A NEW APPROACH IN AN AGE OLD BUSINESS

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Frequently Asked Questions

Here at Silverstone Auctions we make buying and selling as easy as possible for you. Below you will find answers to all your queries about our classic car auctions. 

Buying

Do I need to pre-register to Bid?

There is no need to pre-register to bid in person at the auction. You can register on the day with the administration team.  To do so you will need to bring two forms of ID with you, one photographic and one proof of address.  

What if I can’t attend the auction?

You can bid via telephone or place a commission bid. This must be done in advance of the auction.  In both these instances you will need to complete an absentee bidder form available on our website via the following link https://secureportal.silverstoneauctions.com and upload two forms of ID to our secure portal. 

Can I bid online? 

You can bid via Proxibid, please note there is a small additional charge for this service. More information on Proxibid and their service can be found at https://uk.proxibid.com/

What is the secure portal? 

The secure portal is provided by Egress providing an encrypted secure platform for documents to be shared with us.  Egress has AES 256 bit encryption and meets legislative and industry requirements, including GDPR. 

Do you take a deposit or security payment prior to the auction? 

No, you will be invoiced following the auction. All invoices are due for payment by 5pm the next working day following the auction.    

What payment methods do you take? 

Payment can be made by bank transfer or by debit or credit card in person. We only accept debit card payments up to a maximum of £20,000 and cash and credit card payments up to a maximum of £5,000.  

Payments made by bank transfer over the weekend will not show in our bank account until the Monday morning following the sale. 

How much does it cost to buy a car with Silverstone Auctions?  

Buyer’s premium is charged at 12.5% + VAT on the hammer price.   

What happens when I win? 

You will be invoiced for the item via email immediately following the sale.  Items can only be collected once we are in receipt of cleared funds, payment is due by 5pm the next working day after the sale.  Due to venue restrictions items generally need to be removed from site by midday on the Monday following the sale. 

What if I can’t collect by the deadline? 

Automobilia will be returned to our office from where it can be collected, or shipping can be arranged at an additional charge. 

Vehicles will be removed from site by our transport partners, EM Rogers, in specialist covered transporters, for an additional fee. Storage or delivery, including international delivery, can be organised directly with them. 

What are the payment terms? 

Payment is required by 5pm on the Monday immediately following the auction. 

Where and when can I view the vehicle? 

Vehicles will be available to view at the auction site the day before the auction and during the morning before the auction commences. 

Can I view the history files? 

All history provided by the vendor relating to a vehicle will be available to view at the documents desk. 

Is there a guarantee? 

No, cars are sold on an as seen basis.  You are advised to satisfy yourself as to the vehicles condition and suitability before bidding. 

Do we accept finance? 

We do not offer finance but will accept payments from a finance company on your behalf. Payment must be received within three working days following the sale.  Once the hammer falls the car is yours, so it is your responsibility to ensure you have adequate funds in place before bidding. 

Insurance? 

Any purchases become the responsibility of the buyer as the hammer falls.  We therefore recommend that you insure any vehicles immediately, our insurance partners are on site and able to offer both short and longer term cover. 

Road Tax? 

Since 1st October 2014 road tax is no longer transferred as part of a sale. The new keeper must tax the vehicle if they want to use it on the road or complete a SORN if the vehicle is being stored. 

What happens with the V5c? 

All V5c’s are returned to the office following the sale.  The vehicle will be registered to the new keeper on-line with the DVLA within 14 working days.  The details used will be those that the buyer registered with on their bidder paddle, unless we are notified in writing otherwise. 

What about VAT? 

Silverstone Auctions use the Auctioneers Margin Scheme (VAT Notice 718/2). VAT cannot be split out on the invoice and cannot be claimed by UK VAT registered businesses or individuals.  VAT registered businesses in the EU can receive an invoice without VAT providing they have a valid VAT number. Buyers from outside the EU may reclaim the VAT by providing our accounts team with proof of export of the vehicle.   

Do you accept foreign currency payments? 

All payments need to be made to arrive in GBP  

Can a car be shipped abroad? 

Our transport partners can assist in shipping cars abroad and regularly do so to destinations including Europe, the USA, Australia, New Zealand and Asia.  It is your responsibility to check that the destination country has no restrictions regarding import and any taxes that are payable on entry. 

 

Selling

How much does it cost to sell a classic car with Silverstone Auctions? 

Our sellers fee is 5% of the hammer price + VAT 

How does Silverstone Auctions value my classic? 

All cars are submitted to our internal valuation committee who between them have a wealth of experience of all makes of cars and competition cars.  The value is agreed between the consignor and the vendor of the vehicle in line with current market conditions and the vendors expectations. 

Car Cleaning? 

We advise you to present the car in the best condition you can.  We have a vehicle detailing service on site in the two days prior to the sale, they can give attention to your car at a charge from £200 +VAT.  During the sale we have a team of valeters on site keeping the cars looking their best. 

Insurance? 

Responsibility for the vehicle passes to the successful bidder on the fall of the hammer, however we would recommend keeping the vehicle insured until you have received payment.  Cars are insured whilst they are in Silverstone Auctions care. 

What happens next? 

Once accepted for auction, arrangements will be made for the car to be photographed by our in-house professional photographer and a script will be written for the car to be approved by the vendor before it is published.    

Once ‘live’ the vehicle will be included in our worldwide marketing opportunities. Platforms include; digital and printed media, press releases and video.  All auction entries are featured on our web site which receives over 1 million hits per annum. 

What happens when my car is sold? 

The buyer becomes responsible for the vehicle on fall of the hammer, however, title will not pass until cleared funds are received by us.  The V5c will be brought back to the office and processed to the new keeper once full payment has been received. DVLA will refund any outstanding road tax on the vehicle direct to the registered keeper on the v5c. 

What about withdrawing a car? 

Withdrawal of a car once entered attracts a fee of 15% of the mid estimate of the lot + VAT, this is payable within 14 days of the withdrawal. 

When do I get paid? 

You will receive a statement via email from the accounts team within 5 working days of the auction detailing the proceeds of the sale.  Funds will be paid to your bank account via BACS transfer within 14 working days from the date of the auction (subject to cleared funds being received) but we aim to pay out within 10 working days. During this time funds are kept in a dedicated client account. 

What if my car doesn't sell? 

If a car doesn’t sell it will need to be collected from the auction venue by the by midday on the Monday following the sale.  All documents provided by the vendor and any other associated items will be in the car ready for collection.  The V5c will be available for collection if the owner of the vehicle is collecting in person. Should a third party be collecting the vehicle the V5c will be returned to the office and sent to the vendor via Royal Mail signed for delivery. 

Do we sell any car? 

No, all vehicles being offered for sale by Silverstone Auctions undergo a rigorous selection process.  We offer for sale the best in breed available at the time. 

What happens to documents? 

Documents provided with a vehicle are put in a dedicated file on our documents desk where they are available to view by potential buyers under the supervision of our dedicated documents staff.  At the end of the sale they are secured into the vehicle ready for collection.