Repocast.com (A Miedema Company) Auction Terms and Additional Information Please Note:  Items are selling from our location at:  601 Gordon Industrial Ct., Byron Center, MI 49315 unless otherwise stated in the online listing/description.  

All items purchased on the specialty online auctions are to be paid for and picked up within 8 days from the auction date. After this 8 day period if your invoice has not been both paid for and picked up, an automatic $2 per lot/per day storage fee will be added to your invoice and will be subject to being resold at the high bidder’s expense.  After  2 weeks from the date of the auction (NOT from the date paid or picked up) no adjustments can be made on the invoice with regards to any item purchased on the auction and upon this time full payment is also still required regardless of the condition or the availability of the item.

Please contact Kathy Decker at 616-389-6453 to make arrangements if you are the winning bidder. 

Photo ID and thumbprint will be scanned during every transaction at the time of pickup. We respect your privacy and we value you as a customer. The photo ID and thumbprint requirement is a security measure to document the actual person picking up item(s) from our facility. The intent of the requirement is to protect you and us, ensuring the items make it to the winning bidders

At the discretion of the auction company, item(s) that are paid in full may be held/stored for an additional 5 days for prearranged customer pickup.

• Cash 
• Wire Transfer (details included with invoice) 
• Credit /Debit Card (Visa, Discover, MasterCard, and American Express) 
• Personal or Business Check* – Payable to Repocast.com 
• Cashier’s Check – Payable to Repocast.com 

IMPORTANT INFORMATION:

1. Photo ID and thumbprint will be scanned during every transaction at the time of pickup. We respect your privacy and we value you as a customer. The photo ID and thumbprint requirement is a security measure to document the actual person picking up item(s) from our facility. The intent of the requirement is to protect you and us, ensuring the items make it to the winning bidders.

2. Payment of $10,000+ with cash, or specific forms of payment (cash, money order, cashier’s checks with a face value of less than $10,000.00 each) which combine for a total of $10,000+ will require completing the IRS 8300 form. A cashier’s check with a face value of $10,000+ will not require the IRS 8300 form.

3. There is a 3% discount on the buyer’s premium only when the invoice is paid in full with Cash, Cashier’s Check or Wire Transfer. This discount does not apply to payments made by Credit/Debit Card, Personal or Business Checks.

4. *Personal or Business Checks will be processed through TeleCheck ECA service which converts a paper check into an electronic item at the point of sale. The voided check will be returned to person presenting upon approval of electronic fund transfer. Please confirm that your bank allows ECA processing prior to presenting a Personal or Business Check as a form of payment.

• Cash
  
• Cashier’s Check (make payable to Repocast.com)
  
• Wire Transfer 
  

PLEASE NOTE: Personal or Business Checks DO NOT qualify for the 3% discount.

6% BUYERS PREMIUM for each item that sells on this auction. If buyer pays with cash, wire transfer, or cashier's check, then we waive 3% of the buyer's premium, which makes it 3%.

Explanation of Sales Tax on Buyers Premium

All bidders will be subject to 6% State of Michigan Sales Tax.

If you are claiming tax exemption, please review options within your online account to complete an electronic Michigan Sales Tax Exemption claim.

Sales tax is calculated on total sales price which includes Buyer's Premium (therefore Buyer's Premium is also taxable).

Explanation of Sales Tax on Buyers Premium

This means that an items sale is contingent upon receiving the approval of the Bank, Court, Trustee or Lien Holders affiliated with that particular piece. Please call (616) 389-6453 for the Approvals on all items that sell subject and we will be happy to assist you.

NO REFUNDS, RETURNS, OR EXCHANGES. All items sold "AS IS WHERE IS" with all faults.

Liquidated Damages Fee:

BIDDER explicitly authorizes the charging of his or her credit card for the liquidated damages fee which are applied when bidder/buyer’s invoice(s) are not paid in full within 8 days of auction date.

Liquidated damages fee will equal up to 20% (or minimum of $25.00) of total purchase price during the auction or immediately following the auction. Note that the purchase price is the sum of the bid price, buyer’s premium, buyer's fee, and sales tax if applicable.

Liquidated damages fee is assessed based on damages to be recovered by Auction Co.; although actual damages are difficult to ascertain because of risk and costs associated with re-listing an item, storing it for an undetermined amount of time and, in certain circumstances, needing to physically relocate an item.

We do not accept partial payments. Invoices must be paid in full. All payments must be in U.S. Funds.

All consignments must be dropped off at Repocast.com no later than 9 days prior to the auction day.  Please contact us at (866) 550-7376 for additional information regarding items you wish to sell. 

Do You Have Items to Sell?

Posted closing times and displays of Auction Co.'s current time are approximate. Auction Co. reserves the right to close early or extend auctions at any time at its discretion. It is strongly recommended that bids be placed early to avoid losing out due to an ill-timed, last minute bid. All times based on Eastern Standard Time. Dynamic bidding - The dynamic bid on this website is a feature that does NOT allow an item to sell at the end of the auction until there is 10 minutes of bidding inactivity. Example - An item is bid on at 7:50pm. An auction is scheduled to close at 8:00pm. When this bid is placed the ending time will automatically extend to 8:10pm. When another bid is placed at 8:01 the auction will extend until 8:20pm. This will give bidder 19 minutes to place another bid.  If no bids are placed this auction will conclude at 8:20pm. The key to your dynamic bidding feature is that the auction extends from the preset closing time in 10 minute intervals, NOT 10 minutes from when you placed your bid. 

