A NEW APPROACH IN AN AGE OLD BUSINESS

+44 (0) 1926 691 141

Live Online Auction Frequently Asked Questions

Here at Silverstone Auctions we make buying and selling as easy as possible for you.

Below you will find answers to frequently asked questions for both our live online auctions. 

Live Online Auction FAQs

Do we have a Covid-19 Risk Assessment?

We follow all the Government Guidelines and are very happy to publish our Covid-19 Risk Assessment on our website.  Click here to view.

Buying:

What is a live online auction?

Our live online auctions will take place on one day, however, they will be closed to the public. This means that our auctioneer will be streamed online and you can watch and bid in real time via three methods; online with our partners Proxibid, on the telephone or via a commission bid (pre bid).

When is your next live online auction?

Our next live online auction will take place on Friday 31st July and Saturday 1st August.

How do I view and inspect the cars in person?

You can book a one to one appointment (up to one hour) to view the lots at our central location between Thursday 16th and Thursday 30th July. Please contact the office on 01926 691141 to secure your appointment. The health and safety of both our customers and team remains the utmost priority, we are therefore operating to strict COVID-19 guidelines and full instructions will be given when making your appointment. 

Furthermore, our website will have detailed photographs as well as video content where possible.

Will I be able to view the history files too?

The history files for each vehicle will be available for viewing at our central location.

How do I register to bid?

For telephone and commission bidding you will need to complete an absentee bidder form available here.

For online bidding, you will need to register with  one of our online bidding partners Proxibid or The Saleroom.  There is an additional charge of 1% plus VAT when buying this way. More information on Proxibid and their service can be found at https://uk.proxibid.com/ or for The Saleroom https://www.the-saleroom.com/en-gb/auction-catalogues/silverstone-auctions

However you choose to bid to complete your bidder registration and comply with money laundering legislation you will need to provide TWO forms of ID to our secure portal via the following link, bank details are not required for bidder registration. https://secureportal.silverstoneauctions.com/ 

How much does it cost to buy a car at an online live auction?  

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

How much does it cost to buy Automobilia at an online live auction?  

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

What happens when I 'win'? 

Once the reserve is met, the person with the highest bid 'wins' the lot and formally becomes the buyer. 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. 

What payment methods do you take? 

Payment must be made by bank transfer, payments made by bank transfer over the weekend will not show in our bank account until the Monday morning following the sale. 

What are the payment terms?

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

At what point do I insure my purchase? 

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

What about 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? 

We will process the V5c and it will be registered to the new keeper online with the DVLA within 14 working days. The details used will be those that the buyer registered with, unless we are notified in writing otherwise. 

When can I collect my purchase? 

Upon receiving cleared funds, you will be able to make an appointment with us for collection from our central location (subject to Government advice at the time). Lots not collected by 1pm the Thursday following the auction will be taken to our transport partners facility in Northampton for a fee of £150 plus VAT. Storage will be charged at £10 plus VAT per day from the Friday. 

Our transport partners, EM Rogers, can assist with collection and delivery. Please contact them on 01604 755511 for a quote.

Can a car be shipped abroad? 

Our transport partners, EM Rogers, 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 does Silverstone Auctions value classic cars? 

All cars are submitted to our internal valuation committee who between them have a wealth of experience of all makes of classic 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. 

How much does it cost to sell a car at an event auction? 

We charge a cataloguing fee of £250 plus VAT. The cataloguing fee covers photography, script writing, video, worldwide marketing and storage of your vehicle in a secure location.

Our sellers commission is 5% of the hammer price + VAT.  

What happens once my car is confirmed for auction? 

Once accepted for auction, you will need to deliver your vehicle to our central location where arrangements will be made for the car to be photographed by our in-house professional photographer. A script will be written for the car to be approved by the vendor before it is published.    

Once live on our website, 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 website which receives over one million hits every year. 

What about the documentation/history files for my car? 

To assist with the sale, we ask you to supply all of the documentation for your vehicle at auction. Please ensure the documentation is inside your vehicle when it is delivered to our central location. They will be stored in a secure location and will be available to view by potential buyers under the supervision of our staff. At the end of the sale they are secured into the vehicle ready for collection. 

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 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 my vehicle 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 our care. 

When will I receive payment? 

You will receive a statement via email from the accounts team within five 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 ten working days. During this time funds are kept in a dedicated client account. 

General FAQs

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.   

Do you accept foreign currency payments? 

All payments need to be made to arrive in GBP.

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. 

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.  

Is there a guarantee on my purchase? 

No, cars are sold on an as seen basis. You are advised to satisfy yourself as to the vehicles condition and suitability before bidding. We offer viewing opportunities, as well as photographic (and video where possible) content for each car offered.

What if I want to withdraw my car from an auction? 

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. 

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 of breed available at the time.