| Closing a store requires considerable
| |
| | considered.Leasehold ImprovementsThe
|
| effort and attention and the items listed
| |
| | value of Leasehold Improvements is
|
| below, in no particular order, are
| |
| | generally lost in the termination
|
| minimal considerations when terminating a
| |
| | process.VehiclesWhile accomplishing a new
|
| franchise and closing a dealership
| |
| | vehicle inventory valuation is a
|
| operation.THIS CHECKLIST IS NOT "ALL
| |
| | relatively, routine matter, it is also
|
| INCLUSIVE". YOU SHOULD CONSULT WITH YOUR
| |
| | time consuming; consequently, in order
|
| ATTORNEY AND ACCOUNTANT AND THIS LIST
| |
| | for a dealer to realize full value, or
|
| SHOULD BE CONSIDERED AS AN ADDITIONAL AID
| |
| | each vehicle, at time of transfer, a
|
| FOR YOU TO USE TO BUILD UPON WHEN YOU
| |
| | checklist must be compiled and
|
| CONFER WITH THEM.Basic Preparation1.
| |
| | maintained. There are certain additions
|
| Officers, Directors and ShareholdersBe
| |
| | to, and subtractions from, the invoice
|
| certain to hold both directors and
| |
| | price that must be made.The difference in
|
| shareholders meetings and to obtain
| |
| | cash to be paid by purchaser's flooring
|
| resolutions from each entity, authorizing
| |
| | entity to the dealer's flooring
|
| the dealer to liquidate the dealership,
| |
| | institution can be considerable,
|
| or a substantial portion of the
| |
| | especially with respect to domestic
|
| dealership's assets.Determine whether or
| |
| | lines, where holdback monies routinely
|
| not the board and shareholders may
| |
| | average between $400 and $600 per unit,
|
| authorize you a termination bonus and
| |
| | or more.A dealer needs to be aware of
|
| prepay your for your services in "winding
| |
| | this figure, early on in order to provide
|
| down the business". Consult with your
| |
| | for the contingency during
|
| accountant and attorney to determine what
| |
| | negotiations.Various states have laws
|
| would be a reasonable amount of
| |
| | more liberal than the factory's Sales and
|
| compensation in the event a company
| |
| | Service Agreements and the specific laws
|
| creditor challenges the
| |
| | of the terminating dealer's jurisdiction
|
| transaction.Determine if it is reasonable
| |
| | should be review. For example, Maine
|
| for officers to buy themselves and their
| |
| | requires that the factory repurchase
|
| spouse vehicles. Pay "Net" "Net", as that
| |
| | terminating dealers' entire new vehicle
|
| would be the sales price if the vehicle
| |
| | inventory, regardless of model year. Some
|
| were returned to the factory or sold to a
| |
| | states require the factory repurchase
|
| purchaser of the business.The officers
| |
| | only current model year vehicles and
|
| should open a new bank account, at a
| |
| | others current plus one year
|
| different bank, and: (a) use a PO Box,
| |
| | carry-over.In MSO states, the dealer
|
| or Private Mail Service as a mailing
| |
| | should control all vehicle keys and MSOs
|
| address; and (b) use a different check
| |
| | - if the lender does not already have
|
| color in order to easily determine pre
| |
| | them.Prepare to liquidate used vehicles
|
| and post closing checks written.Authorize
| |
| | and any dealership vehicles such as parts
|
| payment to and pre-pay the company's
| |
| | trucks, courtesy vans, demonstrators and
|
| attorney and accountant with a retainer.
| |
| | snow plows. It is generally easier to
|
| Their services will be needed to properly
| |
| | obtain a good price for them by not
|
| close the business and the company might
| |
| | letting anyone "cherry pick". Several
|
| not be able to pay them later.Authorize
| |
| | wholesales should bid them as a
|
| pre-payment of whatever services or
| |
| | "group".Make list of carryovers and if
|
| supplies the company will need to be
| |
| | the factory will not repurchase them have
|
| serviced during the wind-down period. For
| |
| | the wholesalers bid them separately and
|
| example, property and personal insurance,
| |
| | also shop them with other dealers.Dealer
|
| real property taxes (if the property is
| |
| | plates must be surrendered and accounted
|
| not owned by a third party), rent,
| |
| | for when the dealer license is
|
| utilities and such.2. The Facility
| |
| | terminated.13. Appraisals and
|
| and InsuranceA one-sheet summary of the
| |
| | AuctionsThere are a number of competent,
|
| lease should be attached to the original,
| |
| | recognized appraisers, our firm could
|
| in order to facilitate matters. The
| |
| | recommend. In order to maximize the
|
| summary should include such items as: the
| |
| | dollar value of an appraisal or auction,
|
| dates of the base term; the base rent;
| |
| | the dealer should contact several firms,
|
| the current rent; the dates of any option
| |
| | determine how they operate, what records
|
| periods, together with notations
| |
| | will be required, the method for valuing.