You can place bids on an item before the auction starts, this is especially helpful if you will not be available on the day of the auction.

When an item status shows as “Pre-Bidding” this simply means that bids placed are not displayed on the auction site until the date the auction is scheduled to open.

Although there may actually be pre-bids placed on the item, an item in pre-bidding status will show # of bids placed as 0 and the current bid (required bid) will show as the opening bid.

You may place a pre-bid through the same process as normal bidding. You can monitor & view your bidding activity on items in pre-bid status from your Watch List.

When you place a pre-bid, if you are notified that your bid is not higher than another user’s pre-bid this means that another bidder(s) has already placed a pre-bid equal to or higher the amount of the pre-bid you are attempting to place. You will need to raise your pre-bid if you want to be in the winning position.

All pre-bids will be tallied and shown when the auction actually begins.

A bid may be placed for any amount equal to or greater than the current required bid amount, which means your bid amount is not required to be an increment of the posted bid increment.

Example:

• Current bid at $10.00 with a bid increment of $5.00.   
• Minimum bid required would be $15.00. 
• A bid may be placed for any amount equal to or greater than $15.00.  
• The bid amount is not required to be in increments of $5.00; therefore a bid could be placed for $17.00 or $76.00 or whatever amount you wish to bid as long as it is equal to or greater than the minimum bid required.  
• The winning bid may end up at any amount. It may not be divisible by the stated increment. The winning bid will be the highest 

Refer to Automatic Bidding section for further explanation of the convenient method of placing an automatic bid.

Automatic Bidding (auto bid) option makes bidding convenient allowing you to enter the maximum bid amount* that you are willing to bid on an item. Based on your Account Preferences for notification, you may be notified whenever your auto bid increases &/or when it is exceeded.

The auction company or other bidders do not have access to see your auto bid amount. You are the only person that can see your auto bid amount (displayed in your Watch List).

Your auto bid will not “jump” to the maximum amount. The auto bid will increment up only with competing bids until either the item completes with you as the high bidder, or until your auto bid has been exceeded by another bid.

If another bidder already has an auto bid in place when you place your auto bid, the (2) competing auto bids will continue to increment until either the lower auto bid is maxed out; or if both auto bid amounts are the same the auto bid that was placed first will become winning position of the bid.

Example #1:

1. Minimum bid is at $10.00 with a $5.00 bid increment.
2. Bidder #1 places an auto bid for $77.00.  
3. No other auto bids are in place, therefore Bidder #1 is high bidder at $10.00.
4. Bidder #2 places an auto bid for $23.00.
5. Bids would compete with each other as follows: 

 Bidder #1 - $10
 Bidder #2 - $15
 Bidder #1 - $20
 Bidder #2 - $23 (maximum auto bid placed)
 Bidder #1 - $25 (high bid position)   

The high bid is $25 not $28 because Bidder #2’s auto bid was exceeded at an increment other than $5.

Example #2:

1. Minimum bid is $10.00 with a $5.00 bid increment.
2. Bidder #1 places an auto bid of $77.00.
3. No other auto bids are in place, therefore Bidder #1 is high bidder at $10.00
4. Bidder #2 places an auto bid for $25.00
5. Bids would compete with each other as follows: 

 Bidder #1 - $10
 Bidder #2 - $15
 Bidder #1 - $20
 Bidder #2 - $25 (maximum auto bid placed)
 Bidder #1 - $30 (high bid position) 

The high bid is $30 because Bidder #2’s auto bid was exceeded at an increment equal to $5.

Example #3:

1. Minimum bid is $10.00 with a $5.00 bid increment.
2. Bidder #1 places an auto bid of $25.00.
3. No other auto bids are in place, therefore Bidder #1 is high bidder at $10.00
4. Bidder #2 places an auto bid for $25.00 (same amount as Bidder #1 auto bid)
5. Bids would compete with each other as follows: 

 Bidder #1 - $10
 Bidder #2 - $15
 Bidder #1 - $20
 Bidder #2 - $25
 Bidder #1 - $25 (high bid position) 

The high bid is $25 with Bidder #1 in high bid position because Bidder #1 placed the $25.00 auto bid before Bidder #2.

*Buyer’s premium and sales tax will be in addition to the winning bid amount.

Posted closing times and displays of Auction Co.'s current time are approximate. Auction Co. reserves the right to close early or extend auctions at any time at its discretion. It is strongly recommended that bids be placed early to avoid losing out due to an ill-timed, last minute bid. All times based on Eastern Standard Time. Dynamic bidding - The dynamic bid on this website is a feature that does NOT allow an item to sell at the end of the auction until there is 10 minutes of bidding inactivity. Example - An item is bid on at 7:50pm. An auction is scheduled to close at 8:00pm. When this bid is placed the ending time will automatically extend to 8:10pm. When another bid is placed at 8:01 the auction will extend until 8:20pm. This will give bidder 19 minutes to place another bid.  If no bids are placed this auction will conclude at 8:20pm. The key to your dynamic bidding feature is that the auction extends from the preset closing time in 10 minute intervals, NOT 10 minutes from when you placed your bid.