Buyer Process

The Process

Our Process is designed to bring Buyers and Sellers together with our Secure Online Auction Platform, providing qualified Buyers with exceptional purchase opportunities. Through our Platform, Buyers are able to complete the entire transaction from A to Z, all in one place. Starting with the Bid/Offer process and culminating with delivery of your purchase, we make the entire process easy, secure and seamless. We are your Concierge to your next exciting acquisition.

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1. Create Membership Account

  • There is no charge to create a Membership Account.
  • A Payment Method with a valid credit card on file is required to Submit Listings or to Bid/Make Offers on Listings.
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2. Make Bids/Offers on Listings

  • Hybrid Auctions (Auctions + Buy Now/Make Offer | This is the Platform Default Setting) 
    • During Auction Periods:
      • Reserve Auction Option (The Listing will only sell if Highest Bid amount meets or exceeds the set Reserve Price.)
      • No-Reserve Auction Option (The Listing will sell to Highest Bidder regardless of Bid amount.)
    • During Buy Now/Make Offer Periods (The Listing will sell to the first Buyer that pays the Buy Now Price or Seller may accept Buyer’s Make Offer Price.)
  • Buy Now/Make Offer (Features Buy Now & Make Offer Options)
    • This option is similar to a Classified Listing in that the Listing will sell to the first Buyer that pays the Buy Now Price or Seller may accept Buyer’s Make Offer Price.
      • Buy Now is active (Buyers may Buy the Listing immediately at the Buy Now Price.)
      • Make Offer is active (Buyers may Make an Offer to the Seller lower than Buy Now Price and the Seller may accept such Offer at Seller discretion.)
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3. Communicate With Seller

  • Buyer may submit questions to Seller through the EXR Platform
  • Seller has 72 Hours to respond to Buyer questions
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4. Win the Listing

  • Winning Buyer and Seller will be notified by email and/or text in order to complete the transaction and if Escrow Services are being utilized, to start the Escrow Process.
  • To protect Buyer and Seller, prior to Consummation of Sale, all Winning Bids and/or Accepted Offers are subject to Buyer (at Buyer’s Discretion) completing a Pre-Purchase Inspection (PPI).
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FAQs

There is no charge to create a Membership Account. A Payment Method with a valid credit card on file is required to Submit Listings as a Seller or to Bid/Make Offers on Listings as a Buyer. As part of our commitment to data privacy, we do not keep your payment details in our internal database.

EXR utilizes two-factor authentication (2FA) to prevent your account from being accessed by unauthorized users. Please opt into the 2FA option when prompted during sign-up. In addition, EXR uses Stripe’s globally renowned payment processing system to ensure secure transactions.

To protect Buyer and Seller, prior to Consummation of Sale, all Winning Bids and/or Accepted Offers are subject to Buyer (at Buyer’s Discretion) completing a Pre-Purchase Inspection (PPI) within Seven (7) Business Days (or other agreed upon time-frame, as agreed between Buyer, Seller and EXR) of notification to Buyer of Winning Buyer status. Please visit our Terms of Service, Terms & Conditions, Buyer Agreement and Seller Agreement pages for more information and details.

EXR offers a full suite of Facilitation Services including Pre-Purchase Inspection Programs that allow Buyers to ascertain the true condition of the Listing and Escrow Services that protect both the Buyer’s & Seller’s financial interests, with funds held in a Secure Escrow Account until all the i’s are dotted and t’s are crossed.

Please visit our Facilitation Services page for more information and details.

Exclusive Racing Auctions (EXR) specializes in Unique Listings that often require a longer timeframe to market and sell, hence we offer Unique Solutions to help achieve a successful sales outcome.
  • Hybrid Auctions (Auctions + Buy Now/Make Offer | This is the Platform Default Setting) Featuring the best of both worlds, Our Hybrid Auctions offer all the features of an Auction and a Buy Now/Make Offer Listing (similar to a Classified Listing), in one package offering greater potential for a successful sales outcome.
    • Upon Listing Publication, the Listing immediately goes into Live Preview Period (until the scheduled Online Auction Period) with Buy Now/Make Offer active allowing potential Buyers to pay the Buy Now Price or Make an Offer to the Seller.
    • The Listing will normally be scheduled for the next Online Auction normally within approximately 14 days of Listing Publication.
    • Normal Auction Timeline is Seven (7) Days with Auctions run Bi-Weekly.
    • Custom Timelines may be available upon special request. (EXR is the final determinator of any special requests)
    • If the Listing fails to sell during the Auction Period, the Listing cycles back into the Buy Now/Make Offer Period for 7 days.
    • If the Listing fails to sell during the Buy Now/Make Offer Period it will cycle back into the Online Auction Period for 7 days.
    • This cycle continues until the Listing is sold or the Listing term expires.
    • During Auction Periods:
      • Reserve Auction Option (The Listing will only sell if Highest Bid amount meets or exceeds the set Reserve Price.)
      • No-Reserve Auction Option (The Listing will sell to Highest Bidder regardless of Bid amount.)
    • During Buy Now/Make Offer Periods (The Listing will sell to the first Buyer that pays the Buy Now Price or Seller may accept Buyer’s Make Offer Price.)
  • Buy Now/Make Offer (Features Buy Now & Make Offer Options)
    • This option is similar to a Classified Listing in that the Listing will sell to the first Buyer that pays the Buy Now Price or Seller may accept Buyer’s Make Offer Price.
    • Upon Listing Publication, the Listing goes immediately into Live Buy Now/Make Offer Period for the duration of the Listing.
      • Buy Now is active (Buyers may Buy the Listing immediately at the Buy Now Price.)
      • Make Offer is active (Buyers may Make an Offer to the Seller lower than Buy Now Price and the Seller may accept such Offer at Seller discretion.)
Please visit our Marketplace Options page for more information and details.