|
| regarding rent increases; the facility
| |
| | After obtaining such information, the
|
| ownership; the lessee and lessor; a
| |
| | dealer should know the precise form and
|
| notation as to whether or not the factory
| |
| | schedules necessary in order to maximize
|
| has point, or site protection; the rent
| |
| | the appraisal or sale of the fixed
|
| as an equivalent to the dollar value per
| |
| | assets. In addition, by assigning an
|
| new unit sold; and, a notation as to
| |
| | employee to thoroughly prepare the assets
|
| WHETHER OR NOT THE LEASE IS ASSIGNABLE
| |
| | and schedules, the dealer will better
|
| and under what conditions.Other
| |
| | understand the value of the assets at the
|
| considerations regarding the facility
| |
| | premises.Perhaps the greatest problems,
|
| lease include violations of the ADA,
| |
| | with respect to appraisals and auctions,
|
| hazardous materials (underground gas
| |
| | are: (1) neither party takes the time to
|
| tanks, or underground oil disposal tanks)
| |
| | understand the methods and reasoning used
|
| being located on the property.Owned
| |
| | by the appraisal/auction company; and (2)
|
| FacilitiesWith respect to receiving
| |
| | the dealer almost never adequately
|
| "factory termination assistance", some
| |
| | prepares the assets and schedules. We
|
| Sales and Service Agreements, General
| |
| | invariably find that all of the
|
| Motors for example, make a distinction
| |
| | dealership's assets do not appear on
|
| between "owner occupied" and "leased"
| |
| | schedules, either because they have been
|
| dealership facilities. Be sure to read
| |
| | fully depreciated, or because of an
|
| your Sales and Service Agreement in order
| |
| | error.14. Contracts for
|
| to understand and be able to capitalize
| |
| | ServicesService maintenance contracts and
|
| on the distinctions.Leased FacilitiesIf
| |
| | personal service contracts should be
|
| the selling dealer's rent factor prior to
| |
| | reviewed for personal guarantees, term
|
| the sale of the dealership is within
| |
| | and assignability. An oversight could
|
| factory guidelines the factory should
| |
| | mean that personal liability, for
|
| make the dealer's lease payments for the
| |
| | performance, would remain with the
|
| period specified in the Service and Sales
| |
| | selling dealer. Service maintenance
|
| Agreement. (See, however, the EPA
| |
| | contracts should be scheduled, with the
|
| section.)Check with your insurance agent
| |
| | detail indicating the amount of each
|
| to determine the requirements for
| |
| | payment, duration of agreement, service
|
| insuring an empty building.Other
| |
| | to be rendered, and any personal
|
| InsuranceIn addition to facility
| |
| | liability. Any contracts that can be
|
| insurance the dealer will need a "tail"
| |
| | cancelled should be calendared for
|
| or rider on his or her garage keepers
| |
| | cancellation.15. Contingent
|
| insurance. Most insurance today is
| |
| | Liability and ReservesThe dealer should
|
| "claims made" versus "occurrence".In
| |
| | know the amount of all outstanding retail
|
| actual practice, most cases that are
| |
| | paper, which has been unconditionally
|
| settled are settled within the insurance
| |
| | guaranteed by the dealership, or the
|
| policy limits and the insurance company
| |
| | dealer. The dealer should know which the
|
| will have paid for both the defense and
| |
| | dealership's reserve account will be
|
| the settlement.With respect to Medical
| |
| | subject to charge backs, for early
|
| Insurance, arrange for COBRA all
| |
| | payoffs and the amount, if any, of
|
| employees of the company. Again, officers
| |
| | recourse against the dealer and the
|
| and directors may be able to include
| |
| | dealership.A spreadsheet of the
|
| medical insurance payments as part of
| |
| | outstanding contracts should be compiled,
|
| their wind-down compensation.3. UCC,
| |
| | detailing, in addition to collateral
|
| Mechanic's Lien and Title SearchesMost
| |
| | description, remaining term and
|
| dealers are not cognizant of all existing
| |
| | delinquency status, and credit grade,
|
| liens on dealership's assets.In order to
| |
| | such as A, B, or C, or whatever system
|
| accurately estimate the selling dealer's
| |
| | the finance company uses. The type of
|
| anticipated net proceeds, all of these
| |
| | recourse, average monthly reserve
|
| liens will have to be discovered,
| |
| | charge-backs and the current reserve
|
| preferably, prior to
| |
| | balance should also be included.Shortly
|
| negotiations.Possession of title reports
| |
| | after informing the financing
|
| and UCC-1 reports will give the dealer
| |
| | institutions of the dealer's intent to
|
| adequate time to address the issues and
| |
| | close the dealership, the lenders should
|
| to have readily available answers, if and
| |
| | again be approached, regarding the
|
| when a prospective purchaser raises the
| |
| | availability of any "walk-away" programs.
