with which our clients can bid.”
Other notable Ferrari highlights include a beautifully restored, matching-numbers, one-of-50 1958 Ferrari 250 GT Coupe with rare coachwork by Ellena, which brought in $671,000; an essentially new 2020 Ferrari 488 Pista Spider, stunningly specified, highly optioned and showing less than 90 miles at $605,000; a 2019 Ferrari 812 Superfast, fitted with the most powerful naturally aspirated production V-12 engine with 785 bhp, which generated $335,500; and a U.S.-specification 2001 Ferrari 550 Barchetta Pininfarina, the 375th example of just 448 built and finished in the desirable shade of Nero at $308,000.
Beyond the Ferrari highlights, supercars were also well-represented in the Online Only sale by an iconic trio of Ford GTs—a 2017 GT, a 2006 GT Heritage and a 2005 GT. Born and bred on the racetrack, the nicely optioned 2017 Ford GT was offered at auction equipped with carbon fiber wheels and finished in stunning Triple Yellow with Lightning Blue stripes. Powered by 647 hp, 3.5-liter twin-turbocharged V-6 engine, the GT achieved a final $836,000. Holding the unique distinction of being the final Heritage GT built for 2006, the three-option Heritage was offered from just two owners since new, showing just 5,400 miles and sold for $385,000. A desirable, four-option example, the 2005 GT presented wonderfully in Mark IV Red with white racing stripes and brought in $290,000.
Additional stand-out sales in the Driving into Summer auction include a virtually as-new, one-of-900 2020 Lamborghini Aventador SVJ at $467,500; a rare non-hood scoop 1965 Shelby 427 S/C Cobra ‘4000 Series’ with under-car exhaust at $396,000; a desirable early flat-floor 1962 Jaguar E-Type Series 1 3.8-Litre Roadster at $214,500; a 1963 Chevrolet Corvair 95 Rampside Pickup, boasting a stunning, concours-quality restoration, nearly doubling its high pre-sale estimate at $88,000; a 1971 Mercedes-Benz 280 SE 3.5 Cabriolet, having resided under its original family ownership for 45 years until 2016, at $297,000; and a highly desirable 1990 Mercedes-Benz 190 E 2.5-16 Evolution II, originally delivered to Japan, which surpassed its pre-sale estimate at $231,000.
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Bidders' Conditions of Business
BIDDERS’ CONDITIONS OF BUSINESS
1. Introduction.
1.1. Please ensure that you read and understand these Bidders’ Conditions of Business (“Conditions of Business”) prior to bidding on a motor car or any other lot (“Lot(s)”) at this or any other RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) auction (RMA and RMS together are “RM”). Even though the RM Conditions of Business are generally standardized, there are unique jurisdictional requirements and terms that may not apply to every auction, and it is each bidder in the auction (“Bidder(’s)”) responsibility to understand and review these Conditions of Business as they apply. By agreeing to these Conditions of Business, you are agreeing to be bound by these Conditions of Business for both RMS and RMA auctions. Please note that the Conditions of Business are subject to change from time to time, and it is each Bidder’s responsibility to apprise themselves of any changes to the Conditions of Business. Bidders are encouraged to contact RM’s Client Service department at clientservices@rmsothebys.com with any questions or concerns regarding these Conditions of Business.
1.2. RM’s contractual relationship with the Bidders are governed by:
1.2.1. These Conditions of Business;
1.2.2. The Conditions of Business displayed on RM’s website; and
1.2.3. In each case as amended by any notice or website update.
(Clauses 1.2. to 1.2.3. together are “Contractual Obligations”.)
1.3. As auctioneer, RM acts as the agent for the relevant consignor of the Lot(s) (“Consignor”), and a sale contract is made directly between the Consignor and the winning Bidder (the “Buyer”).
1.3.1. Occasionally, RM may own a Lot(s) (and, in such circumstances, acts in a principal capacity as the seller) and/or may have a legal, beneficial, or financial interest in a Lot(s) as a secured creditor or otherwise.
2. Bidder Due Diligence Responsibilities. The Bidder is responsible for any and all due diligence including but not limited to inspections and verification of the (i) condition, (ii) authenticity, (iii) completeness, (iv) statements made in reference to, and (v) any and all other matters regarding any Lot(s) offered in an RM sale (“Bidder Due Diligence”). To schedule an inspection at the location in which the Lot(s) resides, please contact Jera Presley either via email at jpresley@rmsothebys.com or via telephone at 260-927-9797.
2.1. Any and all condition, mechanical, provenance, or other written reports relating to the Lot(s) are an opinion only (“Inspection Report”). These are provided for information purposes only and neither RM nor the Consignor provides any representations or warranties in regard to the lot subject to the Inspection Report. The Inspection Report does not vary these Conditions of Business that govern bidding and if there are any discrepancies between these Conditions of Business and the Inspection Report, these Conditions of Business shall govern. Third-party and/or in-person inspections are welcomed and Bidders are encouraged to contact Jera Presley either via email at jpresley@rmsothebys.com or via telephone at 260-927-9797.
2.2. Any Inspection Report does not relieve the Buyer of the Lot(s) from his/her/its obligations outlined in clause 4 of these Conditions of Business.
2.3. To the fullest extent permitted by applicable law, Consignor/RM disclaims any and all representations and warranties with regard to the Inspection Report and the Buyer will hold Consignor/RM harmless from any claims, demands, losses, expenses, damages, costs, actions, and liabilities, including without limitation to court costs and attorney fees, of whatever kind or nature that may or may not occur, whether known or unknown, on the account of or arising out of all matters related to the Inspection Report.
3. Twenty-Day Window for Rescission of Sale due to Material Misrepresentation.
3.1. RM will on behalf of the relevant Consignor review concerns regarding material misrepresentations raised by the Buyer for 20 business days from the date of the auction, after which time all sales are considered “As Is” and “Where Is” as outlined in clause 4 below. Please send all concerns to legal@rmsothebys.com.
3.2. If it is found that the alleged material misrepresentation (that would not have been reasonably found through the Bidder Due Diligence) materially decreases the value or functionality of the Lot(s), RM will work with the Buyer on behalf of the relevant Consignor to reach a solution.
3.2.1. The Buyer agrees to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any Buyer-alleged damages or liability, including but not limited to travel expenses, repair expenses, and inspection expenses in any way related to actions taken in accordance with clause 3.
