Terms & conditions
TERMS AND CONDITIONS OF
Last revision: July 26, 2021
Welcome to Formula Auctions terms and conditions. If you have any questions or concerns about the following document, please contact us directly at the following:
The following Terms and Conditions govern and apply to your use of or reliance upon this website maintained by Formula Auctions Media Inc. (the "Website").
Your access or use of the Website indicates that you have read, understand and agree to be bound by these Terms and Conditions and any other applicable laws, statutes and/or regulations. We may change these Terms and Conditions at any time without notice, effective upon its posting to the Website. Your continued use of the Website will be considered your acceptance to the revised Terms and Conditions. The users that are listing their vehicles for auction on our website are the (“Sellers”) and the users placing bids on the vehicle auction listings are the (“Bidders”). If we use the word “you” in this “Terms and conditions” document, we are referring to any class of User. This includes user’s which are and aren’t registered, sellers and bidders.
All Bidders are responsible for their own due diligence on every vehicle listing. Before bidding on an auction or finalizing the sale of a vehicle, Bidders are solely responsible for making their own determinations if the seller vehicle is suitable for them. Seller's may not increase their reserve after the auction has gone live. Formula Auctions Media Inc. is not and will not be responsible for assuring if a seller vehicle is up to a certain quality, condition or standard for a winning bidder. Formula Auctions Media Inc. also will not be responsible for ensuring or verifying that the information submitted by any class of user is accurate or up-to-date.
When an auction has ended, if the highest bid on a vehicle auction listing was above the seller’s reserve price, then every seller agrees to make reasonable efforts to finalize the transaction with the highest bidder post-auction close. Every bidder agrees that if they are the winning bidder at the end of the auction, they acknowledge that their winning bid is binding to follow through with finalizing the purchase. They are also wholly responsible for any government taxes or fees associated with the purchase of a vehicle in their respective Province or State. Every seller acknowledges that they will not remove their vehicle from the auction once it has gone live. They will also not post their vehicle for sale elsewhere while the auction is live with intent to sell the vehicle outside of the auction listing on our website.
All transport quotes received from any vehicle listing page is subject to approval from Formula Auction Media Inc. The transport quotes received are estimates only and Formula Auctions Media Inc. will not be held responsible for adhering to the original quote for transportation. Formula Auctions Media Inc. is in no way associated or responsible for any transport carriers that the winning bidder decides to hire. Formula Auctions Media Inc. is only responsible for advising winning bidders and seller’s on how to arrange transport and Import/Export to U.S. Formula Auctions media Inc. is not responsible for assuring that transport is arranged for a winning bidder. Formula Auctions Media Inc. is in no way responsible for any damage that may occur to any vehicle during transport to a bidder or from a seller. Any information found on our Transport and Import/Export page should be taken as advice and not considered factual.
1. INTELLECTUAL PROPERTY
All intellectual property on the Website (except for User Generated Content, as defined below) is owned by us or our licencors, which includes materials protected by copyright, trademark, or patent laws. All trademarks, service marks and trade names are owned, registered and/or licensed by us. All content on the Website (except for User Generated Content, as defined below), including but not limited to text, software, code, designs, graphics, photos, sounds, music, videos, applications, interactive features and all other content is a collective work under Canadian and other copyright laws and is the proprietary property of the Company; All rights reserved.
2. USE OF COMPANY MATERIALS
3. USER GENERATED CONTENT
"User Generated Content" is communications, materials, information, data, opinions, photos, profiles, messages, notes, website links, text information, music, videos, designs, graphics, sounds, and any other content that you and/or other Website users post or otherwise make available on or through the Website, except to the extent the content is owned by us. Formula Auctions Media Inc. will not be responsible for any user generated content.
4. ACCOUNT AND ACCOUNT USE
If your use of the Website requires an account identifying you as a user of the Website (an "Account"):
a) you are solely responsible for your Account and the maintenance, confidentiality and security of your Account and all passwords related to your Account, and any and all activities that occur under your Account, including all activities of any persons who gain access to your Account with or without your permission;
b) you agree to immediately notify us of any unauthorized use of your Account, any service provided through your Account or any password related to your Account, or any other breach of security with respect to your Account or any service provided through it, and you agree to provide assistance to us, as requested, to stop or remedy any breach of security related to your Account, and
c) you agree to provide true, current, accurate and complete customer information as requested by us from time to time and you agree to promptly notify us of any changes to this information as required to keep such information held by us current, complete and accurate.