|
| issue.4. Taxes Due and
| |
| | Furthermore, in the event the dealership
|
| AnticipatedThe dealership's comptroller
| |
| | has been operating with reduced reserve
|
| or accountant, should prepare a sheet of
| |
| | retention, the amount required to bring
|
| all taxes currently owed by the
| |
| | the reserve(s) to standard, upon
|
| dealership and all anticipated taxes. The
| |
| | cessation of retail operations, should be
|
| list should identify the amount, to who
| |
| | determined. On occasion, this amount has
|
| owed and the reason. In certain states
| |
| | proved to be significant.Eventually, when
|
| unpaid taxes have a "superlien" status
| |
| | confidentiality is no longer an issue,
|
| and if unpaid the selling dealer's assets
| |
| | the dealer should discuss with the
|
| can and will be attached to recover
| |
| | lender, the handling of future
|
| unpaid taxes due by the selling
| |
| | repossessions, extensions, renewals and
|
| dealership. This attachment can occur
| |
| | other maintenance functions. If the
|
| months after the dealership has closed.As
| |
| | prior dealer-lender relationship was
|
| a general rule, anyone authorized to sign
| |
| | good, the dealer will discover that an
|
| on the checking account can be held
| |
| | incredible amount of help available from
|
| personally liable for at least ½ of the
| |
| | a cooperative finance company.Lastly, if
|
| payroll withholding tax, as well as 100%
| |
| | the dealer discovers a large contingency,
|
| of all of the sales taxes due. In
| |
| | a certain degree of assistance may be
|
| addition, in some instances dealers have
| |
| | negotiated with the buyer.16.
|
| been held personally liable for monies
| |
| | Accounts Receivable and CashCashWhile
|
| collected from customers that should have
| |
| | apparently obvious, dealership cash must
|
| been treated as "trust" monies, such as:
| |
| | be considered. Generally a new checking
|
| customer trade payoffs, customer credit
| |
| | account should be opened at a financial
|
| and life insurance premiums, and customer
| |
| | institution that is not affiliated with
|
| warranty and service contract premiums.5.
| |
| | the dealer's current business. Also, if
|
| Notes and Accounts Receivable From
| |
| | possible, a locally owned bank should be
|
| OthersThe "Notes and Accounts Receivable
| |
| | used, versus a national bank. The dealer
|
| - Other" account is usually a "catch-all"
| |
| | should consider reducing the number of
|
| account on the dealership statement. For
| |
| | signatories on the checking account(s) to
|
| purposes of a dealership sale, this
| |
| | two, one of which is the dealer and,
|
| account should be purified (1) in order
| |
| | effective the day of the close, the
|
| to apprise the dealer of any extra funds,
| |
| | number of signatories should be reduced
|
| which may be available for final sales
| |
| | to the dealer principal only.Factory
|
| and property taxes and (2) to make both
| |
| | ReceivablesFrom the moment a decision to
|
| the dealer and accountant aware of any
| |
| | close the store is reached, factory
|
| "in-house" loans to officers, directors
| |
| | receivables should receive concentrated
|
| and employees, which may have to be
| |
| | attention. The very instant an awareness
|
| repaid.6. Prepaid ExpensesThe
| |
| | of the pending closing reaches the
|
| prepaid expense account is another
| |
| | factory, the payments cease.Try to
|
| "catch-all" account that must be
| |
| | resolve all problem receivables, such as
|
| purified. When scheduling the prepaid
| |
| | warranty disputes, well before the
|
| expense account the comptroller should
| |
| | closing. In any event, assistance from
|
| make a thorough search for all lease and
| |
| | the factory, following the close of
|
| contract deposits. In many instances,
| |
| | escrow will be essential to process
|
| service equipment on lease, vehicles on
| |
| | warranty re-submissions and other
|
| lease, computers on lease, and other
| |
| | problems.
