Effective October 1, 2009

 

 

 

 

 

Only licensed motor vehicle dealers or their duly authorized representatives are eligible to transact business at our auction. We are a dealer only auction and retail customers are not allowed at our facilities unless specified by law.

 

All sales that are negotiated and/or consummated on our premises must be processed through the auction with full auction fees. Buying vehicles outside of the sale is strictly prohibited and could result in loss of auction privileges.

 

For safety and insurance purposes, you must be registered with the auction, 18 years old and have a valid driver’s license to be allowed on auction premises.

 

Factory warranties/ guarantees and the resolution thereof are not within the scope of the auctions operations.

 

The auction will not accept for sale the following:

1.        A VIN plate that has been removed or altered unless reassigned by proper authorities.

2.        Unsafe vehicles- as determined by the auction staff.

3.        Gray market or vehicles not meeting U.S. standards.

4.        Vehicles that do not have a clear USA title.

 

The policies of this auction are intended to promote fair and ethical treatment to both the Buyer and Seller. If the auction determines that the transaction is not fair and ethical to either party, the Seller and Buyer agree that the auction may cancel the sale, at its sole discretion.

 

Certain sellers may establish arbitration rules that are independent of the Auction’s. These policies are posted and copies are available upon request. It is the Buyer's responsibility to understand these policies.

 

The Auction does not guarantee information listed in Electronic Data Vehicle Histories (i.e., Carfax, Auto Check, etc.) and will not arbitrate solely on EDVH data.

 

The auction has not verified and makes no representation or guarantees as to the description, equipment, warranties, or odometer on any vehicle sold or offered for sale. The buyer assumes the responsibility to verify all of the seller’s representations, warranties and descriptions and to notify the auction in case of any discrepancy, not later than the closing time of day of sale, or as specified in the guarantees. If information placed on windows by consignor is incorrect, the sale will be voided or the price adjusted at the Auction’s discretion.

 

1.        Completed Dealer Registration Form.

2.        A copy of the Dealer’s License.

3.        Banking and business references.

4.        A copy of a driver’s license and a social security card.

5.        A Federal tax I.D. #.

6.        Copies of Corporate Resolutions reflecting Corporate Officers.

 

All vehicles must be paid for on the day of sale or be subjected to applicable late payment fees. Acceptable Methods are:

1.        Cash

2.        Checks- company or certified, only with prior approval by auction management.

Pay for each car with a separate check. Any returned check will subject buyer to potential suspension or termination of trading privileges at this Auction. Buyer will also be expected to pay all expenses connected with collection of unpaid items.

 

Late Fees – A late fee of $100 per unit will be assessed for vehicles that are not paid for on sale day and an additional $15 per day after the first 7 days.

Insufficient Funds – A $100 fee will be assessed for each check that is returned by the bank.

 

SELLER and PURCHASER agree to abide by all auction policies which are incorporated herein, and all policy decisions of management.

 

PURCHASER and SELLER agree that the signed receipt agreement shall be of the same force and effects as though personally signed by them even though it only contains their identification plate, or other authorized signature on receipt.  Any adjustments or rejection must be made prior to settlement. The Vehicle must be paid for on day of purchase or this sale may be considered null and void at AUCTION’s discretion.

 

SELLER and PURCHASER each agree that should any vehicle be left on AUCTION premises for a period in excess of six days, AUCTION may charge a reasonable daily storage fee of $10 per day.  SELLER and PURCHASER agree that AUCTION and its affiliates retain the right to cease doing business with either of them as it sees fit, and that AUCTION is not a bailee.

 

Title to the Vehicle does not pass to PURCHASER until good funds are received. PURCHASER grants AUCTION a purchase money security interest in the Vehicle to secure payment, and authorizes AUCTION to file this security agreement or a reproduction hereof as a financing statement.