Registered Buyers can Bid or Make Offers on any Listing by going to the Listing page and placing a Bid or Offer on the Listing as appropriate for the Marketplace Mode the Listing is in.

Please visit our Make Bids/Offers on Listings page for more information and details.

If the PPI exposes major issues with the Listing and Buyer and Seller cannot agree on a remedy to those issues, and/or Buyer chooses not to complete the transaction because of the issues:
  • EXR will return to Buyer an amount equal to any Buyers Premium (as defined herein) paid by Buyer minus any fees or administrative charges incurred by EXR to produce the refund.
Please visit our Terms of Service, Terms & Conditions, Buyer Agreement and Seller Agreement pages for more information and details.

Winning Buyer and Seller will be notified by email and/or text in order to complete the transaction and if Escrow Services are being utilized, to start the Escrow Process.
  • To protect Buyer and Seller, prior to Consummation of Sale, all Winning Bids and/or Accepted Offers are subject to Buyer (at Buyer’s Discretion) completing a Pre-Purchase Inspection (PPI) within Seven (7) Business Days (or other agreed upon time-frame, as agreed between Buyer, Seller and EXR) of notification to Buyer of Winning Buyer status. Please visit our Terms of Service, Terms & Conditions, Buyer Agreement and Seller Agreement pages for more information and details.
  • The Winning Buyer is responsible to pay Seller directly or fund the Listing purchase (if Escrow Services are utilized) in full within Seven (7) Calendar Days (or other agreed upon time-frame, as agreed between Buyer, Seller and EXR) of notification of Winning Buyer status.
  • The Seller is responsible to deliver Listing to Buyer upon receipt of Payment In Full within Seventy Two (72) hours (or other agreed upon time-frame, as agreed between Buyer, Seller and EXR) for the Listing.
  • If Escrow Services are utilized: (Protecting Buyer’s & Seller’s financial interests, with funds held in a Secure Escrow Account until all the i’s are dotted and t’s are crossed)
    • The Buyer and Seller will be notified to start the Escrow Process upon successful sale of the Listing.
    • Please see the Escrow Services page for full details regarding Escrow Services.
Please visit our Win The Listing page for more information and details.

Yes, Buyers and Sellers can communicate regarding the Listing through our Platform. Sellers are given 72 hours to respond to any Buyer questions that may come through.

To ensure a fair transaction and to protect the interests of both parties, Buyers and Sellers should only communicate through the EXR platform. All correspondence is managed and monitored by our team.

Please visit our Communicate With Seller page for more information and details.

Yes. In exchange for utilizing our platform, each successful sales transaction will be charged a Sales Premium — a small percentage of the final sales amount. For example, if a listing is sold for $50,000 and the Listing was assigned a 5% Sales Premium, the successful transaction will result in a $2,500 Sales Premium being charged. During listing creation, the seller chooses who pays the Sales Premium:
  • Buyers Premium – Buyer pays the entire Sales Premium in the form of a Buyers Premium (This is the Platform Default Setting)
    • Seller Pays Nothing
  • Split Premium – Buyer and Seller Split the Sales Premium
    • Buyer pays 1/2 of Total Sales Premium in the form of a Buyers Premium
    • Seller pays 1/2 of Total Sales Premium in the form of a Sellers Premium
  • Sellers Premium – Seller pays the entire Sales Premium in the form of a Sellers Premium
    • Buyer Pays Nothing
Please visit our Sales Premium Options page for more information and details on the Sales Premium.

EXR does not offer any form of a warranty or insurance on Listings sold on the Platform. ALL Listings are Sold “AS IS, WHERE IS”. If a Seller offers a warranty or insurance on a Listing, any rights or benefits are offered exclusively by that Seller without the involvement of EXR.

Please visit our Terms of Service, Terms & Conditions, Buyer Agreement and Seller Agreement pages for more information and details.

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