|
| leases made to the dealership carry
| |
| | Employee ReceivablesEmployee receivables
|
| security deposits, or the last month's
| |
| | should also be thoroughly analyzed during
|
| payment, or both.7. Dealership
| |
| | this preliminary stage. An immediate
|
| EmployeesAlong with the normal
| |
| | policy, of no advances, should be
|
| employer-employee relations, there are
| |
| | established.Without causing alarm,
|
| two very important legal areas that may
| |
| | employee receivables should be scheduled
|
| affect automobile dealers: (a) pension
| |
| | and a course of repayment established.
|
| fund liability; and (b) state and federal
| |
| | One of the better methods is to prepare a
|
| laws regarding closings.In some states
| |
| | schedule of what each employee owes and,
|
| the selling dealer could be personally
| |
| | as the final pay periods approach, make
|
| liable for funding employee pension
| |
| | certain the receivables are deducted from
|
| funds; while in others the dealer must
| |
| | the employee's final checks.
|
| give employees advance notice of any
| |
| | Unfortunately, some states do not allow
|
| closing. Also, the United States
| |
| | the dealer to set-off debts against
|
| Congress passed legislation regarding
| |
| | wages. Your state's policy/law should be
|
| "closings". In the instances of
| |
| | reviewed with your attorney before
|
| "closings", both state and federal laws
| |
| | proceeding to set-off any employee
|
| put a minimum on the number of persons
| |
| | debt.Customer and Vehicle ReceivablesThe
|
| employed, usually 50 or 100, before the
| |
| | selling dealer should make certain that
|
| law applies to the dealer's company.
| |
| | vehicle receivables and customer
|
| Check the Hart Scott Rodino Act (HSR) and
| |
| | accounts, other than service and parts,
|
| the WARN Act.With respect to wages, some
| |
| | are pure. Necessary adjustments and
|
| jurisdictions have enacted statutes
| |
| | write-offs should be made, with the
|
| making certain shareholders personally
| |
| | purpose of arriving at a receivable
|
| liable for corporate debts owing to
| |
| | figure which realistically depicts the
|
| laborers and other employees. Welfare
| |
| | amount of cash which can be expected.If
|
| and pension funds also qualify as wages
| |
| | the dealership's service and parts policy
|
| under New York's statute.The comptroller,
| |
| | has been well monitored, these accounts
|
| or accountant should prepare a
| |
| | should pay in an orderly manner. In
|
| list of these liabilities, to include
| |
| | addition, the dealer should decide
|
| any amounts due the employees, with
| |
| | whether collections should be performed
|
| respect to accrued vacations, withholding
| |
| | by dealer, and one or more employees, or
|
| taxes, pension and profit sharing plans
| |
| | whether the dealer can sell the accounts
|
| and wages, as of the date of
| |
| | to a factoring house.17. Leased
|
| close.Insofar as the actual terminations
| |
| | EquipmentNot all leases can be cancelled.
|
| are concerned, if the dealership is
| |
| | The dealer should determine which, if
|
| "union", the dealer should talk to the
| |
| | any, of the leases have personal
|
| union's representative in order to be
| |
| | guarantees, and with respect to such
|
| sure that all of the conditions of the
| |
| | leases, make a concerted effort to
|
| union contract are met.8. Long Term
| |
| | negotiate a settlement with the lessor.
|
| DebtAll long-term debt should be itemized
| |
| | That assumes that the corporation is
|
| and a method of repayment determined.
| |
| | insolvent. If the corporation is solvent,
|
| Interest should be computed. When past
| |
| | than settlements need to be negotiated
|
| due interest and past due payments are
| |
| | with respect to corporate leases.18.
|
| added to the loan balance, the loan
| |
| | EPA InspectionIf the real property is
|
| pay-offs are generally higher than
| |
| | owned by the closing dealer, it is
|
| anticipated.The comptroller should
| |
| | important for the dealer to determine
|
| prepare a list of these debts, to include
| |
| | where and what the problems are likely to
|
| the amount owed including interest, to
| |
| | be. If underground gas or oil storage
|
| who owed, purpose of debt, maturity,
| |
| | tanks have ever been located on the
|
| terms and security given. In addition,
| |
| | dealership real property, the dealer
|
| after the list is completed, the
| |
| | should, if not already available, contact
|
| comptroller should keep a running total,
| |
| | a private inspection agency and obtain a
|
| daily, through close of escrow.9.