 

The PURCHASER agrees: to purchase this vehicle for the purchase price shown provided the vehicle is found to be as recommended before settling for this vehicle, to check the serial and/or engine numbers on the vehicle with those on the title; to check the actual condition of the vehicle with its description  and with the recommendation, if any, when offered for sale at this auction; not to resell the Vehicle until good funds have been transmitted to AUCTION; upon making settlement in cash or by check or draft in lieu of cash to consider the transaction a fully consummated cash transaction for present consideration; that no stop payment of his check to this AUCTION shall be honored; that any stop payment order of a check/draft or giving a check/draft which is returned unpaid shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated, and shall be constructed by the parties as an intent to defraud in order to consummate the transaction; and that AUCTION may deposit any check or draft immediately upon receiving, regardless of whether the Vehicle’s certificate of title has been submitted by the seller or whether AUCTION has agreed to hold the check or draft pursuant to a float arrangement with the seller.

 

PURCHASER agrees to make any claim of defects with the car with SELLER, and immediately to notify AUCTION pursuant to its policies. PURCHASER agrees that it is responsible for its own transportation.

 

PURCHASER represents to AUCTION that it is solvent, and that the Vehicle is purchased solely for resale.  The SELLER covenants with the PURCHASER that he is the true and lawful owner of the described vehicle (“Vehicle”), that the same is free from all liens and encumbrances; that he has good right and full power to sell and transfer title to the same; and that he will warrant and defend the same against the lawful claims and demands of all persons whomsoever. If SELLER is a corporation, by the execution of the agreement, the officers of said corporation do hereby individually and personally guarantee performance of the corporation’s warranties.

               

SELLER agrees that any amounts owing to the AUCTION may be deducted from the proceeds due SELLER, and that auction may stop payment or refuse to authorize payment on any check or draft to SELLER pursuant to this right of set-off.

               

SELLER agrees to be bound by the TERMS OF SALE and acknowledges responsibility for completion and execution of the required odometer mileage statement pertaining to the Vehicle described herein.  Upon payment to SELLER, AUCTION shall be subrogated to all of the SELLER’s and PURCHASER’s rights, and the SELLER and PURCHASER agree to do whatever is necessary to secure such rights and do nothing to prejudice them.

 

DISCLAIMERS and INDEMNIFICATION

SELLER and PURCHASER agree that AUCTION is neither responsible for odometer mileage on the consigned vehicles nor for the information contained in the odometer mileage statement which SELLER as Transferor is required to complete and sign and PURCHASER as Transferee is required to acknowledge.

 

SELLER and PURCHASER agree that all representations concerning the Vehicle are solely the responsibility of the SELLER, whether made on the block, before the sale, on this agreement, or otherwise, and acknowledge and agree that AUCTION has made no representations whatsoever about the Vehicle.

 

AUCTION is merely performing an auction service, and expressly disclaims all express and/or implied warranties as to merchantability, fitness or any other matter whatsoever other than the title guarantee set forth above.

 

SELLER and PURCHASER agree to indemnify and hold AUCTION harmless from any liability, loss, costs, damage or expense, including attorney’s fees which may arise either directly or indirectly from the sale and purchase of the Vehicle including, but not limited, …any matters relating to odometer mileage or odometer mileage statements.

 

If the AUCTION is required to make a claim as a result of this transaction against either SELLER or PURCHASER or an agent or employee of SELLER or PURCHASER or an insurance carrier insuring or bonding SELLER or PURCHASER, then the Auction shall recover, in addition to the amount of the claim and the costs incurred in the claim, reasonable attorney’s fee in an amount not less than 25% of the amount of the claim, regardless of whether suit is filed, including appellate fees and costs. Interest shall accrue on the unpaid balance of any such claim at the rate of 1.5% per month.

 

The Vehicle is purchased for resale in the form of tangible personal property in the regular course of business and is the sort usually purchased by the PURCHASER for resale. In the event that the property is used for any purpose other than for resale, PURCHASER will pay direct to the proper taxing authorities such sale or use tax as may then be accrued and become payable. The PURCHASER further certifies that he holds a retail sales tax registration certificate, license or other permit, issued by the sale tax authority of this State, and county.

 

AUCTION MANAGEMENT RESERVES THE RIGHT TO VOID A TRANSACTION.

 

If the dealer of record wishes to authorize an individual to act as his agent, the dealer of record must do so in writing. When the dealer extends this authorization, he shall be responsible until such time as he informs the auction, in writing, of cancellation of this authorization. The dealer of record shall be responsible for retrieving the Auto Auction identification card or informing the Auction if he is unable to do so.