(Clauses 3 to 3.2.1 together are “Twenty-Day Window”)
4. With the Exception of the Twenty-Day Window, All Sales Are “As Is” and “Where Is.” No warranties or representations of any type whatsoever are made by RM or any Consignor to the Bidder regarding any Lot(s) offered in an RM sale. Statements in online content, pre-mailers, advertisements, brochures, signs, and window cards, as well as verbal statements made by Consignors, auctioneers or auction staff, are based on statements and historical files, if any, collected from the Consignor and other third-party sources, and RM has no obligation to verify or authenticate any such statements. All Lot(s) are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNORS AND RM 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, OR MODEL; OPTIONS AND TOOLS; ENGINE HOURS; AND MILEAGE OF ANY LOT(S) OR COMPONENT OF ANY LOT(S), AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
5. Services. RM agrees to act as an agent for the Bidders and provide auction services including but not limited to clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the Lot(s) or any RM auction as to (a) consulting any expert either before or after the sale, (b) researching provenance, (c) grouping and providing descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale.
6. Bidding at the Auction.
6.1. The auction will begin on the date notified to you when you register for the relevant auction and will follow a timed-auction format. Auction Lots are expected to close approximately 1 week after the date on which they begin. The exact closing date will be notified to you in respect of each auction.
6.2. To bid at the auction, a Bidder must satisfy any and all RM bidder registration requirements which include, but are not limited to (i) being at least 21 years of age; (ii) providing RM with a copy of a valid form of government-issued identification; (iii) providing RM with bank letter written on bank letterhead; RM may waive this requirement at its sole discretion; (iv) providing RM with a copy of a credit card; and (v) providing RM with copies of any and all required financial documents including, but not limited to, financial references, guarantees, deposits, and/or such other security, at RM’s absolute discretion, as security for any bid (together “Bidder Registration Requirements”).
6.3. Please note that even if a Bidder has satisfied and/or met some or all of the Bidder Registration Requirements for previous RM auctions, all Bidders will be required to satisfy and/or meet the Bidder Registration Requirements for the auction specifically prior to being accepted to bid.
6.4. If the Bidder does not satisfy and/or meet the Bidder Registration Requirements, RM, at its sole discretion, may not allow the Bidder to register to bid at the auction.
6.5. Once you have satisfied the Bidder Registration Requirements, you will be able to place bids against Lot(s) at the auction. To place a bid the Bidder must follow the instructions and processes on the auction platform.
6.6. Once made, no Bidder may retract a bid made during the auction for any reason.
6.7. If a bid placed by another bidder exceeds your bid, you will be notified via the email address you provided during registration, and the webpage of the Lot(s) will indicate you have been outbid.
6.8. If a bid is placed within the final two minutes of the bid acceptance period for an individual Lot, the auction period for that individual Lot will be extended by an additional two minutes to prevent a Bidder from trying to place a high bid in the final moments of the auction for that individual Lot.
6.9. There is no “cooling-off period”, cancellation, or rescission of bids.
6.10. If at the end of the auction, you are awarded the final bid on a Lot, ownership automatically changes hands at the close of the Lot ("Close of Lot”). At the Close of Lot, you are now the legal owner of the applicable Lot(s) and are responsible for payment in full.
6.10.1. To clarify, the term “Close of Lot” shall be defined as the time that the time-based auction expires.
6.11. The Bidder is responsible for all risk of loss or damage and insurance immediately upon purchase of the Lot(s).
6.12. RM reserves the right to reject any bid. The highest Bidder acknowledged by the auctioneer will be the Buyer. The auctioneer has absolute and sole discretion in the case of error or dispute with respect to bidding and, whether during or after the sale, to determine the successful Bidder, to re-open the bidding, to cancel the sale, or to re-offer and re-sell the Lot(s) in dispute. If any dispute arises after the sale, RM’s sale record is conclusive. RM is not responsible for any errors or omissions in connection with the calling/displaying/accepting of bids.
6.13. By participating in the auction, the Bidder represents and warrants that any bid placed by them, or on their behalf, is not the product of any collusive or other anti-competitive agreement and is otherwise consistent with applicable competition law.
6.14. If a Bidder would like an RM representative to bid on their behalf, they need to complete the corresponding RM Car Specialist as Agent Form attached as Attachment #1 to these Conditions of Business.
6.15. For further details on requirements to bid, please contact a client services representative at clientservices@rmsothebys.com.
7. Purchase Price. The purchase price shall consist of the following:
7.1. the Hammer Price (defined below) of the Lot(s), and
7.2. the applicable Buyers’ Premium (defined below).
(Clauses 7 to 7.2 together are “Purchase Price”)
8. Buyers’ Premium.
8.1. In addition to the Hammer Price, the Buyer is required to pay RM a percentage of the Hammer Price, which RM retains as the Buyers’ Premium for the purchase of each Lot(s) (“Buyers’ Premium”).
8.2. RMS auctions will have the following Buyers’ Premium:
8.2.1. In the event of a final Hammer Price of US$250,000.00 and below on all motor car lots, RMS will receive a Buyers’ Premium of 12%.
8.2.2. In the event of a final Hammer Price above US$250,000.00 on all motor car lots, RMS will receive a Buyers’ Premium of 12% on the first US$250,000.00 and will receive a Buyers’ Premium of 10% on the Hammer Price above US$250,000.00.
8.2.3. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMS a Buyers’ Premium of 20% on the Hammer Price of those particular lots.
8.3. RMA auctions will have the following Buyers’ Premium:
8.3.1. RMA will receive a Buyers’ Premium of 10% on all motor car lots.
8.3.2. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMA a Buyers’ Premium of 15% on the Hammer Price of those particular lots.
8.4. RM Online Only North American auctions will have the following Buyers’ Premium:
8.4.1. RM will receive a Buyers’ Premium of 10% on all motor car lots.
8.4.2. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RM a Buyers’ Premium of 15% on the Hammer Price of those particular lots.
9. Taxes.
9.1. The Buyer is responsible to pay all applicable, and any and all other taxes due for which the Buyer does not qualify as exempt, subject to RM verification; proof of exemption is the Buyer’s responsibility. The Buyer is responsible for any applicable duty, import tariffs, charges, or any and all other required payments that are due upon the import of the Lot(s) to its final destination.
9.2. Although by no means an exhaustive list, please be aware of the tax scenarios below.
9.2.1. If the Buyer of a Lot(s) resides in an American state in which RM is registered to collect/remit sales tax, RM is required to collect/remit sales tax on the purchase of that Lot(s). RM is registered to collect/remit sales tax in the following states: California, Florida, Indiana, Pennsylvania, Arizona, New York, and Michigan. RM reserves the right to collect/remit sales tax from residents from other jurisdictions if RM deems the collection/remittance of tax necessary.
