Auction Terms & Conditions ONLINE AUCTION TERMS AND CONDITIONS
Please read the Asset IQ Online Auction Terms and Conditions carefully. By accessing www.assetiqllc.com or by participating in the online auction, you signify Your consent to these Terms & Conditions. These Terms & Conditions constitute a binding legal agreement between You as the user and Asset IQ. The vehicles being offered in this online auction may be referred to as “unit or units” within these terms and conditions. Placing a bid constitutes a binding offer between You the Bidder and the Owner/Seller that cannot be rescinded or retracted. If the bid is accepted, you are contractually obligated to buy the unit at the price stated as Your bid, as well as a ten percent buyer premium.
Registration. If You would like to participate in our online auction, you must become a registered bidder. You agree to provide true, accurate, current, and complete information about Yourself and/or Your organization, as applicable, as requested during the registration process.
Requirements. By using the Asset IQ Website, you represent and warrant that (a) all registration information is truthful and accurate; (b) You will maintain the accuracy of such information; and (c) You are 18 years of age or older and have full legal capacity to complete such contractual action without need for any additional approval or consents. If You do not qualify, you are not permitted to participate in our online auctions.
Online Auction. This auction is being conducted as a timed ONLINE Auction. The auction will begin on March 17, 2020 at 9 AM and end on March 20 at 2 PM. If a bid is placed on a lot within three minutes of the bidding deadline, the deadline will be extended by an additional three minutes. The three-minute extensions will continue until no bid is placed within three minutes of the bidding deadline. You can participate in the bidding from a computer or mobile device by logging on and registering at www.assetiqllc.com. After you place a bid you will be notified by email when a greater competing bid is placed. (When you are out bid)
Maximum Bid. The Maximum Bid feature allows Bidders to set a maximum amount they will bid for an item, without having to check back to the website. The computer will automatically bid for you in the next increment once your previous bid has been surpassed. Bidder agrees that when using the Maximum Bid feature on the Site, you use it according to the specifications Auction Firm has in place for that feature. You, as a Bidder, agree to only use this feature if you understand how the Maximum Bid feature works.
Bidding Errors. With each bid placed, you are asked to confirm the bid amount entered and agree to the terms of the auction. Should a mistake be made before the time the auction’s bidding is scheduled to end; You may request to have Your error corrected. Asset IQ will have sole discretion over how or if this error will be corrected. Please submit Your request immediately by calling Lori Beck at 513-724-1133. However, if the mistake is made while the auction is closing, the bid will stand as entered
Payment. The highest bidder will be notified by email upon the conclusion of the auction. We accept Visa, MasterCard, American Express, and Discover Credit cards. A 3% fee will be added to the invoice amount if payment is made by credit card. We will also accept personal or company checks, cashier’s checks, cash or wire transfer. To make wire transfer arrangements or pay by credit card please contact Cindy Chambers at 513.724.1133. Checks can be mailed to our office address is 1126 Old State Route 74, Batavia, OH 45103.
Removal, and Storage. Removal will vary depending upon the method of payment as follows: • Payment by Credit Card: Unit may be removed 24 hours after payment by credit card. • Payment by Personal Check: Unit may be removed three business days after the date payment is made by check. • Payment by Wire Transfer: Unit may be removed upon confirmation from our bank that the wire transfer was completed. Normally 12 to 24 hours. • Payment by Cashier’s Check: Unit may be removed immediately upon payment of receipt at our office of cashier’s check.
Removal may ONLY be conducted by appointment.
All units MUST be removed by 4 PM on Friday, March 27, 2020. If the unit is not removed by the designated removal time, storage charges in the amount of $50 per day will be charged at Buyer’s expense which must be paid before vehicle leaves the premises. Buyer hereby grants Asset IQ LLC an irrevocable power of attorney to remove and/or store purchased vehicles at Buyer’s expense. The vehicle shall not be released until Asset IQ LLC has received payment in full in good cleared funds of the full purchase price. Time is of the Essence
Buyer Premium. A ten percent buyer premium shall be added to the high bid amount to determine the full purchase amount to be paid by the purchaser. Therefore, the full purchase price to be paid by the Buyer is the sum of the final bid price as acknowledged and accepted by the software/program, plus the Buyer Premium of ten percent of the final bid price. Example: High bid amount of $10,000 plus $1,000 (ten percent buyer premium) equals final purchase price of $11,000.
Licensing fees. In addition, the Buyer shall be responsible for any and all licensing fees required by their State at the time of title transfer.
Insurance. Insurance of all vehicles purchased shall be the Buyer’s responsibility. Buyer is advised to place insurance on all purchases prior to removal.
“AS-IS” – no warranties. All units are being sold “AS-IS, WHERE-IS, WITH ALL FAULTS, with NO WARRANTY expressed or implied and as the bidders believe them to be”. Bidders are responsible to inspect the units prior to bidding and satisfy themselves as to the condition of the units and all other matters relating to the units, including without limitation, year, make, model, options, engine, drive, condition, value, quality, authenticity, and auction description. Asset IQ and the auctioneer make no warranties as to the accuracy of any information regarding the units being sold.
Titles. Clear titles will be issued for all units. Titles will be mailed to the Buyer within 30 days of satisfactory payment. A Bill of Sale will be issued upon receipt of acceptable funds. The Buyer may obtain Temporary Tags by presenting the Bill of Sale to the BMV. Titles shall be sent to Purchaser by Certified Mail, Return Receipt to the address given on the Bill of Sale.
The auction may be cancelled, or units may be withdrawn from the auction at any time.
Seller User Terms
Bidder User Terms