FAQ

Rick Cole Auctions Monterey 2017

Monterey 2017

Marriott Hotel
Downtown Monterey
350 Calle Principal
Monterey, California 93940
Driving Directions

Consign Register to Bid View All Lots

Viewing:
Thursday, August 17 - 10:00AM to 6:00PM
Friday, August 18 - 10:00AM to Midnight
Saturday, August 19 - 10:00AM to Midnight

Bidding:

Starting on Friday, August 18 at 2:00PM PST thru Saturday, August 19 at 12:00AM Midnight

General FAQ

How will this auction be conducted?
The 2017 Monterey Auction will not be a live event utilizing the services of a professional auctioneer. There are no seats to reserve. Instead, the auction will be conducted “live” through your Smartphone, smart device, or tablet. Bidders will also be able to phone in bids or complete an Absentee Bid Form. The inspection will run continuously from Thursday, August 17 (Gates Open: 10:00AM PST) until Midnight on Saturday, August 19.  Bids will be accepted from 2:00PM PST starting on Friday, August 18.

In the case of any tie bid, the bidding will be extended fifteen (15) minutes, and each bidder alerted via text message.

If you have any questions at any time prior to the auction or during the actual auction hours of operation, please feel free to call us personally:

Rick Cole (cell) +1 (818) 355-3682
Terry Price (cell) +1 (530) 905-0316

Toll Free: +1 (844) 474-2526
Facsimile: +1 (855) 805-1651

 

Do I need to purchase tickets to preview or to inspect the auction vehicles?
Complimentary bidder registration is your ticket. If you plan on attending the preview, you will need to register as a bidder. Bidder registration will admit you and a guest. Please follow the simple steps which will are posted on this web site (see Register to Bid).

 

Buyer’s FAQs

How do I become a registered bidder if I am attending your auction?
Visit our bidder registration page on our website. Once processed, you will receive confirmation from one of our Client Services representatives via email or phone.

 

What is the cost to become a registered bidder?
The registration fee is complimentary. We do not charge our customers. But bidder registration is mandatory in order to view or bid on any automobiles. Please refer to the Register to Bid section on the Home page for more information. In most instances, complimentary bidder registration will include the official auction on-line catalog, complimentary food and beverage on site, and admission for two (2) to all preview days.

 

Can I register on site at the event or is it better to register in advance?
You can register on site at the event; however, it is recommended to register in advance to avoid potential on-site delay.

 

What is required to register to bid?
Photo identification in the form of a valid USA driver’s license. A passport and a valid credit card is required to register to bid if you are attending from outside the country. Bank letters of guarantee are NOT required. Copies of dealer licenses are required if you are registering as a licensed automobile dealer and buying under that dealership.

 

Is a bidder registration fee refundable if I purchase at this auction?
There is no bidder registration fee. A buyer is responsible for the purchase of any vehcle together with the buyer’s premium of ten percent (10%) plus applicable sales tax.

 

Why may you require my credit card to register?
Credit cards serve as a means to verify the actual bidder. They are for information purposes and will not be charged, stored or sold to third parties.

 

Other auctions firms require a bank letter of guarantee. Why not you?
All payments for purchases at this auction shall be made by bank wire transfer. A bank Letter of Guarantee is only used when the purchaser is issuing a personal or company check.

 

What other acceptable methods of payment for the purchase of a vehicle?
All payments must be made in the form of certified funds. This includes cash, wire transfers, certified checks, or cashier’s checks. If the amount of the certified or cashier’s check is greater than the total purchase price, the auction company may issue a company check for the difference or wire transfer the refunded portion.

 

Can I pay for any purchases with a personal or company check?
Yes…if you are known to the company’s principals.

 

What happens if the certified check I have arranged is larger than the amount of my final bill of sale?
If the amount of the certified or cashier’s check is greater than the total purchase price, the auction company may issue a company check for the difference or wire transfer the refunded portion.

 

Can I use a credit card to pay for my purchase?
No.

 

Sometimes wire transfers are not received the same day as they are sent. What happens then?
It is in the normal course of business for banks arranging international wire transfers to take 2-3 days to complete the wire. Your banking institution upon sending the initial transfer will be required to email Rick Cole Auctions a confirmation copy of the actual wire transfer indicating the wire has been sent.

 

If I buy a car, when will I get the title?
As Rick Cole Auctions assures each car sold to our customers is free and clear of liens or encumbrances, we manage the process of title reassignment for all buyers. Buyers will receive assigned titles in the mail up to two weeks after the auction.

 

Am I responsible to pay sales tax on my purchase?
Yes. All citizens are required by law to pay applicable tax on purchases. Rick Cole Auctions is required to collect tax on all sales. Dealers who are sales tax exempt must provide a copy of their dealer license to Rick Cole Auctions to avoid paying sales tax. Individuals shipping cars out-of-state do not pay sales tax but must provide a copy of the ICC Bill of Lading to Rick Cole Auctions to avoid paying sales tax.