9.2.2. If the Buyer of a Lot(s) resides in the EU, according to the EU VAT Directive, motor cars that have been in use for no more than 6 months or that have been driven for no more than 6,000 kilometers are considered new means of transport and will be subject to VAT. Payment of VAT is the responsibility of the Buyer. Where applicable, RM may take a deposit from the Buyer equal to the amount of VAT due, which will be refunded upon receiving satisfactory evidence that the motor car has been transported to and registered in another EU country.
10. No Legal or Tax Advice. This agreement is an important legal document. The Bidder acknowledges that the Bidder has had the opportunity to consult an attorney before accepting this agreement and has entered into this agreement after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in this agreement, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of this agreement, RM has not provided legal or tax advice or tax planning services to the Bidder or for the Bidder’s benefit in connection with the transactions contemplated by this agreement, and no one at RM has acted as the Bidder’s attorney or tax advisor. As a condition of bidding at the auction, it is the Bidder’s responsibility to satisfy themselves and comply with all applicable tax, duty, or any and all other payments associated with the purchase of a Lot(s) at the auction. A further condition of bidding at the auction is that the Bidder holds RM harmless from any and all tax or regulatory issues that arise due to Tax and Ownership Information (defined below) that RM provides.
10.1. In order to assist Bidders with this process, RM may provide information about the tax status of each Lot(s), as well as any ownership or registration papers that will be supplied with the respective Lot(s) (“Tax and Ownership Information”); however, this information is being provided merely to assist Bidders in their determination of their own tax and regulatory responsibilities.
11. Credit Card Hold and Pre-authorization. Please note that in order to register to bid at an RM sale, RM requires a hold and pre-authorization of US$2,000.00 to be placed on the Bidder’s credit card from the date of registration until the close of the auction (“CC Hold”). If the Bidder is not the Buyer of the Lot(s), the CC Hold will be removed from the credit card in accordance with the Bidder’s specific credit card companies’ procedures. If the Bidder is the Buyer of the Lot(s), the Bidder will be required to make payment to RM in accordance with clause 12 of these Conditions of Business.
12. Payment.
12.1. Subject to fulfillment of the Contractual Obligations, at the Close of Lot, the contract between the Consignor and the Bidder is concluded.
12.2. The value of the last accepted bid upon the Close of Lot is the Hammer Price (“Hammer Price”).
12.3. Payment is due in full on or before 5:00 p.m. EST of the next business day (“Payment Deadline”), and payment is to be made to RM.
12.4. For any purchases under US$5,000.00, the Bidder acknowledges and agrees that his/her credit card against which the CC Hold has been taken will automatically be used as the payment method for the Hammer Price of the Lot(s) and applicable Buyers’ Premium. Special payment arrangements can be made for multiple Lot purchases, which the Bidder is welcome to discuss with an RM representative upon completion of the auction.
12.5. For final purchases exceeding US$5,000.00, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.
12.6. RM is not obligated to release the Lot(s) to the winning Bidder until the Buyer has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes.
13. Non-Payment. In the event that the Buyer does not pay any portion of the Purchase Price and applicable taxes by the Payment Deadline, the Bidder agrees to and acknowledges that RM has the sole discretion to do any one or any combination of the following:
13.1. Cancel/rescind the sale of a Lot(s). If the sale is cancelled/rescinded due to non-payment, RM will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission.
13.2. Assume the rights of the Consignor to pursue the Buyer for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Business.
13.3. Deduct the Purchase Price plus applicable taxes from the Bidder’s cash deposit and/or charge the Purchase Price and applicable taxes to the credit card that the Bidder has provided. If the Bidder’s cash deposit and/or credit card payment does not cover the Purchase Price plus applicable taxes, in addition to other remedies available by law, RM reserves the right to impose, from the Payment Deadline until the full Purchase Price plus applicable taxes has been made by the Buyer, a late charge of (1) the U.S. Prime Rate + 4.00% for up to the first 60 calendar days after the Payment Deadline and (2) the U.S. Prime Rate + 8.00% thereafter until the full Purchase Price plus applicable taxes has been made by the Buyer on the:
13.3.1. Purchase Price and applicable taxes;
13.3.2. Applicable expenses;
13.3.3. Any collection costs, attorneys’ fees, and court costs incurred to enforce payment; and
13.3.4. Other damages reasonably related to the Bidder’s non-payment.
14. Reserves. Lot(s) not marked as “no reserve” (or similar) are subject to a reserve set by the Consignor. When a Lot(s) is sold subject to a reserve, the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve.
15. Cancellation/Rescission of Auction. RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the auction and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
15.1. Force Majeure events including but not limited to:
15.1.1. Any natural disaster, which despite reasonable efforts restricts RM from holding the auction; and
15.1.2. Any terrorist event, pandemic, war, as well as any “guideline” or “recommendation” by government (local, state/province, federal/national) and/or accredited health organizations (including the World Health Organization) which despite reasonable efforts restricts RM from holding the auction.
15.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold the auction that necessitate a cancellation.
16. Cancellation/Rescission of Lot(s). RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a Lot(s) and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
16.1. RM opines that the Lot(s) has been intentionally and materially misrepresented by the Consignor;
16.2. RM opines that physical damage to the Lot(s), which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed;
16.3. RM is served with a lawsuit from a third party in relation to the Lot(s);
16.4. RM faces significant reputational damages that would cause monetary damages for selling the Lot(s);
16.5. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured;
16.6. Material issues regarding the provenance, merchantability, or authenticity of the Lot(s) that cannot be reasonably cured;
16.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the Lot(s) at the auction that necessitate a cancellation; or
16.8. If there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a Lot(s) not being authentic, being misrepresented, having an encumbered title or registration, having undisclosed material issue, or having a similar claim, RM has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims and to cancel the sale of the Lot(s) and reimburse the payment to the Buyer if RM deems the Buyer’s claims to be valid.
17. Online Auction is “As Available” and “As Is.”
17.1. All bids on a Lot(s) will be via RM’s online only auction platform.
17.2. Although RM endeavors to provide a safe, secure, and functioning auction, RM cannot guarantee the continuous operation of or access to the auction or a Bidder’s ability to connect and navigate the auction. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM’s control.
17.3. Bidders agree that they are making use of the online only auction platform at their own risk and that the auction is being provided to Bidders on an “AS AVAILABLE” and “AS IS” basis. Accordingly, to the extent permitted by applicable law, RM excludes all expressed or implied warranties, terms, and conditions, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
18. Title Transfer.
18.1. If the Buyer of a Lot(s) resides in an American state, in an effort to ensure all titles are free and clear of liens or encumbrances, RM manages the process of title reassignment on behalf of the Buyer. Buyers will receive titles in the mail as soon as possible following the auction with a target of a maximum of 20 business days following the auction; however, please note that for reasons beyond RM’s control, including any delays in lien releases by lien holder(s) and/or delays by the Department of Motor Vehicles (or equivalent) in certain states, there are instances where the Buyer may not receive the title within 20 business days and, in those circumstances, RM will work to provide the titles to the Buyer as soon as possible. A US$75.00 administration fee (US$85.00 in the State of California) will be assessed per motor car purchased, but this fee will not apply to nostalgia lots.
