Special Terms
By entering this auction, you agree to a $100.00 NON-REFUNDABLE REGISTRATION FEE.
1. I (“Bidder” or “Purchaser”), agree to pay a premium of 15% (minimum $500) on all vehicle purchases and 15% on memorabilia. The Company will afford every opportunity to view all lots prior to sale. Purchaser agrees to accept ownership of merchandise/property at the fall of the gavel and he/she willingly assumes all responsibility and liability for said merchandise/property at the time and without exception on the terms set forth herein (“Terms & Conditions”).
2. Purchaser understands that each Vehicle/Lot is consigned to Benji Silver LLC dba MAG Auctions (“MAG”), by the Seller/Consignor and that MAG is the disclosed principal of the Seller/Consignor and acts as the exclusive agent of Consignor/Seller. Purchaser’s sole and exclusive remedy arising out of any alleged breach shall be an action against the Consignor/Seller,
3. Purchaser acknowledges that each Vehicle/Lot is sold "AS-IS, WHERE IS", with all faults and defects, and with all errors of description. Bidder/Purchaser understands that: (1) all information concerning any Vehicle/Lot is provided by the Consignor/Seller; (2) MAG does not make any representations or express any opinions of its own concerning any Vehicle/Lot; and (3) MAG does not examine any Vehicle/Lot or any component of any Vehicle/Lot, research the title documents for the Vehicle/Lot or verify any information provided by the Consignor/Seller, nor does MAG undertake any duty to do any of the foregoing for the benefit of Bidder/Purchaser or anyone else. Bidder/Purchaser acknowledges that MAG’s only duty toward Bidder/Purchaser is to release the Vehicle/Lot and the title documents "AS-IS, WHERE IS", upon full performance by Bidder/Purchaser under this Agreement and at the times specified in this Agreement.
4. Bidder/Purchaser hereby waives and releases MAG from and against any claims, demands, liability or expense of any kind arising out of or related to the Vehicle/Lot, expressly including without limitation any assertions of negligence (including negligent misrepresentation) or breach of warranty. Bidder/Purchaser agrees not to join MAG as a defendant in any action or proceeding arising directly or indirectly out of the condition of the Vehicle/Lot or any alleged representations concerning the Vehicle/Lot, and further agrees to look solely to Consignor/Seller with respect to such matters. To the extent that Bidder/Purchaser is a California resident, Bidder/purchaser expressly waives California Code § 1542 which states that: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
5. MAG DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE VEHICLE/LOT, INCLUDING THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE(S).
6. Bidder/Purchaser has undertaken to make its own assessment of any lot before bidding; and assumes all risk of any non-conformities in any vehicle/lot that are not identified as material variances by Bidder/Purchaser as provided for herein. Bidder/Purchaser further acknowledges that it has not relied upon any assumptions regarding mag’s knowledge concerning the lot or the consignor/seller nor upon any representations by mag, including without limitation any representations as to condition, year or age, serial or identification number, make, model, mileage, equipment, genuineness or authenticity, originality, previous use or ownership, manufacturing or restoration processes of any lot or any component of any lot, and Bidder/Purchaser shall make its own inspection of the vehicle/lot if it is the successful Bidder/Purchaser upon the delivery and receipt of the vehicle/lot as provided for herein.
7. Pursuant to state law, all sales are with reserve unless a Vehicle/Lot is explicitly offered without reserve, in compliance with Arizona Revenue Statute 47-2328(4).
8. Purchaser agrees to purchase Said Lot for purchase price of last bid plus applicable Purchaser’s premium for this auction; that upon making settlement that NO stop payment of funds will be honored; and any stop payment order of check or giving a check which is returned marked “insufficient funds”; shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as an intent to defraud in order to consummate the transaction. All transactions are subject to the Laws or Arizona.
9. All bids are to be per lot unless otherwise mentioned by the Auctioneer.
10. The highest bidder is to be the Purchaser. In all cases of disputed bids, the lot shall be resold, but the auctioneer will use his judgment as to the good faith of all claims and his decision is final.
11. Bidders are required to register and give full identification prior to bidding and are required to use the number issued to them identifying themselves as the successful bidder. Invoicing on purchases will be done according to the information on the bidder registration documents.
