These Reverse Auction Terms and Conditions govern all Reverse Auction listings offered by Coolhorse. By placing a deposit or attempting to purchase a trailer through a Reverse Auction, the buyer agrees to all terms below.
1. Nature of the Reverse Auction
- The Reverse Auction is a fixed price sales format with a scheduled daily price reduction. It is not a traditional auction and does not involve bidding, reserves, or competitive offers.
- A sale occurs only if and when Coolhorse accepts a buyer's deposit and confirms the transaction. A binding sale is formed only upon Coolhorse's acceptance of the buyer's deposit. Until that time, no contract exists and either party may withdraw without liability. Only one single trailer is being sold in this Reverse Auction.
2. Pricing and Listing Information
- All prices, descriptions, photographs, specifications, and availability information are provided for general informational purposes only and may contain unintentional errors.
- Coolhorse reserves the right to correct errors, modify listings, or withdraw a trailer at any time prior to accepting a deposit.
3. Deposits and Payment Methods
- A $500 deposit is required to request the purchase of a Reverse Auction trailer.
- Deposits are applied to the purchase price only if the sale is completed.
- Deposits are non-refundable except if Coolhorse cancels the transaction after accepting the deposit.
- The parties agree that the $500 deposit represents a reasonable estimate of Coolhorse's actual damages from a buyer's breach, including but not limited to lost sales opportunities, storage costs, administrative expenses, and remarketing costs. Accordingly, the deposit shall serve as liquidated damages and not as a penalty.
- Coolhorse may reject any deposit in its sole discretion, including for payment issues, suspected fraud, buyer eligibility concerns, or listing errors.
- Accepted payment methods include: wire transfer, certified check, cashier's check, or approved credit/debit cards. Personal checks may be accepted at Coolhorse's sole discretion and are subject to a hold period until funds clear.
- Any chargeback or payment dispute initiated by buyer will be treated as a material breach, and Coolhorse may immediately cancel the transaction and pursue all available remedies.
- Electronic signatures and transactions are valid and enforceable under the federal Electronic Signatures in Global and National Commerce Act (E-SIGN Act). By submitting a deposit electronically, buyer consents to conduct this transaction electronically and agrees that electronic records constitute the same legal effect as written signatures.
4. Holding Period and Payment Deadlines
If Coolhorse accepts a deposit, it will notify the buyer of acceptance and:
- The trailer will be held for three business days, Monday through Friday, excluding holidays.
- Full payment must be received within three business days of deposit acceptance.
- If full payment is not received by the deadline, Coolhorse will provide buyer with written notice (via email or text) and 24 hours to cure the default. If payment is not received within this 24-hour cure period, Coolhorse may cancel the transaction, retain the deposit as liquidated damages, and relist the trailer.
5. Financing
- Financing is the buyer's sole responsibility.
- Buyers must be pre-approved for financing before placing a deposit. Financing approval does not extend payment deadlines.
- Coolhorse will not hold inventory while a loan is in process unless a deposit has been accepted, and deadlines remain unchanged.
6. Trade-Ins
- Trade-ins may be considered at Coolhorse's sole and absolute discretion.
- Placing a deposit does not guarantee acceptance of a trade-in value.
- Deposits remain non-refundable even if a proposed trade-in value is not acceptable to Coolhorse.
7. Condition of Sale
- The trailer is sold "as is, where is".
- Coolhorse disclaims all warranties, express or implied, including warranties of merchantability and fitness for a particular purpose.
- Photos, descriptions, and specifications do not constitute warranties or guarantees.
- All sales are final.
8. Inspection
- The trailer may be inspected in person at Coolhorse's facility located at 6951 Bell Street, Amarillo, Texas, prior to purchase.
- Buyers are encouraged to inspect the trailer before placing a deposit.
9. Delivery
- Delivery is available nationwide at the buyer's expense.
- Coolhorse may assist with arranging transport as a convenience to buyers. However, Coolhorse acts solely as a referral service and has no agency relationship with any third-party transporters. Coolhorse is not responsible for delivery services provided by third parties, including but not limited to delays, damage in transit, or loss. Any claims related to delivery must be made directly to the transporter.
10. Risk of Loss and Title Transfer
- Risk of loss transfers to buyer upon full payment or upon delivery to buyer or buyer's agent, whichever occurs first.
- Title will be released after full payment has cleared and collected funds are received, typically within fourteen business days.
- If the trailer is destroyed, damaged, stolen, or rendered unavailable due to circumstances beyond Coolhorse's reasonable control (including but not limited to fire, flood, tornado, theft, vandalism, or government action) prior to delivery or transfer of risk of loss, Coolhorse may cancel the transaction and refund all payments to buyer. This shall be buyer's sole remedy for such circumstances.
11. Title, Taxes, and Fees
- Buyers are responsible for all sales tax, registration fees, title transfer fees, and other charges required in their state.
- For deliveries within Texas, applicable sales tax will be collected by Coolhorse at the time of sale. For out-of-state deliveries, buyer is responsible for all use taxes and reporting requirements in their jurisdiction.
12. Buyer Eligibility
- Buyers must be at least eighteen years old and provide valid identification.
- Coolhorse reserves the right to refuse sales to any buyer at its discretion.
13. Limitation of Liability
- To the maximum extent permitted by law, Coolhorse's liability related to any Reverse Auction transaction is limited to the amount of the buyer's deposit.
- Coolhorse is not liable for indirect, incidental, or consequential damages.
14. Governing Law and Venue
- These Terms and Conditions are governed by Texas law.
- Any dispute must be brought exclusively in state or federal courts located in Randall County, Texas.
15. Modification and Amendment
- Coolhorse reserves the right to modify these Terms at any time. Modified terms apply only to deposits placed after the modification date.
- No oral modification of these Terms shall be enforceable. Any modification must be in writing and signed by an authorized representative of Coolhorse.
16. Entire Agreement
- These Terms and Conditions, together with the listing description and any written confirmations issued by Coolhorse, constitute the entire agreement between the parties.