18.1.1. If a Lot(s) is rendered “Title in Transit,” it is unlikely that the Buyers will receive the title in the mail within 20 business days following the auction; however, RM will work to provide the titles to the Buyer as soon as possible.
18.1.2. The Buyer acknowledges that delays in transferring titles due to delays at government Motor Vehicle departments happen from time to time, and the Buyer will hold RM harmless from any allegations of damages arising out of government delays.
18.2. If the Buyer of a Lot(s) resides outside the United States, RM will use its best efforts to assist with the transfer of ownership; however, it is the responsibility of the Buyer to transfer ownership in compliance with their jurisdictional rules and regulations.
19. Removal of Purchased Lot(s).
19.1. All purchased Lot(s) must be removed by the Buyer from the location in which they resided during the auction within 5 business days of the auction (“RM Removal Deadline”).
19.2. If the RM Removal Deadline is not met, the Buyer will be charged a daily storage fee of up to US$30.00 per Lot(s) (“Storage Fee”) until the Lot(s) are removed.
19.3. Please note that the Buyer is required to insure their Lot(s) while the Lot(s) is being stored on their behalf.
19.4. If the Lot(s) is not removed for one calendar year from the RM Removal Deadline and other arrangements have not been made, RM has the right to (i) auction the Lot(s), (ii) retain its standard Buyers’ Premium, Storage Fee, and other applicable expenses, and (iii) return the remaining payment to the Buyer.
20. Legal Action. Any dispute, claim, or controversy arising out of or relating to these Conditions of Business or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of these Conditions of Business to arbitrate, shall be determined by arbitration in Detroit, MI, before one arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures or pursuant to JAMS’ Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude the parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.
21. Packing and Shipping. RM is not responsible for the acts or omissions in our packing or shipping of purchased Lot(s) or of other carriers or packers of purchased Lot(s), whether or not recommended by RM. Packing and handling of purchased Lot(s) are at the entire risk of the Buyer.
22. Data Use. The Bidders agree to allow RM to use their personal information in accordance with RM’s Privacy Policy. RM uses your personal information to provide services specifically tailored toward your requirements and to treat you in a personal way; to fulfill your agreements regarding the consignment and purchase of items at RM auctions, the auction, and private sales; to provide you with information on upcoming sales; to carry out analysis and market research; to undertake targeted online advertising; to send status updates and service communications; to improve our websites, products, and services; to provide payment services; and for management and administrative purposes. The full Privacy Policy can be found at the bottom of the RM website homepage under the Privacy & Terms tab. If you wish to ask any questions regarding the use of your personal information, to request a full accounting of what personal information is on file with RM, or to unsubscribe to any services or purge your personal information from RM’s systems, please email privacy@rmsothebys.com.
23. Anti-Money Laundering. The Bidder agrees to provide all information and assistance reasonably requested by RM to comply with RM’s internal Anti-Money Laundering process and to comply with any and all Anti-Money Laundering Laws and Regulations in force in the jurisdiction in which the auction is held.
24. Entire Agreement. This document shall be binding upon the parties and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, these Conditions of Business shall not be modified, except in writing. Whenever used in these Conditions of Business, as the contract requires, the singular number shall include the plural, the plural number shall include the singular, the masculine gender shall include the feminine and neuter, the feminine gender shall include the masculine and neuter, and the neuter gender shall include the masculine and feminine.
25. Translations.
25.1. If there is a discrepancy, contradiction, or question of interpretation regarding enforceability between the English version of the Conditions of Business and a version of the Conditions of Business produced in a language other than English, the English version of RM’s Conditions of Business will supersede.
25.2. If there is a discrepancy, contradiction, or question of interpretation in a description for a Lot(s), online or otherwise, between the English version of the description and a version produced in a language other than English, the English version will supersede.
26. Licenses. The auction will be produced by RM Auctions, Inc. of 5536 County Road 11A, Auburn, IN 46706 (Indiana Secretary of State Dealer License No. 1800217).
27. Consumer Protection Rights. If the Consignor is a Business (defined below) AND the Buyer is a consumer AND the consumer has a right of withdrawal against the Consignor on the basis of EU consumer protection laws, the Buyer has the automatic statutory right for 14 calendar days after the Buyer is responsible to take possession of the Lot(s) to rescind the sale of the Lot(s). Nothing in this clause 27 shall affect any Buyer(s) legal rights that shall apply against the Consignor as a result of any applicable laws.
27.1. The definition of Business for these Conditions of Business is a natural person or legal entity in the business of selling automobiles and acting for purposes relating to such business (“Business”).
27.2. RM reserves the right to make the reasonable determination as to whether a Consignor meets the definition of Business.
27.3. Bidders who exercises this right is responsible for any and all expenses associated with the Lot(s) including, but not limited to, transportation, duty, storage, insurance, and taxes.
27.4. If the Bidder exercises this right they are advised to insure the Lot(s) until the Consignor re-takes possession of the Lot(s).
ATTACHMENT #1 TO BIDDERS’ CONDITIONS OF BUSINESS
RM CAR SPECIALIST AS AGENT FORM
The Bidder may choose to have an RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) (RMA and RMS together “RM”) Car Specialist place a bid on a Lot(s) on their behalf during the Online Only: Driving into Summer auction (“Online Only Auction”). In order for a RM Car Specialist to bid on the Bidder’s behalf, the Bidder must (i) provide the following information, (ii) select and initial beside a bidding option as outlined below, and (iii) sign their name at the bottom of this form:
ONLINE ONLY: DRIVING INTO SUMMER
Client Name:
Lot Number:
Bidding Options: I acknowledge and agree that an RM Car Specialist may bid on my behalf on the above referenced lot number at the Online Only Auction in accordance with the following selected option:
A. Up to US$______________________________ Hammer Price (as outlined and defined in the Online Only Auction Bidders’ Conditions of Business).
**Please note that the applicable Buyers’ Premium will apply.
_____________
Bidders’ Initials
OR
B. As Instructed.
**Please note that the applicable Buyers’ Premium will apply.
**Please note that if this Option is chosen, the Bidder will be required to provide the RM Car Specialist with their bidding instructions either via email or text message. Verbal bidding instructions will not be accepted.