 

By registering and doing business at any Premier Auction, all dealers do hereby duly authorize PAG Investment Services, INC to be referred as The Premier Auction Group and all of it’s affiliates and its employees to act as our agent to sign all papers and documents pertaining to the sale and subsequent title transfer of the vehicles owned by said dealership/financial institution. Documentation is to include but is not limited to title, title transfer documentation, reassignment, certification, odometer disclosure statements and any other documentation required by federal or state law needed to complete the sale of vehicles. In consideration of The Premier Auction Group’s agreement to execute such documents on dealership/ financial institution's behalf, dealership/financial institution shall indemnify, defend and hold harmless The Premier Auction Group and it's affiliates, subsidiaries, officers, directors, employees, successors and assigns from and against any and all loss, damages, liability, claims, causes of action and expenses of whatever kind and nature arising from the execution, transfer of ownership of any vehicle.

 

Notwithstanding the foregoing contained herein shall be construed to require dealership/financial institution to indemnify The Premier Auction Group’s from any loss resulting from any gross negligence or willful misconduct of The Premier Auction Group or its employees or agents. Dealership/financial institution further agrees to guarantee and save the authorities of any state agency/representative requested to process such transfer of title, from all responsibility with respect to this title clerk authorization.

 

 

Upon acceptance of the identification card issued by the Auction, the person, corporation, or firm whose name is on said card, by retaining or using the card, agrees to pay for all purchases. This obligation shall end only after payment of all purchases and the surrender of this card to the Auto Auction, or upon the Auction’s receipt of the notice in writing that the card has been lost, stolen or destroyed. The Auction reserves the right to cancel or modify the identification card at any time and to demand the surrender of the same. Admittance is allowed to only those persons holding individually issued Auction ID cards. Cards must be displayed on one’s person.  Replacement cards are $25.

 

1. The Auction makes no representations or guarantees as to the description, equipment, history, warranties, service policy, title status/accuracy or odometer on any vehicle sold or offered for sale. The Auction does not guarantee or get involved in any factory or dealer warranty coverage issues on vehicles sold or offered for sale at the Auction.

 

2. The sales at the Auction are intended to promote fair and ethical treatment to both the Buyer and Seller. If the Auction determines that the transaction is not fair and ethical to either party, the Seller and Buyer agree that the Auction may cancel the sale, at its sole discretion.

3. The decision of the Arbitration Department is final and binding on both the Buyer and Seller. The Auction reserves the right to assess an arbitration fee to the Buyer if an arbitrated claim is deemed to be not valid or too frivolous. Any arbitration must be properly documented in writing and signed by the arbitrator. If the arbitration is valid, the Auction reserves the right to assess an arbitration fee to the Seller if they knowingly omitted an announcement. This fee is in addition to any charges associated with the arbitration procedure; such as check out fees at a specialty shop or transportation costs to and from a garage, etc.

 

4. The Auction is not a party to the contract of the sale. The sales contract is between the Seller and Buyer only. The Seller is required to give the Federal Odometer Mileage Statement in connection with any Auction sale as required by the Motor Vehicle Information and Cost Savings Act of 1972 as amended or other applicable laws. The Auction is not responsible and does not guarantee the accuracy of odometer readings, odometer statements, or damage disclosure statements.

 

5. Any vehicle sold “AS-IS” is NOT subject to mechanical arbitration.

 

6. LOT SALES / OUTSIDE SALES

a. Any sale in which the Auctioneer does not state the selling price of the vehicle or “sell under the hammer” is considered a “LOT SALE”.

 

b. All “LOT SALES” are conditional until the Buyer pays for the vehicle. Up until the time of payment, the sale is not binding on either party.

 

c. Once a “LOT SALE” has been paid for, the vehicle becomes “AS-IS” property of the Buyer. Buyer needs to check “LOT SALE” vehicles very carefully before purchasing, since they are not arbitratable for any reason, including frame/unibody damage. Vehicles sold immediately after crossing the block are still subject to the announced conditions noted on the Auction Block Ticket.

 

d. All vehicles bought or sold on the premises must be processed through the Auction Office. Failure to do so WILL result in suspension of trading privileges at the Auction.

