LANEX.BID,LLC AUCTIONS POLICIES

Registration

To be eligible to access the Services, you must complete the LaneX.bid,LLC online registration process. As part of the registration process, you need to provide us with your registration documents, login and password that will be linked to your account after information approval. You represent and warrant that all information that you provide to LaneX.bid,LLC is accurate and complete and that you do not register under the name of, nor attempt to access the Service under the name of, another person or entity. You will notify us in writing of any changes to the information provided. You and your designated authorized representatives (“Authorized Representatives”) are liable and responsible for all actions, omissions, and any failure to act of your Authorized Representatives in connection with your Authorized Representatives’ use of the Services. LaneX.bid,LLC partners solely to the extent such information is needed to provide the Services. You agree not to give anyone access to the Services other than your Authorized Representatives. Further, you represent and warrant to LaneX.bid,LLC that: (a) you and your Authorized Representatives are in compliance with and shall comply with all laws and regulations that apply to your business; and (b) you and your Authorized Representatives have secured and will maintain all permits, licenses and governmental approvals required to operate your business including, without limitation, as required to access and participate in the Services. We reserve the right to temporarily or permanently suspend your access rights and/or the access rights of any of your Authorized Representatives at any time in our sole and absolute discretion.

Permitted Use

You agree that you will use the Services solely for your internal business purposes and will not: (i) license, sublicense, sell, resell, rent, lease, transfer, assign, distribute, time share or otherwise commercially exploit or make the Services available to any third party, other than to your Authorized Representatives or as otherwise contemplated by these Terms; (ii) send spam or otherwise duplicative or unsolicited messages in violation of applicable laws; (iii) send or store infringing, obscene, threatening, libelous, or otherwise unlawful or tortious material, including material that violates third party privacy rights; (iv) send or store malicious code or viruses; (v) interfere with or disrupt the integrity or performance of the Services or the data contained therein; or (vi) attempt to gain unauthorized access to the Services or its related systems or networks. You further agree that you will not (i) modify, copy or create derivative works based on the Services; (ii) frame or mirror any content forming part of the Services; (iii) reverse engineer or decompile the Services; (iv) access the Services in order to (A) build a competitive product or service, or (B) copy any ideas, features, functions or graphics of the Services; or (v) permit or authorize any third party to do any of the above at your direction or on your behalf.

Buyer Obligations

The Buyer represents, warrants and agrees to the following terms:

a. That it is a licensed motor vehicle dealer in good standing;
b. Buyer will purchase the vehicle at the final bid price which can be accepted by the Seller until 3 hours after the sale has ended.
c. Buyer will not resell the vehicle until the funds have been transmitted to LaneX.bid,LLC;
d. Buyer will pick up the vehicle within three business days;
e. Buyer will select a payment option by 11:59 pm same day the bid is accepted by the Seller or this sale may be considered null and void at LaneX.bid,LLC discretion; in such event Buyer may be subject to financial penalty and/or suspension of Buyer’s account access;
f. That no stop payment of Buyer’s payment to LaneX.bid, LLC shall be honored.
g. That any stop payment order shall be deemed by the parties to be evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as an intent to defraud in order to consummate the transaction;
h. That it will abide by the timeframes for delivery of title set forth in LaneX.bid, LLC policy.
i. That LaneX.bid, LLC may deposit any payment immediately, regardless of whether the vehicle’s certificate of title has been submitted by Seller;
j. That Buyer is responsible for pickup and transport
k. That it is solvent.
l. That the vehicle is purchased solely for resale.
m. That the vehicle is purchased for resale in the form of tangible personal property in the regular course of business and is the sort usually purchased by Buyer for resale.
n. That if it is planning to export a vehicle, Buyer is responsible for ensuring satisfaction of all export requirements and all import requirements of the destination country.
o. That if the vehicle is used for any purpose other than for resale, Buyer will pay directly to the proper taxing authorities such sale or use tax as may then be accrued and become payable.
p. That it holds a retail sales tax registration, certificate, license, or other permit, issued by the sales taxing authority of Seller’s state, county, and country as appropriate.
q. Title to the vehicle will not pass to Buyer until complete payment has been received by LaneX.bid, LLC and the title has been received from the Seller;
r. Failure to remit payment within two business days will result in a fee equal to the total buy fee;
s. Buyer is subject to account suspension at the discretion of LaneX.bid,LLC;
t. Buyer will not attempt to manipulate bids, intentionally bid up the price of any vehicle, or otherwise fraudulently bid on any vehicle;
u. Buyer shall abide by and 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