_____________
Bidders’ Initials
If any dispute arises after the sale wherein an RM Car Specialist bid on behalf of a Bidder during the Online Only Auction, the Bidder acknowledges that RM will not be held responsible for any errors or omissions in connection with the calling/displaying/accepting of bids.
________________________________
Date
____________________________________
Signature of Bidder
Consignors' Conditions of Business
CONSIGNORS’ CONDITIONS OF BUSINESS
1. Introduction:
1.1. RM Auctions, Inc. d.b.a. RM Sotheby’s (“RMS”) will be conducting an auction using RMS’ Online Only auction platform (“Online Only Auction”).
1.2. The Online Only Auction is scheduled to take place in the month of May 2020 and will follow a timed-auction format. Online Only Auction lots are expected to close approximately 1 week after the bidding opens to registered bidders.
1.3. Please ensure that you read and understand these Conditions of Business (“Conditions”) prior to consigning a Lot(s) at this or any other RMS sale.
1.4. RMS’ contractual relationship with the Consignors is governed by:
1.4.1. These Conditions;
1.4.2. The Consignment Agreement package; for the avoidance of doubt, this is the fillable package containing the Consignor’s personal information and information regarding the Lot(s);
1.4.3. The Conditions of Business displayed on RMS’ website; and
1.4.4. In each case as amended by any notice or website update.
(clauses 1.4. to 1.4.4. together “Contractual Obligations”)
1.5. As auctioneer, RMS acts as agent for the Consignor, and a sales contract is made directly between the Consignor and the Buyer.
1.5.1. Occasionally, RMS may own a Lot(s) (and in such circumstances, acts in a principal capacity as the Seller) and/or may have a legal, beneficial, or financial interest in a Lot(s) as a secured creditor or otherwise.
2. RMS Receiving Lot(s) in Trust: Any consigned Lot(s) is delivered to RMS in trust under the exact terms set forth in these Conditions. RMS agrees to receive the Lot(s) in trust and agrees not to permit its use for any other purposes, other than those contained in these Conditions, without the express written consent of the Consignor.
3. Services: RMS agrees to act as an agent for the Consignor and to provide Online Only Auction services, including but not limited to support staff, event advertising, and promotion. In connection with the Online Only Auction, RMS will have absolute discretion with regard to the Lot(s) or any RMS auction as to (a) consulting any expert either before or after the sale, (b) researching the provenance, (c) grouping and providing descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale.
4. Commissions: If the Lot(s) is sold, the Consignor agrees to pay the Sellers’ Commission on the Hammer Price (the last accepted bid is the Hammer Price (“Hammer Price”)) of the Lot(s) to RMS, as indicated in the Commissions section of the consignment package. Further, the Consignor acknowledges that RMS will collect a standard Buyers’ Premium from the Buyer of the Lot(s) in question, based on the Hammer Price on the Lot(s). Please note that the standard Buyers’ Premium may change from time to time at the discretion of RMS if the standard Buyers’ Premium for the Online Only Auction changes. To be clear, the standard Buyers’ Premium will be clearly published as part of Bidder’s Conditions of Business in advance of the Online Only Auction, and the applicable Buyers’ Premium will be applied consistently across all lots in the Online Only Auction.
5. Inspection Report and Fees:
5.1. As part of the Online Only Auction sale process for each Lot(s) consigned, an RMS representative will perform an inspection and produce an Inspection Report to be made available to prospective bidders along with the relevant description of the Lot(s) as the case may be (“Inspection Report”).
5.2. RMS will charge the Consignor a fee of US$500.00 to be paid via credit card prior to the Lot(s) being accepted for the Online Only Auction to cover the costs of marketing expenses, including photography, and the Inspection Report associated with the Lot(s) (“Inspection Report Fee”). The Inspection Report Fee is non-refundable and is not credited toward the sales commission.
5.3. If issues are found during the inspection, RMS will provide the Consignor with a list of issues identified and an estimate to repair those issues where reasonable. The Consignor will be given an option to either (i) fix the issue at the quoted price with RMS recapping this quoted price from the Consignor’s proceeds of sale, provided there is reasonably sufficient time to fix such issue, OR (ii) leave the Lot(s) as is and market the Lot(s) with the issues disclosed.
5.3.1. Notwithstanding the above, if during RMS’ inspection, RMS (using reasonable commercial judgment) determines that the Lot(s) is unfit for sale due to several issues including, but not limited to, safety, mechanical, body condition, and authenticity, RMS reserves the right to rescind the consignment of the Lot(s) and the Consignor agrees to indemnify and hold RMS harmless from any alleged liabilities arising out of the rescission.
5.3.2. If RMS rescinds the consignment of the Lot(s) in accordance with clause 5.3.1, the Inspection Report Fee becomes non-refundable and it is the Consignor’s responsibility to arrange and pay for transportation of the Lot(s). If the Consignor does not remove the Lot(s) from either RMS’ Auburn, Indiana; Stuart, Florida; or Culver City, California facility, the Consignor will be required to pay RMS a storage fee of US$50.00 per day.
5.4. RMS disclaims any and all representations and warranties with regard to the inspection and the Consignor will hold RMS harmless from any claims, demands, losses, expenses, damages, costs, actions, and liabilities, including without limitation to court costs and attorney fees, of whatever kind or nature that may or may not occur, whether known or unknown, on the account of or arising out of all matters related to the inspection.
6. Proceeds to Consignor:
6.1. As an accommodation to the Consignor, RMS agrees to act as an intermediary between the Consignor and the Buyer by accepting the purchase price from the Buyer, transferring the Lot(s) to the Buyer, and delivering the amounts due to the Consignor under these Conditions. If the Lot(s) is sold by RMS during the term of these Conditions, the money due to the Consignor shall be disbursed within 20 business days after the sale, provided that the purchase price, applicable commissions, and fees have been received by RMS, in accordance with the terms of these Conditions.
6.2. As used in these Conditions, a “sale” occurs between the Consignor and the Buyer when the hammer or equivalent device or mechanism drops on the Hammer Price or when the time expires on a time-based online auction or when the auctioneer awards the Lot(s) to the highest Bidder, provided the Consignor is able to receive at least the net reserve price, defined as reserve price minus Sellers’ Commission as agreed in the Consignment Agreement package.
6.3. The Consignor authorizes RMS to release the Lot(s) to the successful Buyer upon RMS receiving full payment from the Buyer or financing terms are agreed to with RMS.
6.4. The Consignor agrees to rely solely upon the Buyer for payment.
6.5. Before payment of any money due to the Consignor is to be made, the Consignor agrees to provide RMS with the documents necessary to transfer the Ownership (defined below) of the Lot(s) to the Buyer.
