Special Terms
$100.00 NON REFUNDABLE REGESTRATION FEE.
1. Terms are Cash, Certified Check, or Bank Draft. Personal/Business Checks will only be accepted when accompanied by an Irrevocable Bank Letter of Guaranteed Funds duly authorized by an officer of the Financial Institution, in the favor of Motorposrt Auction Group LLC or know as DBA MAG Auctions stating bidding limit, and dated for the applicable auction event. 2. Bidders must purchase a Bidders Number which can only be used by the registered purchaser. Registered Bidders are responsible for all purchases made on the Bidders Number: do not lend or lose it! 3. Upon Bidder registration, MAG Auctions retains the right to require a $5,100.00 deposit by Cash or Credit Card. $100.00 of the money is a non refundable registration fee. Upon each successful win, a deposit of $5,000.00 per vehicle. Bidder must have proof of funds to pay for deposit (cash or credit card) or total purchases (bank letter of guaranteed funds) if requested by management or staff. 4. All articles are sold “AS IS” without guarantees by MAG Auctions. In no event shall the Bidder (purchaser) have any rights or claims against MAG Auctions as to the year, condition, authenticity, or correctness of the vehicle or article purchased. 5. All statements made by Auctioneers, Announcers, Employees and printed advertisements are believed to be correct. However, they are not to be solely relied upon. Bidders are to examine all articles before bidding and bid upon his or her own opinion, examination, and risk. MAG Auctions reserves the right to refuse and/or revoke a Bidders Number at its discretion. 6. MAG Auctions will not be responsible for any errors, omissions, representations, or miscommunication between registered bidders and MAG company representatives during bidding. MAG cannot guarantee visual, audio, or electronic services will not be interrupted or become completely unusable, thereby making it impossible for bidders to communicate. This includes, but is not limited to: Telephone, Internet, Live Screen, or In Attendance bidding. 7. Should any dispute in a bid arise, the Auctioneer will use his/her judgment and the decision will be final. 8. All articles offered for sale at the auction event are subject to a Reserve price set by the Consignor unless otherwise stated. MAG Auctions and its employees retain the right to bid on behalf of a Consignor as their agent. 9. Ownership of an item passes to the Bidder when the Auctioneer says “SOLD”. At that time, the new owner assumes full responsibility of that article. This includes, but is not limited to: insurance, damage, fire, theft, whether self-inflicted or by a third party, or any other damage that could occur in any way or manner howsoever. 10. Successful bidders, at their own expense, must remove all purchased articles from the auction location premises no later than 1:00 PM on the first Monday after auction sale day. If not removed, MAG Auctions will remove each article to a suitable storage compound of its choice at a cost of $50.00 per day, plus applicable moving fees. 11. Delayed Payment Agreement with Deposit: "I agree to pay with Cash, Certified Check, Bank Draft or Wire Transfer the amount owing on any article(s) I have purchased and understand that it is due in FULL by 1:00PM on the first banking day following the auction sale. I understand that failure to pay for all of my purchases by this time will entitle MAG Auctions and the Consignor to hold me fully liable, which will also include all legal fees and/or court costs involved to recover such funds owing." 12. A purchaser's failure to comply with all of the conditions of sale entitles Motorsport Auction Group LLC and the Consignor to use all available remedies or courses of legal action to hold the purchaser liable, which include but are not limited to the following: A. Cancel the sale and retain as liquid damages all payments made by the purchaser. B. Re-sell the property to a new purchaser either by private sale or public auction. In any such event, the purchaser shall be liable for any or all of the deficiency not obtained in the re-sell plus any and all incurred legal fees or court costs. 13. Note: Collector vehicles may not be reasonably safe, free of defects, or fit for ordinary driving. This includes but is not limited to tires, brakes, steering, motor mounts; front and rear end components. "As a buyer of a vehicle at this auction, I explicitly waive all rights to any implied warranty as set forth by law. I will inspect each vehicle for myself and I am aware it may be required to complete a Safety Inspection before being registered and driven depending on the Laws and Requirements of the State in which I reside." ***Buyer's Premium*** Buyers premium of: 15% will be charged on the sold price of all Vehicles