12. All items are offered for sale by Lot Number. The auctioneer will accept bids from the bidders present in the room, Internet bidders, or telephone bidders. The auctioneer has the right to place a bid for Seller/Consignor up to the reserve amount. Under no circumstances will the auctioneer place a bid on behalf of the Seller/Consignor at or above the reserve. Further the Seller/Consignor has the right to “lift” the reserve price whereupon it will be sold to the highest bidder at the hammer. When the reserve has been lifted, the auctioneer will duly announce it.
13. MAG is not responsible for lost, stolen or damaged properties. Lots must be removed from the auction site by the next Wednesday after the auction’s end. If not claimed, MAG has the right to remedy, move and store at owner’s expense.
14. MAG will provide a service for lots that do not reach agreeable sale price, so as to endeavor to secure a property buyer for the seller/Seller/Consignor. This service is conducted by MAG to accept offers on such lots. Any and all lots sold in this manner will be sold by the same terms as lots sold on the auction block.
15. MAG is entitled to any and all fees or commissions on any lot sold, due to or presented at an auction event up to 21 days after said event.
16. Payment methods for vehicle purchase(s) include approved personal or business check, cashier’s check, cash, wire transfer and finance/floor plan. NO CREDIT CARDS will be accepted for the payment of a vehicle. All purchases made by sellers will be deducted from the seller proceeds unless arrangements have been made with MAG staff.
17. Upon being awarded high bid, purchaser is responsible to pay end hammer price plus auction fee and applicable taxes. Non-payment will deem Purchaser liable for any losses incurred in the resale of said lot(s) to include, but not limited to freight, storage, difference in received value or auction fees.
18. If the Purchaser fails to comply with any of the terms provided herein, MAG may, in addition to asserting all remedies available by law including the right to hold such defaulting Purchaser liable for the purchase price (i) cancel the sale, retaining as liquidated damages any payment made by the Purchaser, (ii) resell the property or with or without reserve at public auction or privately on seven day notice to the Purchaser or (iii) take such action that we deem necessary or appropriate. If MAG resells the property, the original defaulting Purchaser shall be liable for the payment of any deficiency in the purchase price and all costs and expenses including warehousing, the expense of both sales, responsible attorney’s fees, commission, incidental damage and all charges due hereunder. In the event that such Purchaser pays a portion of the purchase price for any of all lots purchased, MAG shall apply the payment received to such lot or lots that MAG, in our sole discretion, deems appropriate. Any Purchaser who fails to comply with these Terms & Conditions will be deemed to have granted MAG a security interest in, and MAG may retain as collateral security for such Purchaser’s obligation to MAG any property in MAG possession owned by such a Purchaser. MAG shall have benefit of all rights of a secured party under the Uniform Commercial Code.
19. This Agreement shall be interpreted and enforced according to the substantive laws of the State of Arizona. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association ("AAA") under its Commercial Arbitration Rules (such arbitration to held in Phoenix, Arizona before a single arbitrator by the AAA, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.) MAG shall be entitled to an award of its reasonable attorney’s in the event of any such Arbitration or other legal action that is required to pursue or defend its legal rights arising out of this Agreement.
20. Lots identified as having “matching numbers” may have additional seller requirements. For more information contact MAG Auctions at 775-997-8885 or office@magauctiongroup.com.
21. Please be advised that the auction you are attending may be televised live or on a tape delayed basis. There may also be photographers or other forms of media present. Your presence in the general location constitutes your consent to MAG and its licensees to use your image, voice and likeness throughout the universe, in any and all media, in perpetuity as well as to live transmissions. This also applies to any guests or family members that are with you.
22. Purchasers are subject to premiums added automatically to the final hammer price as well as any applicable taxes.
23. Transactions may be subject to Arizona or other state sales tax based on Purchaser’s residence.
24. Titles on purchased lot will be processed and mailed within 21 business days after auction contingent upon confirmed payment. In the event of an auction announced title delay, it may take up to 90 days.
25. Payment is required by end of day of the purchase, unless other terms are pre-arranged with MAG. If making multiple purchases please consult with the auction bidder registration staff on how to make a single payment versus multiple payments.
26. Lost, stolen or misplaced badges: A new bidder badge may be issued for an addition registration fee at the discretion of MAG Bidder retains all liability and responsibility for bids placed under original and new bidder badge and for all action of anyone wearing a guest badge bearing their name.
27. Bidder registration fees are non-refundable.
28. Under no circumstances is any vehicle to be sold on the auction property without authorization from the auction. The parking lot is not a sale lot. Failure to comply may result in revoked buying and selling privileges and removal from grounds.