6.6. If RMS has reason to believe or is notified that the (i) Consignor’s breach of the Contractual Obligations, (ii) alleged breach of the Contractual Obligations, (iii) Consignor’s actions could potentially cause RMS liability, and/or (iv) Buyer claims material misrepresentation within the Twenty Day Window (defined below) as outlined in clause 12 (“dispute”), RMS, at its sole discretion, may withhold payment to the Consignor until the dispute has been resolved; further, RMS may deduct any sums that are due to it from the sum held.
7. Exclusivity: The Consignor grants to RMS the exclusive right and authority to advertise and sell the Lot(s) for a period beginning with the date of these Conditions and ending 90 business days following the Online Only Auction.
7.1. If the Lot(s) is sold prior to the Online Only Auction and RMS has not agreed in writing to this sale, the Lot(s) will then be considered “withdrawn” from the Online Only Auction by the Consignor, and the Consignor agrees to abide by clause 22, Withdrawn Lot(s), of these Conditions.
7.2. If the Lot(s) does not sell at the Online Only Auction, the Consignor grants RMS the authority for up to 90 business days after the Online Only Auction to (a) list the Lot(s) for sale on RMS’ Private Sales website, (b) advertise, in other media at RMS’ discretion, the Lot(s) for sale, and (c) if there was a reserve price agreed to between the parties, unilaterally sell the Lot(s) for an amount equal to or greater than the reserve price.
8. Title, Registration Documents, and/or Appropriate Documents Evidencing Chain of Ownership to Lot(s):
8.1. It is the absolute requirement of the Consignor that they provide any and all titles, registration documents, or appropriate documents evidencing ownership and/or government registrations (such as Purchase Agreements and Bills of Sale) (“Titles”) to the Lot(s) to RMS prior to the Online Only Auction of the Lot(s).
8.2. The Consignor warrants that the Consignor is the sole owner of the Lot(s), and that the Consignor has full right and authority to sell the Lot(s) (“Ownership”).
8.3. The Consignor agrees to provide RMS with a good, clear, and transferable Title to the Lot(s) in advance of the Online Only Auction.
8.3.1. If for whatever reason RMS is forced to correct any Title defect, the Consignor agrees to first pay RMS a minimum fee of US$500.00 and, if the Title defect costs more than US$500.00 to correct, the Consignor agrees to pay for any and all additional reasonable expenses related to correcting such defect (“Title Fees”). The Title Fees will be deducted from the Consignor’s proceeds of sale.
8.3.1.1. In cases where pre-existing Titles do not exist and insurance bonds are necessary, the Consignor will be charged Title Fees on a case-by-case basis.
8.4. In order to facilitate and transfer the Title for the Lot(s), the Consignor agrees to sign the Power of Attorney attached to the Consignment Agreement package.
8.5. The Consignor will indemnify and hold RMS harmless from any claims, demands, losses, expenses, damages, costs, actions, and liabilities, including without limitation to court costs and attorney fees, of whatever kind or nature that may or may not occur, whether known or unknown, on the account of or arising out of all matters related to the Ownership and Titles.
9. Transportation: The Consignor will be responsible for paying any and all expenses associated with transporting the Lot(s) to either RMS’ Auburn, Indiana; Stuart, Florida; or Culver City, California facility. These expenses may be recapped from the Consignor’s proceeds of sale.
10. Non-Payment by Buyer: In the event of non-payment by the Buyer, RMS will endeavor to use reasonable efforts to enforce payment from the Buyer; however, RMS shall not be liable to the Consignor for payment. If the Buyer does not pay RMS, then at RMS’ sole discretion, RMS may cancel the sale and return the Lot(s) to the Consignor, enforce payment by the Buyer, or take other actions permitted by law. Notwithstanding the preceding sentences, if RMS has paid any portion of the purchase price to the Consignor, but the purchase price has not been collected from the Buyer of the Lot(s), the Consignor hereby agrees, simultaneously with such payment, to assign to RMS any and all rights that the Consignor may have against such Buyers to the extent of such payment, whether at law, in equity, or under the Contractual Obligations. The Consignor agrees to execute any documents reasonably necessary to evidence this assignment, including with respect to the Consignor’s representations, warranties and indemnities as set forth in these Conditions. The Consignor authorizes RMS, at RMS’ sole discretion, to impose on any Buyer, and retain for RMS’ account, a late charge if payment is not made in accordance with the Contractual Obligations.
11. Lot(s) Description:
11.1. The Consignor agrees to accept sole responsibility and liability for any representations made by RMS that accurately repeat the information supplied by the Consignor as to the character, features, condition, correctness, authenticity, or history of the Lot(s), and also to indemnify, defend, and hold RMS harmless from any claims that may be made with respect to any such representations.
11.2. The Consignor is required to review and approve any and all descriptions within 3 business days of receiving the description from RMS.
11.3. If, for whatever reason, RMS has not received an approval of the Lot(s) description from the Consignor at least 3 business days prior to the Online Only Auction, RMS may cancel the sale of the Lot(s).
11.4. If RMS cancels the sale of the Lot(s) due to the obligations in clause 11.3 not being fulfilled, the Consignor will:
11.4.1. forfeit the Inspection Report Fee;
11.4.2. pay RMS any and all other expenses incurred by RMS assigned to the Lot(s); and
11.4.3. will be responsible to pay RMS a 10% commission on the Lot(s) had the Lot(s) (a) met its reserve; or (b) if offered without reserve, then the Lot’s published low estimate; or (c) if no reserve and no published low estimate, then the Lot’s fair market value as determined by RMS.
12. Twenty Day Window for Rescission of Sale due to Material Misrepresentation Claims:
12.1. RMS will review concerns regarding material misrepresentations raised by the Buyer for 20 business days from the date of the Online Only Auction.
12.2. If it is found that the alleged material misrepresentation (that would not have been reasonably found through the Bidder’s due diligence) materially decreases the value or functionality of the Lot(s), RMS will work with the Buyer to reach a solution.
12.2.1. The Consignor agrees to indemnify, defend, and hold RMS harmless from any claims that may be made with respect to any Buyer alleged damages or liability, including but not limited to, travel expenses, repair expenses, and inspection expenses in any way related to actions taken in accordance with clause 12.
(clause 12 to 12.2.1 together “Twenty Day Window”)
13. Lot(s) Operation:
13.1. The Consignor warrants that the Lot(s) is in a safe, operable condition to be driven or moved by RMS’ employees or representatives. The Consignor acknowledges that, should RMS, at RMS’ sole discretion, determine that the Lot(s) is not safe to operate or move, RMS may rescind the consignment of the Lot(s) from the Online Only Auction.