 

e. Sellers may guarantee Lot Sales, but must do so in writing. 7. All vehicles consigned must have a public Vehicle Identification Number (VIN) plate attached to the vehicle. Those vehicles having a reassigned VIN plate by the State in place of the original VIN plate must be announced or will be subject to sale cancellation or Buyer return. The Auction reserves the right to refuse the sale of any vehicle in which the VIN plate appears altered in any way.

 

8. The Auction reserves the right to review any audio/video documentation for verifying accuracy of the sale.

 

9. All guaranties as stated by the Seller are those of the Seller only. The Auction does not make any guaranties, expressed or implied. The Auction assumes no responsibility for vehicle record books, service records, warranty vehicles, or history.

 

10. The Auction does not guarantee information listed in Electronic Data Vehicle Histories (i.e., CarFax, AutoCheck, etc.) and may not arbitrate solely on EDVH data.

11. The Auction does not guarantee any warranty books, plates, or the year of kit vehicles, trailers, motorcycles, watercraft, recreational vehicles, vehicle over 20 years old, homemade (will be defined by each auctions’ resident state regulations) or modified vehicles. All of these vehicles are sold “AS-IS” and have no odometer or frame guarantee. The Auction does not guarantee titles on watercraft.

 

12. The Auction reserves the right to reject any vehicle that management judges to be unsafe.

 

13. Engines/Rear End – No arbitration on noises that are inherent or typical to a particular model or manufacturer, unless deemed “excessive” by the arbitrator on non-warranty items.

 

14. Standard transmissions cannot be arbitrated for manual clutches unless completely inoperative.

 

15. All mechanical arbitration is the day of sale, unless there is a pending Post Sale Inspection (PSI). Tomorrow is too late. It is the Auction’s responsibility to inform the Seller of any pending PSI or arbitration resulting from the sale day.

 

16. Manufacturer’s Warranty: The availability of a manufacturer’s warranty shall not affect a Buyer’s right to arbitrate a vehicle.

 

17. The arbitrator will inspect only the defect(s) which are on the arbitration form. Each vehicle is allowed one chance at mechanical arbitration. If price adjustment is made and accepted, vehicle becomes “AS-IS”, property of Buyer, and is not subject to any further arbitration for mechanical defects or adjustments. The decision of the arbitrator is final, and binding to both Buyer and Seller.

 

 

1.        The NAAA has a standardized light system to describe the condition and/or announcements related to the vehicle being sold. The light system is defined as:   

 

a. Green Light – “Auction Guarantee”: The green light signals that this vehicle is guaranteed under the conditions outlined in the Sale Day, Seven Day and As-Is Arbitration section, except for specific announcements made prior to the sale.

 

b. White Light - The Premier Auction Group does not offer the White light guarantee.

 

c. Yellow Light – “Announcements”: This light is an indication to the Buyer that the Auctioneer or Selling Representative has made announcements that qualify the condition and limit arbitration of this vehicle.

 

d. Red Light – “As-Is”: Vehicles selling under the red light will only qualify for arbitration under the rules outlined in the Sale Day, Seven Day and As-Is Arbitration section.

 

e. Blue Light – “Title Attached/Title Unavailable/Title Absent”: This light is used to announce that the title is not present at the time of sale. For Auction rules regarding titles, please refer to the Title Arbitration Policy section. If T/A is not announced, a vehicle could be arbitrated for misrepresentation.

 

2. The Seller understands that the sale lights are a binding representation of vehicle condition, and is therefore responsible for ensuring that their vehicles sell under the correct light in the lane.

 

3.         The Buyer is responsible for listening to announcements related to the vehicle, made by the auctioneer or Selling Representative, prior to the start of the sale for each vehicle. The Buyer is also responsible to observe and understand the sale lights (Green, White, Yellow, Red and Blue), which identify various sale conditions for the vehicle.

 

 

1. Seller will be held responsible for the accuracy of any representations (verbal or written) made by Seller or Auctioneer at the time of sale - independent of vehicle “light” designation or guarantee offered. This includes year, model, mileage, announced conditions, and the corresponding lights under which the vehicle is being sold.

