How does it work for buyers?
Register, bid and win.
Registration
You can register on our website by creating a personal account. Using this account, you can create your own Watchlist and pose questions concerning a Collectable on that car’s forum. For bidding, we use a iDIN verification for those with a Dutch bank acocunt. This ensures the identity of the bidders and thus validity of the bid. You can find more information here.
For international bidders without a Dutch bank account, please send us an email ([email protected]) and we will manually arrange the verification for you.
Bidding
You can place a bid on your preferred Collectable(s). When doing so, the buyer’s commission is instantly calculated, so that you are aware of the full commitment (for the car plus the commission) at all times.
Unless otherwise advised as ‘no reserve’ all Collectables listed on the platform have a minimum sales price (the ‘reserve’) as agreed with the seller. This price will never be communicated with anyone. In the event that the highest bid is lower than the reserve price, the Collectable will not be awarded / sold to the highest bidder.
Be aware that as soon as a bid is placed, this is legally binding. This means that if you placed the highest bid and the Collectable is awarded, you are obliged to complete the transaction by purchasing the car and paying the commission.
Are you the highest bidder but the reserve was not met? In that case, we will mediate between the highest bidder(s) and the seller in order to try to broker a deal following the completion of the auction. Once an agreement has been obtained between both parties, the buyer’s commission (to The Collectables) is payable.
Bid Butler
In case you don’t have time to follow the bidding process and bid manually, we offer you the possibility to setup a proxy bid via your Bid Butler. This will ensure that as soon as another bid is being placed, your Bid Butler will automatically (by proxy) place a new bid (taking into account the minimum bid increment) until your maximum bid has been reached. For more information, click here.
Automatic time extension
The closing time of an auction will get automatically extended if a new bid is placed within 2 minutes of the auction finishing. This ensures that fellow bidders have a chance to place their counter bid and thus avoid the so-called ‘snipers’. In addition, The Collectables may decide to extend the auction if the reserve is not met. The highest bid remains binding.
Viewings and inspections
The selection of the Collectables is primarily based on our personal preferences and taste. Of course we check as much (public and possibly private) information of the car and its history. We do NOT technically assess the Collectables, but welcome serious bidders to do so themselves if they so desire. In that case, reach out to us and we will arrange an appointment. Please do note that all the sellers have explicitly agreed that their cars can be subjected to any reasonable kind of technical test, assessment, valuation or otherwise.
Alternatively, we can schedule a video-appointment, so that the Collectable can be shown in great detail remotely.
Commission
The commission related to the auction is payable by the buyer and amounts to 10% of the winning bid with a minimum of 300 EUR. The commission includes 21% VAT (as is applicable in the Netherlands). Our commission is significantly lower than traditional auction houses. The commission is also less then what car traders are charging as margin.
The commission is solely for usage of the platform and is explicitly not a down-payment to the buyer and or a partial payment of additional expenses such as transport, insurance or other relevant aspects that might have to be arranged following the purchase and transfer of ownership.
Commission calculation example
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Purchase costs & commission fees
After the auction ends, a commission invoice will be sent from The Collectables to the buyer. This invoice will contain all necessary information regarding the transaction.
The payment of the highest bid will further be mutually agreed between buyer and seller. Depending on the seller (business or private), the buyer will receive an invoice or a purchase agreement will be established between the two parties, after which the buyer can pay the money to the seller.