13.2. The Consignor authorizes RMS to perform minor work on the Lot(s) to facilitate the Lot(s) starting and driving or being presentable for sale. The Consignor will hold RMS harmless and indemnify RMS from any damage or liability caused by the minor work performed by RMS’ staff on the Lot(s).
14. Drivers: The Consignor acknowledges and grants permission for RMS and its employees and agents to drive or move the Lot(s) from time to time before, during, or after the sale. The Consignor acknowledges that it is the Consignor’s responsibility to maintain sufficient insurance coverage to permit such driving or moving, and the Consignor specifically agrees to indemnify, defend, and hold RMS harmless, as provided in these Conditions, from any liability that may result from such driving or movement of the Lot(s).
15. No-Sale of Lot(s):
15.1. If there is a no-sale, any and all fees owing, including but not limited to Title Fees, must be paid to RMS before the Lot(s) is released to the Consignor.
15.2. If there is a no-sale, the non-sold Lot(s) must be removed by the Consignor from the location in which they resided during the Online Only Auction within 5 business days of the sale (“Removal Deadline”).
15.3. Contingent upon clause 15.2 being satisfied, the Lot’s Title (as long as the Consignor does not owe RMS any money) will be returned to the Consignor within 60 business days.
15.4. If the Removal Deadline is not met, the Consignor will be required to pay RMS a daily storage fee of up to US$50.00 per Lot(s) until full payment and instructions for transport have been received. Please note it is the Consignor’s responsibility to insure their Lot(s) whilst in storage.
15.5. If the Consignor has not removed their Lot(s) from the storage facility within 6 months of the sale date, RMS has the right to enter the Lot(s) into an auction at no reserve or to sell it via private sale for fair market value.
15.5.1. Once sold, RMS will retain all reasonable expenses, auction fees if sold via auction, and if sold via private sale, a 20% commission; if there are any remaining funds, these will be returned to the Consignor within 30 business days of the sale.
15.6. RMS shall have the right to exercise a charge or lien on the non-sold Lot(s) or any other property belonging to the Consignor in the possession of RMS if the Consignor owes RMS money, and to apply any money due or to become due to the Consignor to the outstanding money the Consignor owes to RMS.
16. Cancellation/Rescission of Online Only Auction: RMS will use reasonable efforts to avoid cancellation/rescission; however, RMS has the sole discretion to cancel/rescind the Online Only Auction and will not be liable to the Consignor for any losses or damages resulting from the cancellation/rescission if RMS believes the following events have occurred or have a reasonable probability of occurring:
16.1. Force majeure events, including but not limited to:
16.1.1. Any natural disaster that, despite reasonable efforts, restricts RMS from holding the Online Only auction; and
16.1.2. Any terrorist event, pandemic, war, as well as any “guideline” or “recommendation” by government (local, state/province, federal/national) and/or accredited health organizations (including the World Health Organization) that, despite reasonable efforts, restricts RMS from holding the Online Only Auction.
16.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold the Online Only Auction that necessitate a cancellation.
17. Cancellation/Rescission of Lot(s): RMS will use reasonable efforts to avoid cancellation/rescission; however, RMS has the sole discretion to cancel/rescind the sale of a Lot(s) and will not be liable to the Consignor for any losses or damages resulting from the cancellation/rescission if RMS believes the following events have occurred or have a reasonable probability of occurring:
17.1. RMS opines that the Lot(s) has been intentionally and materially misrepresented by the Consignor;
17.2. RMS opines that physical damage to the Lot(s), which cannot be sufficiently repaired prior to the Online Only Auction, occurred after these Conditions was signed;
17.3. RMS is served with a lawsuit from a third party in relation to the Lot(s);
17.4. RMS faces significant reputational damages that would cause monetary damages for selling the Lot(s);
17.5. Material issues regarding the Title, registration, or transfer of Ownership that cannot be reasonably cured;
17.6. Material issues regarding the provenance, merchantability, or authenticity of the Lot(s) that cannot be reasonably cured;
17.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the Lot(s) at the Online Only Auction that necessitate a cancellation; or
17.8. If there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a Lot(s) not being authentic, being misrepresented, having an encumbered title or registration, having an undisclosed material issue, or having a similar claim, RMS has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims and to cancel the sale of the Lot(s) and reimburse the payment to the Buyer if RMS deems the Buyer’s claims to be valid.
18. Estimates and Descriptions: Any pre-sale estimates are intended as guides for prospective Bidders. RMS makes no representation or warranty of the anticipated selling price of a Lot(s), and no estimate anywhere by RMS of the selling price of a Lot(s) may be relied upon as a prediction of the actual selling price. Estimates included online, in pre-mailers, in any advertisements, or elsewhere are preliminary only, and they are subject to revision by RMS from time to time at its sole discretion. The Consignor acknowledges that RMS will not be liable for any errors or omissions in descriptions of a Lot(s), and these descriptions make no guarantees, representations, or warranties whatsoever to the Consignor with respect to a Lot(s), its attribution, legal title, condition, value, or other characteristics.
19. Odometer Statement: The Consignor will provide a duly executed odometer statement on or before the first day of the Online Only Auction, and further accepts sole responsibility for the accuracy or inaccuracy of such statement.
20. Reserve:
20.1. A reserve price noted in the fillable section of the Auction Consignment Agreement is the lowest bid acceptable to the Consignor. If no reserve, indicate clearly by writing “NONE” in the space provided in the fillable section of the Auction Consignment Agreement.
20.2. Reserve prices may be lowered at any time by the Consignor, either verbally or in writing, but they may not be raised.
20.3. The reserve does not include commissions to RMS.
20.4. RMS has the right to sell a Lot(s) at a price below the agreed verbal or written reserve, provided that the Consignor receives the same net proceeds as the Consignor would have received had the reserve been met.
20.5. When a Lot(s) is sold subject to a reserve, the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve.
20.6. If RMS contributes to the Hammer Price to meet a reserve, the reserve for the respective Lot(s) becomes the Hammer Price plus RMS’ contribution for purposes of commissions.
21. Insurance: The Consignor will be responsible for maintaining adequate property insurance on the Lot(s) at all times, and this insurance must be at least equal to the aggregate low pre-sale Online Only Auction estimate for the Lot(s), which in each case shall include insurance for damages to the Lot(s) and shall not be cancellable by the insurance company until after Ownership and Title have passed to the Buyer and the Buyer has taken possession of the Lot(s) from RMS. The Consignor agrees that RMS and its respective affiliates and agents will not be responsible for, and the Consignor releases RMS and its respective affiliates, agents, and warehouses from, any and all liability for loss of, theft of, or damage to the Lot(s).
22. Withdrawn Lot(s):
22.1. The Consignor acknowledges that RMS has incurred and will incur significant costs preparing, advertising, marketing, and promoting the Lot(s) for the Online Only Auction.