 

2. Mileage announcements are not required on vehicles deemed exempt from Federal/State Odometer and Title disclosure laws unless a mileage discrepancy is known or apparent to the Seller. The Seller may represent miles on exempt vehicles - any statement made by the Seller and all known odometer discrepancies are grounds for arbitration.

 

3. The Seller is responsible for reimbursement of all reasonable documented expenses incurred by the Buyer (excluding profit, commissions and detail charges) on vehicles arbitrated for unannounced conditions not detectable through vehicle inspection (i.e. stolen vehicle, odometer, title discrepancy, frame damage, flood damage, manufacturer buyback, etc). Expense reimbursements will be at the sole discretion of the Auction and will, at times be limited to reasonable and documented expenses and transportation only.

 

4. The Seller has the responsibility to announce any known state or local DMV fees, taxes or other fees over $100 due on the vehicle (if required by state).

 

5. Title Discrepancies must be announced including, salvage, disclosure requirements [if required by state] (i.e. 25%), previous salvage, theft recovery, not actual miles (previously TMU), odometer replacements, flood/fire history and Lemon Law buybacks.

 

6. All titles submitted must be in the Seller’s name or include documentation of the legal right to sell the vehicle. It is the Seller’s responsibility to ensure that a sold vehicle’s title is negotiable in the state in which the Auction resides and that the title is clear of all liens and encumbrances.

 

7. Seller is responsible for correct VIN numbers on titles and vehicles. All vehicles registered at Auction are subject to inspection by the FBI, State Police, National Auto Theft Bureau, and Local Police Authorities.

 

8. Seller shall be solely responsible for repurchase of any vehicle sold through the Auction found to be stolen prior to the date of sale.

 

9. Seller has the responsibility to produce a negotiable/marketable title to Auction within a maximum of:

 

Sale Day is Day One for all auctions.  There will be no expense reimbursements for this rule.  

·         Wisconsin and Ohio - Seller has 14 days to produce title.

·         Michigan - Title must be present on sale day unless announced at the block.

·         Tennessee - Seller has 30 days to produce title.

Sale day is day one (1)], or as specified by state law, on vehicles sold T/A (no title present at time of sale). See Auction rules in Title Attached Policy.

 

 

10. All 2-wheel drive trucks, multipurpose and utility-type vehicles must be announced as 2-wheel drive.

 

 

 

11. See mandatory Seller Disclosure Requirements on the matrix below: NAAA Seller Disclosure Requirements or can be arbitrated	Green Light	White Light N/A	Red light
	A/G		As-Is
Drivability Issues
Frame Damage, altered, or repaired Frame Damage per NAAA Policy	Yes		Yes
Unibody Damage, altered, or repaired Unibody Damage per NAAA Policy	Yes		Yes
Transmission problem*	Yes		No
Upper Engine problem*	Yes		No
Lower Engine Problem (Below Heads)	Yes		No
Sludged Engine	Yes		No
Cracked or repaired Block	Yes		No
4X4 system is inoperative*	Yes		No
ABS problem*	Yes		No
SRS-absence of or problems with (airbags)*	Yes		No
Emission control equipment missing, modified, or inoperative*	Yes		No
Air Conditioning problems on Calendar year models or newer*	Yes		No
Electrical Problems*	Yes		No
Vehicles without Air Conditioning -calendar year models or newer (not equipped)	Yes		No
Historical-Non-Visible Issues
Taxis, Police Cars, Government vehicles that are Calendar year and up to 4 years old	Yes		Yes
Flood Damage	Yes		Yes
Fuel Conversion	Yes		No
Lemon-Law/Manufacturer's Buyback	Yes		Yes
Logo or decal misrepresentation	Yes		Yes
Different from Original Engine (excludes items replaced under manufacturer warranty)	Yes		No
Not Actual Miles (previously TMU) or Inoperative odometer	Yes		Yes
Paintwork (3 panels or more) on Calendar year models and newer	Yes		No
Previous Canadian that are Calendar year and up to 4 years old	Yes		Yes
Salvage or Reconstructed (Including history)	Yes		Yes
State-issued VIN plates (reassigned public VINs) including kit vehicles	Yes		Yes
Gray Market Vehicles	Yes		Yes
Insurance and/or Salvage titles (including history)	Yes		Yes
Vehicles being sold with a CO, MSO, or repo affidavit title (if required by state law)	Yes		Yes
Vehicles being sold with no title (Bill of Sale only)	Yes		Yes
Any state required damage disclosure	Yes		Yes
Non-Arbitratable Issues
Upholstery problems	No		No
Glass damage	No		No
Hail damage	No		No
Tire problems	No		No
Unannounced Theft Recovery History due to repossession (in error)	No		No
Visible Body Damage	No		No
*Must announce defects that are singularly $500 or more to repair

