Policies

General

• 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 wear a Guest Badge at all times.

• No children under 12 years of age 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 those of the seller only; Auction makes no guarantees nor 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 “Off the block” transactions must be approved by auction and will be sold As-Is No Arb.  

 

Title Arbitration

• The seller has 30 days to provide the auction with a title to a sold vehicle. After the 30th day the buyer can start arbitration by contacting auction management with notice of intent to arbitrate. The seller then has till close of the next business day to produce the title. (**Title Arbitrations will not start on any auction day, If you submit a vehicle for title arb on sale day seller will be notified the following day and will have till close of day Friday to produce a title). If title is not produced the buyer, then has 24 hours to return the vehicle. The auction at its discretion may give the buyer additional time to return the vehicle under certain circumstances but shall not exceed 5 days from the notice of intent to arbitrate. If the vehicle has not returned to the auction within the allotted time, and the title arrives before the vehicle, the deal will stay sold.

• All vehicles with no title at auction after 30 days will be charged and additional late title fee.

 

 General Buyer Terms

• All vehicles sold “IF” or “Phone Call” are binding upon buyer until 6pm on Sale 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 a Buyer Fee +$50 online fee +$75 Inspection.

• If you choose to Opt-Out of the $75 inspection, you keep your online arbitration privileges: However, you forfeit any rights to recover any expenses if the vehicle is returned. You must also return the vehicle to LBAA at your expense.  

 

Online Specific Buyer Terms

• All vehicles purchased online will be charged a Buyer Fee +$50 online fee +$75 Inspection.  

• If you choose to Opt-Out of the $75 inspection, you keep your online arbitration privileges: However, you forfeit any rights to recover any expenses if the vehicle is returned. You must also return the vehicle to LBAA at your expense.

• Dealers who have a Physical Lot Location that is within 70 miles of LBAA will not be considered an "Online Buyer" for arbitration purposes and will have Sale Day only Arbitration.

• Any Dealer who is physically in the lane on Sale Day or who has a representative in the Lane on sale day will have Sale Day only Aribtation

 

 

Consignor Agreement

• 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 deemed “unsafe to drive thru” by the auction will be sold in 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 or be announced “Bill of Sale only” or “MSO”

• 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 for arbitration, seller will promptly repay auction for vehicle plus applicable expenses

 

 “AS-IS” /Red Light Rule

• Default Red Light – All vehicles are sold As-Is/No Arbitration unless otherwise disclosed on block

•  All vehicles sold for less than $3000 will be “AS-IS No Arbitration” regardless of any announcements or light displays.  If the asking price drops below $3000 at any time during the bidding process, that vehicle will become “AS-IS No Arb”.  The seller will have the option to change to a different light only after the vehicle achieves a bid above $3000  

 

• AS-IS Disclosure Requirements – ONLY the following items will be considered for arbitration on “AS-IS” vehicles.

  • Mileage Disclosure (if required by law)

  • Flood or Previous Flood Title brand (if vehicle is under 10 model years old)

  • Previous Salvage/Rebuilt/Reconstructed etc.. Title brand (if vehicle is under 10 model years old)

  • Salvage Brand or Bonded Title  (vehicle under 20 model years old)

  • 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 close of business on auction day – All post sale inspections will be completed, and results will be available to seller/buyer at open of business the day following the sale. LBAA follows the current NAAA Arbitration Policy (**See our “AS-IS” rule above**) All Arbitration Decisions are final and binding on both buyer and seller. www.naaa.com. Any vehicle successfully arbitrated is allowed an additional 250 miles from purchase mileage. Additional mileage over 250 will be depreciated at $.35 per mile with a maximum limit of 25% of the original bid price