When you make a purchase on the Website for listing a vehicle or placing a bid, you agree to provide a valid instrument to make a payment. When you provide a payment instrument to us, you confirm that you are permitted to use that payment instrument. When you make a payment, you authorize us (and our designated payment processor) to charge the full amount of the payment instrument you designate for the transaction. You also authorize us to collect and store that funding instrument, along with other related transaction information.
If you pay by credit or debit card, we may obtain a preapproval from the issuer of the card for an amount as high as the full price. If you cancel a transaction before completion, this pre-approval may result in those funds not otherwise being immediately available to you.
We may cancel any transaction if we believe the transaction violates these Terms, or if we believe in doing so may prevent financial loss.
In order to prevent financial loss to you or to us, we may contact your funding instrument issuer, law enforcement, or affected third parties (including other users) and share details of any payments you are associated with, if we believe doing so may prevent financial loss or a violation of law.
Seller listing fees are $0 for our “Gold Standard” package. For our “Platinum package”, the seller listing fee is $299. All seller fee payments are not refundable.
Buyer fees are as follows: If the winning bid on an auction is above the reserve price, the winning bidder will pay a fee to Formula Auctions Media Inc. in the amount of 5% of the winning bid price. This is ON-TOP of the winning bid amount that will go to the seller. For example, if the winning bid on a vehicle auction is $30,000 CAD. The winning bidder will pay Formula Auctions Media Inc. $1500 CAD (5%) and will pay the seller $30,000 CAD. For all no-reserve auctions, a 5% fee will be paid to Formula Auctions Media Inc. regardless of what the final winning bid amount is. The minimum buyer’s fee is $250 CAD and the maximum is $7,500 CAD. All buyer fees are final and non-refundable. When a bidder places a bid, a 5% hold of the bid amount will be placed on the bidder’s credit card. THIS IS A HOLD NOT A CHARGE. When a bidder is "Out-bid" by another bidder, the hold on their credit card will be released. All 5% credit card holds that were placed on bidder’s credit cars during the auction period, except for the winning bidder’s hold, will be released as soon as the auction has ended. Only the winning bid 5% hold will be converted to a charge immediately after the auction has ended. This conversion to a charge solidifies the 5% buyer fee paid by the bidder to Formula Auctions Media Inc.
6. SALE OF GOODS AND SERVICES
We may sell goods or services or allow third parties to sell goods or services on the Website. We undertake to be as accurate as possible with all information regarding the goods and services, including product descriptions and images. However, we do not guarantee the accuracy or reliability of any product information and you acknowledge and agree that you purchase such products at your own risk. For vehicles sold by sellers that listed their vehicle for auction on our website, we assume no liability for any vehicle sold and cannot make any warranties about the merchantability, fitness, quality, safety or legality of these seller vehicles. For any claim you may have against the manufacturer or seller of the product, you agree to pursue that claim directly with the manufacturer or the vehicle seller and not with us. You agree to release us from any claims related to vehicles sold by sellers on our website, including any and all warranties. If there is ever a dispute between any users of the website or viewers of the website, you agree that Formula Auctions Media Inc. is under no obligation to become involved in the matter. If there is a dispute with any class of user or viewer, you agree to release Formula Auctions Media and all of their employees, officers, directors and CEO from any claims, demands or disputes you may have.
7. AFFILIATE MARKETING & ADVERTISING
We, through the Website and its services, may engage in affiliate marketing whereby we receive a commission on or percentage of the sale of goods or services on or through the Website. We may also accept advertising and sponsorships from commercial businesses or receive other forms of advertising compensation.
8. ACCEPTABLE USE
You agree not to use the Website for any unlawful purpose, or any purpose prohibited under this clause. You agree not to use the Website in any way that could damage the Website, the services or the general business of Formula Auctions Media Inc.
You further agree not to use and/or access the Website:
a) To harass, abuse, or threaten others or otherwise violate any person's legal rights;
b) To violate any intellectual property rights of us or any third party;
c) To upload or otherwise disseminate any computer viruses or other software that may damage the property of another;
d) To perpetrate any fraud;
e) To engage in or create any unlawful gambling, sweepstakes, or pyramid scheme;
f) To publish or distribute any obscene or defamatory material;
g) To publish or distribute any material that incites violence, hate or discrimination towards any group;
h) To unlawfully gather information about others.
