By placing bids on vehicles in an online auction, the User/Bidder agrees to the following terms and conditions.
The User/Bidder will afford every opportunity to research all lots prior to sale. The User/Bidder understands that they are buying property entirely upon their own agent’s examination and opinion. All lots are sold “AS IS, WHERE IS” with all faults and defects. Any guarantees written or implied as to the authenticity, originality, or condition of any lot are not the guarantee of the Motorious Online Auction, and should be determined by the User/Bidder's own inspection and discretion.
- All controversies, claims, disputes and other matters in question between the parties to this Agreement, arising out of or relating to this Agreement or the breach thereof, shall be settled by arbitration in Charlotte, North Carolina in accordance with the Commercial Arbitration Rules of the American Arbitration Association then obtaining, unless the parties mutually agree otherwise. This Agreement to arbitrate shall be specifically enforceable under the prevailing arbitration law.
- The award rendered by the arbitrators shall be final and binding upon the parties, and judgment may be entered upon it in accordance with the applicable law in any court having jurisdiction thereof.
- The costs of arbitration shall be assessed by the arbitrators.
Seller Fees & Premium:
Sellers participating in the online auction must be part of the Speed Digital Network or be directly affiliated with a member. Sellers acknowledge and agree to the following marketing fees:
|Option 1||$49 per vehicle|
|Option 2||$300 unlimited vehicles per auction|
|Option 3||$1,200 unlimited vehicles per 12 months|
The Seller also agrees to a 1% Seller Premium based on the Reserve Price or Hammer Price (whichever is smaller) of a vehicle/item.
- Standard Motorious Online Auctions:
A buyer premium will be applied to the hammer price of each vehicle sale using the following tiers;
HAMMER PRICE BUYERS FEE $0 to $60,000 5% $60,001 to $100,000 $3,000 $100,001 to $200,000 $4,000 $200,001 to $300,000 $5,000 $300,001 to $400,000 $6,000 $400,001 to $500,000 $7,000 $500,001 to $600,000 $8,000 $600,001 to $700,000 $9,000 $700,001 to $800,000 $10,000 $800,001 to $900,000 $11,000 $900,001 to $1,000,000 $12,000
Final Invoice and details:
All sales are final. Once the auction has ended, the Seller information will be shared with the User/Bidder, and visa-versa, so the two -parties can contact each other directly to finalize the transaction and transfer of ownership. Motorious is happy to assist with making the connection between the two parties. In the case that the seller allows a User/Bidder to back out of a sale, the User/Bidder acknowledges and agrees that the Buyers Premium for that vehicle/item is forfeited and will not be refunded.
User/Bidders must have an active User Account, with an active credit card on file, to register to bid. By registering to bid for any online sale, the User/Bidder acknowledges and agrees that the User/Bidder is responsible for any and all bids placed under their account, and once a bid has been placed it can not be retracted. The User/Bidder also acknowledges and agrees that, when bidding on a vehicle/item with a Reserve Price and the vehicle/item has not yet reached that Reserve Price, the online auction system may place automated house bids on auction lots to help move the bid amounts closer to (and up to) the Reserve Price, or to an amount where the seller is willing to drop the Reserve Price. Automated house bids will not be placed on vehicles that have reached the Reserve Price. In the case that the seller removes the Reserve Price after an automated house bid has been placed on a lot, the automated house bid will be removed and the User/Bidder with the previous bid will become the Winning Bidder for that lot and is responsible for the purchase of that vehicle if/when they still have the winning bid amount when the lot closes. User/Bidders will receive email notifications when they have been outbid, but may not receive notifications when a Reserve Price removal has made there bid amount (previously the 'outbided amount') the winning bid for that lot.