The Buyer hereby represents, warrants, and agrees to the following terms:
Licensure and Good Standing: The Buyer is a licensed motor vehicle dealer in good standing.
Tax Registration: The Buyer holds a retail sales tax registration, certificate, license, or other permit issued by the appropriate sales taxing authority of the Seller’s state, county, and country.
Final Bid Price: The Buyer’s final bid price is binding and non-negotiable. Bidbus reserves the right to seek reimbursement on behalf of the Seller for any difference between the final bid price and the final sale price. Buyers who make repeated questionable attempts to adjust the price may have their auction privileges temporarily or permanently suspended.
Bid Manipulation: The Buyer shall not attempt to manipulate bids, intentionally bid up the price of any vehicle, or otherwise bid fraudulently on any vehicle.
Vehicle Verification: The Buyer is responsible for confirming the vehicle's year, make, model, trim level, condition, and history prior to bidding.
Ownership and Registration Verification: The Buyer is responsible for verifying the ownership and registration status of the vehicle prior to executing a Bill of Sale.
Lien Satisfaction: The Buyer agrees to satisfy any liens on the vehicle within five (5) business days of the purchase date. If the lien is not satisfied within ten (10) business days of the purchase date, a late pay-off penalty equal to the seller's monthly payment will be assessed.
Final Transaction: Once the Buyer has taken possession of the vehicle and the Bill of Sale has been executed, the transaction is final and cannot be altered or unwound for any reason.
Inspection and Negotiations: The Buyer shall inspect every vehicle prior to purchase and reserves the right to cancel the transaction or engage in negotiations under the following circumstances: a. Undisclosed damage or mechanical issues (not covered by the manufacturer’s warranty) are found during the final inspection; b. Undisclosed aftermarket modifications are found during the final inspection; c. Vehicle drop-off is not executed within three (3) days of the sale date unless prior arrangements have been made; d. Vehicle odometer reading exceeds 250 miles from what was documented in the auction listing.
Resale Restrictions: The Buyer shall not resell the vehicle until good funds have been transmitted to the Seller.
Stop Payment: The Buyer’s stop payment on any payment to the Seller shall not be honored.
Fraudulent Stop Payment: Any stop payment order issued by the Buyer shall be deemed evidence of fraud at the time the transaction was consummated and shall be construed as an intent to defraud in order to consummate the transaction.
Deposit of Payment: The Seller may deposit any payment immediately, regardless of whether the vehicle’s certificate of title has been submitted by the Seller.
Solvency: The Buyer is solvent.
Purpose of Purchase: The vehicle is purchased solely for resale.
Resale in Regular Business: The vehicle is purchased for resale in the form of tangible personal property in the regular course of the Buyer’s business and is the sort usually purchased by the Buyer for resale.
Sales Tax Liability: In the event the vehicle is used for any purpose other than resale, the Buyer will pay directly to the appropriate taxing authorities any sale or use tax that may accrue and become payable.
Limit on Purchases: Bidbus reserves the right to limit the number of vehicles purchased by the Buyer at any time.
Account Suspension: The Buyer is subject to account suspension at the discretion of Bidbus.
Compliance with Laws: The Buyer shall comply with all applicable laws, rules, and regulations, including, but not limited to, all rules and regulations set forth by the applicable department of motor vehicles.
Payment Terms:
Payment Methods: The Buyer agrees to pay Bidbus fees of $450 for purchases under $20,000 and $600 for purchases of $20,000 and above via ACH, company check, wire transfer, or debit/credit card. A $100 discount per transaction will apply to all accounts that are enrolled in Autopay.
Autopay Discount: The Autopay discount will be applied to all invoices once the dealer has enrolled in Autopay via a separate agreement.
Payment Timeline: All payments must be made within seven (7) days from the transaction date. If the payment is not received within this period, interest will begin accruing at a rate of 2% per month on the outstanding balance starting from day 30, calculated from day 7 after the transaction.
Late Payment Consequences: If the Buyer fails to pay after the interest accrual period (i.e., 30 days post-due date), Bidbus reserves the right to suspend the Buyer’s account. After 90 days of non-payment, Bidbus may escalate the matter to legal proceedings to recover the outstanding balance.
Price Adjustment Policy:
Undisclosed Damage: If the Buyer receives a vehicle that has undisclosed damage that was not noted in the seller’s condition report, the Buyer may request a price adjustment.
Price Adjustment Request: To initiate a price adjustment, the Buyer must provide a comparison between the vehicle’s current condition and the details in the original condition report. The Buyer must include clear and detailed photographs of the damage or issue that was not included in the report. These pictures should clearly show the area or issue not previously disclosed.
The Buyer’s price adjustment request must be submitted to Bidbus for review. Bidbus will represent the adjustment offer to the Seller, but all adjustments are subject to approval by the Bidbus team.
The Buyer is only permitted to quote the Seller at the wholesale labor rate for repairs or adjustments.
Adjustment Investigation: Bidbus will review price adjustment claims and respond to the Buyer and Seller within 30 minutes of receiving the claim and supporting documentation. If Bidbus determines the adjustment request is unreasonable or unsupported, it will investigate the fault and determine whether to apply a penalty to the Buyer or Seller. Any penalty will be applied at Bidbus’s discretion.
Warning System: If Bidbus receives a complaint from the Seller and finds that the issue is the fault of the Buyer, one warning will be issued to the Buyer. If the Buyer accumulates three warnings within a 30-day period, the Buyer’s account will be permanently banned.
Bidbus reserves the right to refuse price adjustments for any reason deemed inappropriate, including but not limited to unreasonable claims or failure to follow the procedure outlined above.
Escalation for Unresolved Disputes:
Dispute Escalation: In the event of an unresolved dispute, the Buyer or Seller may escalate the matter to Bidbus customer support via email at [email protected] or via the platform’s messaging system. Bidbus will review the dispute and facilitate resolution within 30 minutes. If Bidbus cannot resolve the issue within that time frame, the Buyer or Seller has the right to cancel the transaction.
Investigation of Fault: If the transaction is canceled by the Seller or Buyer, Bidbus will investigate the fault and determine whether the issue lies with the Buyer or Seller. Based on the investigation, Bidbus will apply penalties at its discretion, which could include account suspension or other penalties for either the Buyer or Seller.
Live Auction, Ready-to-Sell, Buy-Now Channels Validity:
Offer Validity: Offers made by the Dealer on the Bidbus live auction, ready-to-sell, and buy-now channels are valid for 72 hours from the moment the offer is made. The Dealer agrees that they cannot retract or modify their offer within this 72-hour period. Once the offer is made, it is binding, and the Dealer is obligated to honor the offer if accepted by the Seller within the given timeframe.
Seller Response Within 72 Hours: If the Seller does not respond to the Buyer’s offer within the 72-hour validity period, the offer will automatically expire, and the transaction will be voided.
Penalty for Sellers Backing Out: If the Seller retracts or fails to honor an offer within the 72-hour validity period, Bidbus reserves the right to suspend the Seller’s auction privileges or impose a penalty as determined by Bidbus.