In consideration of access to the Services, Buyer and Seller each agree to pay LaneX.bid,LLC or partners (as applicable) all fees and charges assessed by LaneX.bid,LLC. LaneX.bid,LLC charges a flat $200.00 buy. Fees are subject to change without notice. The purchase price of the vehicle, service charges, plus all applicable taxes and Fees payable by Buyer in connection with a transaction is the “Total Payment Amount.” All Fees are non-refundable. Buyer shall pay LaneX.bid,LLC the Total Payment Amount within two (3) business days after the Buyer’s bid is accepted as the winning bid (the “Payment Due Date”). Payment shall be made in U.S. dollars by, ACH electronic funds transfer, credit card, check, floor plan, or by another financing arrangement acceptable to LaneX.bid,LLC (each a “Payment Method”). The Buyer agrees to pay any fees and commissions associated with the chosen payment method. If payment is not received by the Payment Due Date, the amount owing will be automatically debited using the default payment method selected by the Buyer. Lane-X Auctions reserves the right to specify the type of Payment Method it will accept from the Buyer in our sole and absolute discretion. In addition to whatever rights of set-off LaneX.bid,LLC may have in any jurisdiction where vehicles are sold, if Buyer fails to pay Fees or other amounts owing when due to LaneX.bid,LLC or any LaneX.bid,LLC partner, LaneX.bid,LLC will be entitled to immediately set off the amount owed by Buyer from any funds due from LaneX.bid,LLC to Buyer. In addition, if you fail to pay the Total Payment Amount by the Payment Due Date, we may: (a) electronically debit your bank account or floor plan account in accordance with the default payment method selected by you or another account made available to LaneX.bid,LLC; (b) withhold title documents until all amounts owed have been paid; (c) cancel the sale transaction; (d) charge interest on any past due amounts at the rate of one and one half (1.5%) percent per month, calculated in U.S. dollars, or the maximum rate allowed by law, whichever is less; and/or (e) pursue any other remedy or relief permitted by law. If LaneX.bid,LLC accepts payment from Buyer by electronic check, Buyer authorizes LaneX.bid,LLC to initiate debit entries to its account at the financial institution on which the electronic check was written. The electronic check debit authorization will remain in force until we have received written notice from you of its termination. LaneX.bid,LLC reserves the right to decline payment by electronic check at any time and for any reason. Any payment that is withdrawn by Buyer or its bank, rejected or returned for non-sufficient funds (“NSF”) must be settled and replaced immediately. NSF transactions will be subject to a service charge up to the maximum amount allowed by law and shall be immediately due and payable. LaneX.bid,LLC will pay Seller the purchase price of the vehicle less the Fees due from Seller to LaneX.bid,LLC after receipt of a clear, transferable title from Seller.

Arbitration Policies

As a rule, LaneX.bid,LLC follows any and all NAAA guidelines for arbitration. Please refer to following link.

If, upon pickup and inspection of the vehicle, the Buyer discovers a defect that is allowed to be arbitrated pursuant to the LaneX.bid,LLC Arbitration Policy, Buyer may pursue a remedy through the arbitration process as set forth in such policy. Sellers who repeatedly fail to make required announcements or Buyers who repeatedly submit questionable arbitration claims may have their auction privileges temporarily or permanently suspended.

Seller Obligations

The Seller represents, warrants and agrees to the following terms:

a. Seller is a licensed dealer of motor vehicle;
b. Any amounts owed to LaneX.bid, LLC or its affiliates by Seller may be deducted from any proceeds due Seller;
c. LaneX.bid, LLC may stop payment or refuse to authorize payment to Seller pursuant to a right of offset;
d. Risk of loss for a vehicle remains with the Seller as long as the vehicle is at Seller’s premises. Once the Buyer retrieves the vehicle, or otherwise causes the vehicle to be removed from Seller’s premises, the risk of loss for the vehicle is transferred to the Buyer or its agents;
e. It is responsible for completion and execution of the required odometer mileage statement pertaining to the vehicle and on the certificate of title;
f. That it is the true and lawful owner of the vehicle except as set forth in the vehicle’s announcements;
g. That the vehicle is free from all liens and encumbrances except as set forth in the vehicle’s announcements;
h. That it has full rights, power and authority to sell and transfer title to the Buyer in accordance with the LaneX.bid, LLC Title Policy except as set forth in the vehicle’s announcements.
i. A $500 cancellation fee will be assessed to a Seller if a transaction is cancelled or abandoned after a Buyer's bid either meets the reserve or is otherwise accepted.
j. Unless otherwise agreed, Seller will hold and make the sold vehicle available on its lot for at least three business days after the sale of the vehicle for the Buyer or its agent to pick up;
k. The number of vehicles posted by a Seller may be limited by LaneX.bid, LLC during an introductory period;
l. Unless otherwise agreed, Seller will permit LaneX.bid, LLC to inspect on Seller’s lot the vehicles Seller intends to sell through the Services, for the purpose of creating a vehicle condition report;
m. Seller shall abide by and 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.