Thank you for taking the time to review this document. Thousands of individuals attend Osman Auction Inc. over the course of a year and purchase vehicles and equipment by public auction. For our Unreserved Industrial & Unreserved Liquidation auctions, these individuals are primarily businessmen that have used auctions to acquire and sell items as a course of running their enterprise and are what one could consider auction educated or auction professionals. The following information is for those of you who are unfamiliar with auctions and have the desire to participate in this dynamic form of purchasing vehicles.
Upon arrival at the auction, register for a bidding number. Carefully read the Terms and Conditions as they are laid out on the bidding number registration. The Terms & Conditions are also included in the auction hand outs and again we stress that you read them ask questions on any term you would like clarification prior to bidding on any times.
Insure that funds are available prior to bidding on any vehicle. A $500.00 deposit may be required from you prior to obtaining a bid card if you are from outside metro Edmonton or if it is your first time at the auction. If you were successful and purchased a vehicle a $500.00 or 10% deposit whichever is greater would be required on sale day. Deposits may be paid by Cash, Debit, MC or Visa. The outstanding balance of your purchase is required the next banking day payable by Cash, Debit Card, Bank Draft or Certified Cheque. Please note all vehicle purchases are the purchase price plus the Buyers Fee and the 5% GST
Come early!! Give yourself time to visually inspect the vehicles in the yard prior to the auction sale. If you are not mechanically inclined bring a friend who may be of assistance to you. If it is your first time to attend an auction sale we recommend that it is best to watch and listen as the pace moves quickly. It is best to be an observer until you are comfortable with the pace and process. Please do not rush into the process as you will be held accountable for your bidding regardless of your non-observance.
All vehicles being sold will have window cards with lot numbers on them. Mark down the number of the vehicles you are thinking of bidding on so when they come through the auction ring you are bidding on the correct vehicle. (Some vehicles may look alike). Choose more than one vehicle, as you may not be the successful bidder on your first choice.
To avoid disappointment it is advised to budget yourself monies for incidental repairs that may be required on the vehicle you purchase. You are buying a used vehicle on an as is where is basis. It is important to note that most insurance companies require vehicles 8-10 model years in vintage to pass a safety inspection prior to issuing an insurance certificate. Please contact your insurance agent in advance for particulars.
Many types of vehicle consignment categories are sold through the auction such as Dealer Trades, Finance Repossessions, Private Consignments & Unreserved Fleet & Lease Returns, with a good selection in all categories for most auctions. We would suggest you examine our Vehicle Market Report as it contains historical sales history of the vehicles sold through the auction over the previous twelve months. The Vehicle Market Report is available on this web site or in the office, it may be very helpful in assisting you budget for the type of vehicle you may be interested in purchasing.
Please listen carefully for various declarations announced by the auctioneer when a vehicle enters the auction ring. Vehicles announced as being Out of Province will require an out of province inspection before they can be registered in Alberta (please bid accordingly). Vehicles announced as being REBUILT have been in a motor vehicle accident and subsequently repaired and passed a provincial inspection (please bid accordingly). Vehicles announced as being SALVAGE have been registered in the provincial registry system as such and may require a considerable amount of mechanical reconditioning to pass a provincial write off inspection prior to registration (please bid accordingly). These types of vehicles count for a small portion of the vehicles sold, but it is important for you to know in advance what these declarations mean.
Once purchased you own the vehicle and are responsible for all aspects of the payment process. Many vehicles are sold on an unreserved & reserved basis. Once the auctioneer announces SOLD the buyer (bidder) owns the vehicle and is responsible to fulfill all obligations on their Sales Agreement Contract.
Many vehicles are sold on a conditional basis. The auctioneer will announce this at point of sale. The sale is Conditional to the consignor (seller) accepting the high bid obtained in open bidding. The auction staff will contact the consignor (seller) to seek approval to sell the vehicle for the bid obtained. If the bid is accepted by the consignor (seller) it becomes a Sales Agreement Contract and the Buyer (bidder) is obligated to fulfill this agreement as purchaser. If the consignor (seller) does not accept the bid obtained the Buyer (bidder) is welcome to pursue another vehicle or submit a counter
offer to the seller in order to purchase the vehicle. The Conditional Sales Process is designed to be fair for both the Buyer (bidder) and Consignor (seller) through the auction process.
ALL VEHICLES ARE SOLD AS IS-WHERE IS! A buyer’s fee and GST is additional to the purchase price on any vehicle purchased. The buyer s fees range from $60.00 on a purchase price of $100.00 to $410.00 on a purchase price of $18000.00 and above. A detailed scale of the purchase buyer s is available in the auction hand outs. Please be conscious of the buyer’s fees and factor them into your bidding.