 

What is a buyer’s premium?
A buyer’s premium is a percentage of your bid that is charged on top of the final bid price. Buyer’s premium is a set percentage that is non-negotiable. The buyer’s premium is sale specific and can be found in the Buyer Information section of each sale’s webpage.

 

Is the buyer’s premium negotiable?
No.

 

I am unable to attend the auction. What bidding options are available to me?
Rick Cole Auctions offers exclusively a bidding technology on your Smartphone or smart device. Telephone, absentee, silent and internet bidding options are also available to all clients. Please refer to the Register to Bid page for further information.

 

What is a telephone bid?
A telephone bid allows a bidder to bid from anywhere in the world via telephone. A Rick Cole Auctions representative will be available from Thursday thru Saturday during the auction from the hours of 10:00AM until 6:00PM PST to take bids via telephone.

 

What is an absentee or silent bid?
An absentee or silent bid is a written maximum bid submitted to the auction house in advance or during the sale. A Rick Cole Auctions representative then bids up to the high bid on behalf of the client up until the final moments of the auction. If the client is successful, the client will be notified via email immediately after the auction.

 

Why do you provide an “estimated range of value” for each item?
This high/low price estimate provides the buyer with a guideline for potential purchase.

 

What does “offered without reserve” mean?
The car will be sold to the highest bidder regardless of the price achieved at auction.

 

What is a bidding increment?
The amount an item increases in price after each higher bid. The auction company shall determine the increments of increased bid amounts.

 

What happens if the reserve price is not reached on an item?
Vehicle bid prices under the reserve will display in the mobile bidding platform in red. Vehicle bid prices above the reserve price (now selling) will display in green. If at the close of the auction any vehicle lot remains red, the auction company will “pass” on the item once it is clear of the auction close. If there are no more interested bidders, the auction company will withdraw the lot from the auction.

 

I am interested in acquiring a shipping quote. Who should I contact?
You can obtain a quote from any licensed transporter, however Rick Cole and Terry Price use VIP Transporters exclusively. Call VIP toll free at 888-428-5847 for any fine car transport requirement throughout the United States. For international shipping, you can get a quote in advance or on the auction site from Schumacher Secure. Contact Warren Barnes at office telephone (562) 408-6633, cell (310) 626-7117 or email warren@sclusa.com. We also recommended Sara Rider at Cosdel International at (415) 777-2000 or email sara@cosdel.com.

 

If I ship my car out of state/province on an ICC carrier, am I required to pay state/provincial sales tax?
You will not be required to pay sales tax as long as the ICC licensed carrier supplies Rick Cole Auctions with a bill of lading showing the car leaving the state of California.

 

Does Rick Cole Auctions provide storage for the lots that I buy at auction?
Rick Cole Auctions will provide complimentary 48-hour storage facilities following the auction for vehicles purchased at the auction but requires removal of newly purchased vehicles on the third business day following the sale. The buyer is responsible for all transportation costs.

 

Who do I contact if I have further bidding/buying questions?
Please contact us at rickcole@rickcole.com if you have any questions whatsoever.

 

Seller’s FAQs

What is consignment?
To “consign” literally means to “deliver” or “entrust.” By consigning your property to this auction, you are simply setting the stage for that property to be sold at auction on your behalf.

 

What does it cost to sell my car at the auction?
To sell a vehicle at the auction, the Consignor is responsible for a seller’s commission.

 

What is a seller’s commission?
A seller’s commission is the amount owed to Rick Cole Auctions for the sale of a vehicle.

 

If I enter a car to be sold at auction, is there an entry fee?
No. If the vehicle is accepted for sale by the auction company, only a seller’s commission is payable.

 

What does “offered without reserve” mean?
The lot will be sold to the highest bidder regardless of the price achieved at auction.

 

What happens if the reserve price is not reached on an item?
The auction company will “pass” the item if there are no more interested bidders and then withdraw the lot from the auction.

 

I sold a car. When will I be paid?
Sellers will receive payment no later than ten (10) business days after the date that Rick Cole Auctions receives payment from the buyer.

 

Why do you provide an “estimated range of value” for each item?
This high and low price estimate provides the seller with an expected range of auction value and the buyer with a guideline for his potential purchase.

 

Does the title have to be in my name to consign a vehicle?
Yes, unless you are a licensed automobile dealer.

 

How do I get my vehicle to the auction site?
It is the Consignor’s responsibility to get the vehicles to the auction site.

 

When do I need to deliver my car?
A specific information letter will be included with your consignment package. It is requested to have the car on site on the Monday, Tuesday, or Wednesday preceding the auction which starts on Thursday, August 17, 2017.

 

Do I have to be there when my car arrives?
No, a Rick Cole auction representative will handle the vehicle upon arrival. Please check in at the auction office once you are onsite.

 

What happens after my car goes over the auction block?
When your car sells, it is moved to a dedicated location until the new owner takes responsibility. After ten (10) banking days, the proceeds from the sale are mailed or wire transferred to the Consignor. If your car does not sell, it will need to be removed from the property by the end of the first business day following the auction.

 

Who do I contact if I have further selling questions?
Please contact us at info@rickcole.com if you have any questions whatsoever.