Auction Terms and Conditions
- The Auction is open to Licensed Automobile Dealers ONLY! NO RETAIL CUSTOMERS! Violators may lose Auction privileges
- Dealers must register and be approved by LBAA prior to participating in any auction In-Lane or Online. Payment type must be Pre-approved by auction including use of Floor Plan
- All dealer guests must be Checked-In through the office and must and wear a Guest Badge at all times
- No children under 12 years old allowed under any circumstances.
- Auction management reserves the right to refuse service to anyone
- Buyer and Seller agree to hold Auction harmless from any and all litigation that may arise from transaction at Auction
- All disclosures, guarantees and representations are that of the seller only- Auction makes no guarantees or representations expressed or implied.
- Auction will not be responsible for vehicles left on Auction property, including vehicles that are set outside for afterhours pickup. Auction is not responsible for stolen items including but not limited to : Keys, Audio/Video equipment, batteries etc.
- LBAA is a full disclosure Auction. Information about vehicles obtained by the Auction will be disclosed on the block. This includes data obtained from vehicle history reports. LBAA is not responsible for the accuracy or validity of such historical information.
- All vehicles sold “IF” or “Phone Call” are binding upon buyer until 12:00 noon of next business day. Buyer is responsible to verify “IF” bid results with Auction.
- All transactions must be paid on sale day. All Post-sale transactions (“IF” bids) and online purchases must be paid by Monday following the sale or a $100 per vehicle late fee will be accessed
- All vehicles purchased online will be charged and additional $35 +any PSI Fees
- Please make sure your vehicles are gassed up and in working order to be driven through auction. Non-running vehicles will be sold during the Disabled Unit sale
- Any vehicle with a current “Salvage” title brand must be sold in the Disabled Unit Sale (this does not include “Previous Salvage” or “Rebuilt” brands)
- All ATV/UTV vehicles must have a title to sell through this auction
- All vehicles will be offered to simulcast buyers
- Arbitration Policy is different for Online and Simulcast Sales –(See NAAA Guidelines) Seller proceeds check will not be released until sale day arbitration period expires. Sellers may be paid for “Green Light” vehicles the day following the auction, but if vehicle is returned arbitration seller is will promptly repay auction for vehicle plus expenses
“AS-IS” /Red Light Rule
· Default Red Light – All vehicles sold for $3000 or less will be “AS-IS” regardless of any announcements or light displays. If the asking price drops below $3001 at anytime during the bidding process, that vehicle will become “AS-IS”. The seller will have the option to change to a Green Light only after the vehicle achieves a bid above $3000
· Disclosure Requirements – ONLY the following items will be considered for arbitration on “AS-IS” vehicles.
o Mileage Disclosure (if vehicle is under 10 model years old)
o Flood or Previous Flood Title brand (if vehicle is under 10 model years old)
o Previous/Rebuilt Title brand (if vehicle is under 10 model years old)
o Salvage Brand or Bonded Title (vehicle under 20 model years old)
o NAAA Discovery Times apply
**Vehicles Sold “AS-IS” will not be arbitrated for any physical or mechanical reason including Structural Damage**
Arbitration Policy – “Sale Day only” arbitration period ends at 5:00pm on auction day – All post sale inspections will be complete and results will be available to seller at open of business Thursday morning.
· Oneline Buyers who's lot location is within 50 miles of LBAA will be considered "In-Lane" as it relates to arbitration
· LBAA follows the current NAAA Arbitration Policy (**See our “AS-IS” rule above**)
· NAAA Structural Damage Policy
· NAAA Flood/ Water damage Policy
· All Arbitration Decisions are final and binding on both buyer and seller
Terms and Conditions subject to change without notice – It is the dealer’s responsibility to read and understand all rules prior to participating in any auction.