22.2. If the Consignor withdraws one or more of the Lot(s) from the Online Only Auction after the signing of these Conditions, the Consignor will pay RMS the Buyers’ Premium that would have been due under these Conditions had the Lot(s) (a) met their reserve; (b) if offered without reserve, then the Lot’s published low estimate; or (c) if no published low estimate, then the Lot’s fair market value as determined by RMS, by 5:00 p.m. of the next business day following the Online Only Auction.
23. Online Only Auction is “As Available” and “As Is.”:
23.1. All bids on a Lot(s) will be via RMS’ Online Only Auction.
23.2. Although RMS endeavors to provide a safe, secure, and functioning Online Only Auction, RMS cannot guarantee the continuous operation of or access to the Online Only Auction or a Bidder’s ability to connect and navigate the Online Only Auction.
23.3. Consignors agree that they are making use of the Online Only Auction at their own risk and that the Online Only Auction is being provided to the Consignors on an “AS AVAILABLE” and “AS IS” basis. Accordingly, to the extent permitted by applicable law, RMS excludes all expressed or implied warranties, terms, and conditions, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
24. Legal Action: Any dispute, claim, or controversy arising out of or relating to these Conditions or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of these Conditions to arbitrate, shall be determined by arbitration in Detroit, Michigan, before one arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures or pursuant to JAMS’ Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude the parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.
25. Bidding Restrictions: The Consignor hereby agrees not to bid on his/her/their Lot(s). Although the auctioneer shall be entitled to bid on the Consignor’s behalf up to the amount of the reserve (if applicable), the Consignor shall neither instruct nor permit any other person to bid on behalf of the Consignor for his/her/their Lot(s). If, however, in violation of the foregoing, the Consignor (or his or her agent) bids on his/her/their Lot(s) and becomes the successful Bidder, the expenses, Inspection Report Fee, repair expenses, and Buyers’ Premium on the Hammer Price shall be payable by the Consignor. If the Consignor does not pay in accordance with this clause, his/her/their Lot(s) may be sold without reserve.
26. Anti-sniping: If a bid is placed within the final two minutes of bids being accepted on an individual lot, the Online Only Auction for that individual lot will be extended by an additional two minutes to prevent a Bidder from trying to place a high bid in the final moments of the Online Only Auction for that individual lot.
27. Lot’s Batteries: If RMS receives a Lot(s) with a dead battery, or shows signs of a draining battery, RMS will use commercially reasonable effort to install a new battery, and an automatic US$200.00 (or the local currency equivalent) replacement fee will be charged to the Consignor. In the event a new or replacement battery costs more than US$200.00 (or the local currency equivalent), RMS will charge the actual cost of battery plus US$200.00 if the battery is replaceable by an RMS employee.
28. Antifreeze Is the Responsibility of the Consignor:
28.1. As the Consignor’s Lot(s) could be shipped to a location where below-freezing temperatures are a possibility, it is the Consignor’s responsibility to ensure that, within the last 6 months, they have winterized their Lot(s) for shipping in freezing temperatures. Winterizing one or more of the Lot(s) means that the Consignor has completely filled and properly mixed, at a minimum, –20°F-rated antifreeze into their Lot’s radiator.
28.2. If any damage occurs because the Consignor did not properly winterize their Lot(s), it will be the Consignor’s responsibility to cover the damages, and RMS may recoup these damages from the Consignor’s settlement. If it is found that the Consignor did not properly winterize their Lot(s), the associated costs with checking, filling, and disposing of the antifreeze will be recouped from the Consignor’s settlement; if the Lot(s) is not sold, the Consignor must pay RMS before the Consignor can retake possession of their Lot(s). If already settled, the Consignor must pay RMS directly.
29. Entire Agreement: This document shall be binding upon the Parties and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, these Conditions shall not be modified, except in writing. Whenever used in these Conditions, as the contract requires, the singular number shall include the plural, the plural number shall include the singular, the masculine gender shall include the feminine and neuter, the feminine gender shall include the masculine and neuter, and the neuter gender shall include the masculine and feminine.
30. No Legal or Tax Advice: These Conditions are an important legal document. The Consignor acknowledges that the Consignor has had the opportunity to consult an attorney before signing these Conditions and has signed these Conditions after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in these Conditions, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of these Conditions, RMS has not provided legal or tax advice or tax planning services to the Consignor or for the Consignor’s benefit in connection with the transactions contemplated by these Conditions, and no one at RMS has acted as the Consignor’s attorney or tax advisor.
31. Data Use: The Consignor agrees to allow RMS to use their personal information in accordance with RMS’ privacy policy. RMS uses your personal information to provide services specifically tailored toward your requirements and to treat you in a personal way; to fulfill your agreements regarding the consignment and purchase of items at RMS auctions and private sales; to provide you with information on upcoming sales; to carry out analysis and market research; to undertake targeted online advertising; to send status updates and service communications; to improve our websites, products, and services; to provide payment services; and for management and administrative purposes. The full Privacy Policy can be found at the bottom of the RMS website homepage under the Privacy and Terms tab. If you wish to ask any questions regarding the use of your personal information, request a full accounting of what personal information is on file with RMS, unsubscribe to any services, or purge your personal information from RMS’ systems, please email privacy@rmsothebys.com.
32. Anti-Money Laundering: The Consignor agrees to provide all information and assistance reasonably requested by RMS to comply with RMS’ internal anti-money laundering process and to comply with any and all anti-money laundering laws and regulations.
33. Photography, Videography, and Illustrations: All photographs, videography, and illustrations commissioned by RMS for the Lot(s) are the absolute property of RMS, and RMS shall have the absolute right to use the photographs, videography, and illustrations as RMS deems fit.
34. Licenses: The Online Only Auction will be produced by RM Auctions, Inc. of 5536 County Road 11A, Auburn, IN 46706 (Indiana Secretary of State Dealer License No. 1800217).
35. Consumer Protection Rights: If the Consignor is a Business (defined below) AND the winning Bidder is a consumer AND the consumer has a right of withdrawal against the Consignor on the basis of EU consumer protection laws, the Consignor agrees that the Buyer has the automatic statutory right for 14 calendar days after the Buyer is responsible to take possession of the Lot(s) to rescind the sale of the Lot(s) for any reason. Nothing in this clause shall affect any Buyer(s) legal rights that shall apply against the Consignor as a result of any applicable laws.
35.1. The definition of Business for these Conditions is a natural person or legal entity in the business of selling automobiles and acting for purposes relating to such business (“Business”).
35.2. RMS reserves the right to make the reasonable determination as to whether a Consignor meets the definition of Business.