9. PROTECTION OF PRIVACY
Through your use of the Website, you may provide us with certain information. By using the Website, you authorize us to use your information in Canada and any other country where We may operate.
When you register for an account, you provide us with a valid email address and may provide us with additional information, such as your name and/or billing information. Depending on how you use our Website, we may also receive information from external applications you use to access our Website, or we may receive information through various web technologies, such as cookies, log files, clear gifs, web beacons or others.
We use the information gathered from you to ensure your continued good experience on our website, including through email communication. We may also track certain of the passive information received to improve our marketing and analytics, and for this, we may work with third-party providers.
If you would like to disable our access to any passive information we receive from the use of various technologies, you may choose to disable cookies in your web browser. Please be aware that we will still receive information about you that you have provided, such as your email address.
If you choose to terminate your account, we will store information about you for a reasonable period of time to be determined by us in accordance with applicable federal and provincial laws. After this period, all information about you will be deleted.
10. REVERSE ENGINEERING & SECURITY
You may not undertake any of the following actions:
a) Reverse engineer, or attempt to reverse engineer or disassemble any code or software from or on the Website;
b) Violate the security of the Website through any unauthorized access, circumvention of encryption or other security tools, data mining or interference to any host, user or network.
11. DATA LOSS
We are not responsible for the security of your Account or Content. Your use of the Website is at your own risk.
You defend and indemnify Formula Auctions Media Inc. and any of its affiliates and hold us harmless against any and all legal claims and demands, including reasonable attorney's fees, which may arise from or relate to your use or misuse of the Website, your breach of these Terms and Conditions, or your conduct or actions. We will select our own legal counsel and may participate in our own defense, if we wish to so.
13. SPAM POLICY
You are strictly prohibited from using the Website or any of our services for illegal spam activities, including gathering email addresses and personal information from others or sending any mass commercial emails.
14. THIRD-PARTY LINKS & CONTENT
We may occasionally post links to third party websites or other services. We are not responsible or liable for any loss or damage caused as a result of your use of any third party services linked to from our Website.
To the extent any part or sub-part of these Terms and Conditions is held ineffective or invalid by any court of law, the prior, effective version of these Terms and Conditions be considered enforceable and valid to the fullest extent.
16. SERVICE INTERRUPTIONS
We may need to interrupt your access to the Website to perform maintenance or emergency services on a scheduled or unscheduled basis. You agree that your access to the Website may be affected by unanticipated or unscheduled downtime, for any reason, but that the we will have no liability for any damage or loss caused as a result of such downtime.
17. TERMINATION OF ACCOUNT
We may, in our sole discretion, suspend, restrict or terminate your Account and your use of the Website, effective at any time, without notice to you, for any reason, including because the operation or efficiency of the Website or our or any third party's equipment or network is impaired by your use of the Website, any amount is past due from you to us, we have received a third party complaint which relates to your use or misuse of the Website, or you have been or are in breach of any term or condition of these Terms and Conditions. We will have no responsibility to notify any third party, including any third-party providers of services, merchandise or information, of any suspension, restriction or termination of your access to the Website.
18. NO WARRANTIES
Your use of the Website is at your sole and exclusive risk and any services provided by us are on an "as is" basis. We disclaim any and all express or implied warranties of any kind, including, but not limited to the implied warranty of fitness for a particular purpose and the implied warranty of merchantability. We make no warranties that the Website will meet your needs or that the Website will be uninterrupted, error-free, or secure. We also make no warranties as to the reliability or accuracy of any information on the Website or obtained through the Services. Any damage that may occur to you, through your computer system, or as a result of loss of your data from your use of the Website is your sole responsibility and we are not liable for any such damage or loss.
Internet communications are subject to interception, loss or alteration and, as consequences, you acknowledge that information or data you provide by electronic means by accessing or using this Website are not confidential or exclusive, except to the extent required by the applicable laws, and that communications by email may be intercepted, altered or lost.
20. LIMITATION ON LIABILITY
We are not liable for any damages that may occur to you as a result of your use of the Website, to the fullest extent permitted by law. The maximum liability of Formula Auctions Media Inc. arising from your use of the Website is limited to the greater of one hundred ($100) Canadian Dollars or the amount you paid to Formula Auctions Media Inc. in the last six (6) months. This applies to any and all claims by you, including, but not limited to, lost profits or revenues, consequential or punitive damages, negligence, strict liability, fraud, or torts of any kind.