BUYING INFORMATION

Arrow Motor Auctions Scale of Charges

Please note: the below scale of charges applies to both private and trade clients.

Click on a tab to reveal the total Indemnity:

And £20.00 plus VAT per £500 thereafter.

Cash Deposit: 10% of the purchase, minimum £200.00 payable on all bids.

Storage: £10.00 plus VAT per day.

Information for buyers

The basics
The process of buying a vehicle through auctions is very straight forward. Vehicles are displayed before the auction and then driven in front of the rostrum in lot order. The auctioneer takes bids from the hall and vehicles are sold to the highest bidder. When a vehicle reaches its reserve price, or higher, it is sold. Until then a bid is ‘provisional’ meaning the bid has to be phoned through to the vendor who then decides whether to sell or not. If your bid is successful you will need to go immediately to the rostrum to sign to confirm your purchase, to give your name and address and lodge a deposit. Proof of identity may also be required.

With or without a warranty?
Vehicles sold through Arrow Motor Auctions are ‘sold as seen’.

Sold as seen simply means that the seller may not have sufficient information to make a full declaration of the vehicle’s background and does not necessarily mean that there is anything wrong with the vehicle. However it is important to understand there is no redress once purchased.

Odometer readings

Odometer readings are only warranted if so declared on the vehicle description. In all other cases odometer readings should be deemed incorrect and should not be relied upon.

Purchaser protection

When buying a car through a motor auction, it is very important to study the Terms and Conditions of Sale as these may vary from one auction to another. Although the contract is between the buyer and seller, most auction companies will provide some protection for the buyer in the event that vehicle is found to have been misrepresented. The contract of sale can generally be rescinded under these conditions, but only subject to written notification of a claim within a specific timescale.

NAMA members will protect your purchase against any defect in title by checking the vehicle with either Experian or HPI at the point of sale. To gain the protection an indemnity fee will be charged on each vehicle purchased. The details of the protection can be obtained from the auctioneers Terms and Conditions of Sale. The charges vary so you should always enquire before buying if you are not sure.

Provisional Bids

Most cars are sold with a reserve (minimum price) that the seller is prepared to accept. If your bid is less than the reserve your bid will be accepted ‘provisionally.’ The auction will then contact the vendor to see if they will accept your offer. Be aware that it may not be possible for the auction to contact the vendor until the following day.

NAMA members will protect your purchase against any defect in title by checking the vehicle with either Experian or HPI at the point of sale. To gain the protection an indemnity fee will be charged on each vehicle purchased. The details of the protection can be obtained from the auctioneers Terms and Conditions of Sale. The charges vary so you should always enquire before buying if you are not sure.

How to Pay

Have your deposit ready to secure your bid. The balance will need to be paid by cash, card or bank transfer no later than the next day. You may be charged storage if a vehicle is not collected on time.

VAT

Although all used cars bear VAT it is not usually accounted for separately and VAT is not generally added to the hammer price. Vehicles referred to as “Qualifying Cars” and announced as such by the auctioneer will have VAT accounted for separately within the hammer price to enable a VAT registered buyer purchasing the vehicle for a qualifying purpose to recover the VAT. Some commercial vehicles are subject to VAT on top of the hammer price at the standard rate unless otherwise stated.

Listen carefully for the auctioneer’s description of the vehicle’s VAT status.

Insurance

On the fall of the hammer, or the acceptance of your bid in a provisional sale, the responsibility for the vehicle is yours. Accordingly, you must usually effect the necessary insurance arrangements even while the vehicle remains on site unless otherwise stated in the Terms and Conditions.

The law

It is an offence to drive a vehicle on the road without a valid insurance, a current Vehicle Excise Licence, and MOT Certificate if applicable.

You must therefore, ensure that all these are in effect BEFORE you leave the auction premises in your purchased vehicle.