 

 

 

As to any vehicle purchased at the Auction, the Buyer is responsible for the following:

1. Buyer will inspect the vehicle prior to and immediately following the sale. The Buyer must verify the Seller’s representations and notify the Auction immediately of any discrepancies within the time frame as stated in this arbitration policy. Buyer will verify odometer reading and operation before leaving the Auction. Mileage must be the same as it was when it left the Auction if arbitrated for inoperative odometer.

 

2. The Buyer will follow Auctioneer’s cadence on price - any misunderstanding concerning price must be addressed at the drop of the Auctioneer’s hammer (not following the sale of the vehicle).

 

3. The Buyer will inform the Auction immediately of any discrepancies as to Seller’s representations warranties, and descriptions. Arbitration will be limited to the specific defects described by the Buyer upon placing the vehicle in arbitration.

 

4. Buyer guarantees sufficient funds are available and will remain on deposit at Buyer’s bank to cover all checks and drafts. Until payment and receipt of title, the Buyer shall acquire neither title to the vehicle nor any right to sell or offer for sale.

 

5. Buyer will pay the bid price plus a Buyer’s fee and draft fees (if applicable). Payment by means other than draft must be made on day of sale. Floor plan payments must be established on day of sale.

 

6. Buyer agrees to be liable for any and all work done to a vehicle prior to returning the vehicle to the Auction except on vehicles arbitrated for unannounced conditions not detectable through vehicle inspection (i.e. stolen vehicle, odometer, title discrepancy - does not include title attached).

 

7. Buyers should thoroughly check and test drive every vehicle. If there is any problem, a complaint must be properly filed with the Arbitration Office within the established arbitration time limit. The Buyer assumes responsibility for mechanical failure after leaving the Auction once the arbitration period is over.

 

8. It is the Buyer’s responsibility to watch lights and listen to announced conditions before placing bids. Once the vehicle is sold the Buyer should check the Block Ticket to confirm the vehicle price and announcements are correct before legibly printing and signing their name to the Block Ticket. The Auction will not arbitrate defects visible from the block or announced conditions.

 

9. Mileage and other information written on the window of sale vehicles or in Auction Catalogs is for the convenience of the Buyer and is not to be relied upon as accurate or complete. Buyers should satisfy themselves as to year, mileage and/or equipment by viewing the actual vehicle prior to bidding. The Auction will not arbitrate vehicles based on incorrect information written on a vehicle or in the catalog.

 

10. The Buyer is responsible for any pending sale from arbitration.

 

11. It is strongly encouraged that an On-Line Buyer should have a Post Sale Inspection (PSI) on vehicle purchased. Normal arbitration time periods do apply to On-Line purchases.

 

 

Vehicles that have any of the following defects, conditions, or discrepancies that were not disclosed or announced at the time of the sale must be reported to the Auction within the time frame noted below in order to be eligible for arbitration. Any single mechanical defect that has a repair cost of $500 or more is arbitratable on Green Light vehicles (repair cost will be determined and posted by the Auction). Single defects of less than $500 are deemed minor and not arbitratable.

 

Vehicles must be returned to the Auction in the same or better condition than when purchased. Expense reimbursements will be at the sole discretion of the Auction and will be limited to reasonable and documented expenses. Lost profit, commissions, floor plan expenses, and etc. will not be reimbursed. The arbitration period ends at the close of business on Sale Day, unless there is a pending Post Sale Inspection (PSI). Seven (7) day arbitration shall end at closing time on the seventh (7th) calendar day following the sale [sale day is day one (1)].