| |
| | certificate of clearance, or compliance,
|
| Other Notes PayableAs with long-term
| |
| | with respect to it.Be aware, no
|
| debt, other notes payable should be
| |
| | agreements between the parties can
|
| listed by amount including interest to
| |
| | modify, or redistribute their respective
|
| date of close, to whom owed, purpose of
| |
| | liabilities, with respect to state and
|
| note, maturity, terms and security given;
| |
| | federal laws.19. Expenses of
|
| and arrangements should be made to retire
| |
| | TransactionThere are certain
|
| the debt.10. The Financial
| |
| | extraordinary expenses, such as real
|
| StatementsThe retail automobile business
| |
| | estate appraisal fees, consultant fees,
|
| is one of the few businesses requiring a
| |
| | attorney and accounting fees, which are
|
| complete closing of all books and
| |
| | incidental to the preparing a dealership
|
| records, promptly, at the end of each and
| |
| | for closing. These expenses will be paid
|
| every month. Factories and finance
| |
| | both from the dealership general account
|
| companies require reporting on factory
| |
| | and directly from the closing dealer's
|
| originated, or approved forms.In
| |
| | personal account. The dealer should alert
|
| preparing the store for closing, a
| |
| | the bookkeeper to maintain a separate
|
| reconciliation statement may be used,
| |
| | journal, in which to record these
|
| explaining categories such as "other
| |
| | expenses, in order that the accountants
|
| income & expense", warranty, finance and
| |
| | may readily determine the costs of sale
|
| insurance income not shown on the
| |
| | and categories of expenditures, for
|
| statement, along with extraordinary
| |
| | income tax purposes, both personal and
|
| items.You will need a final financial
| |
| | business.Closing DateAbsent exigent
|
| statement for tax purposes.11.
| |
| | circumstances, the dealer should estimate
|
| Storage of RecordsDealerships amass a
| |
| | the amount of time necessary to prepare
|
| great deal of paperwork, the safe,
| |
| | the store for closing, usually
|
| accessible, storage of which will present
| |
| | approximately thirty days. If possible,
|
| a necessary problem to the selling
| |
| | the closing should be on a payday.The
|
| dealer. No dealership record will be as
| |
| | Comptroller's ResponsibilitiesThe
|
| important as it is on the day it cannot
| |
| | Dealer's comptroller should prepare, or
|
| be found. Former dealers have related
| |
| | be responsible for the preparation of,
|
| stories of attempting to retrieve
| |
| | the following items and documents, for
|
| documents from mini-storage facilities,
| |
| | transfer:The Books & Records;All Purchase
|
| in both rain and snow.The appropriate
| |
| | Orders and Deposits;The Franchise
|
| time period should be determined, only
| |
| | Termination Letter and the Factory's, or
|
| after the dealer's accountant and
| |
| | Distributor's Acceptance of the Buyer's
|
| attorney have considered and advised the
| |
| | Resignation;The Accounts Receivable
|
| dealer with respect to statute of
| |
| | List;Prepaid Expenses;Preparing a Leased
|
| limitations problems and other document
| |
| | Equipment Inventory;Securing Old Credit
|
| retention regulations, peculiar to the
| |
| | card plates and Machines;The Parts and
|
| political area in which dealership is
| |
| | Accessories Return, Vehicle Return, and
|
| located.12. In-House Service
| |
| | Rent Assistance Demand Letters;The
|
| ContractsIf the dealer has sold any
| |
| | Transfer and/or cancellation of various:
|
| "in-house service contracts", the selling
| |
| | Telephone Numbers; Post Office Boxes;The
|
| dealer will not want former customers
| |
| | insurance arrangements: life, garage
|
| calling at his or her home for repairs,
| |
| | keeper's tail, real and personal
|
| or complaints; therefore, a system of
| |
| | property, health, etc.The Dealer's
|
| service, along the following lines,
| |
| | ResponsibilitiesThe Dealer should
|
| should be negotiated with a dealer
| |
| | prepare, or be responsible for reviewing
|
| located in close proximity to the closing
| |
| | and supervising all of the items in the
|
| store.13. The Hard AssetsParts and
| |
| | checklist and for the preparation of the
|
| AccessoriesEach factory has its own
| |
| | following items:Decide on the employees
|
| definition of "returnable" parts and
| |
| | that are required to stay in order to
|
| returnable accessories. Most also include
| |
| | complete the closing of the store.Check
|
| a discount for packing and shipping.Just
| |
| | for sold orders decide whether to
|
| prior to closing, a computer printout
| |
| | deliver, cancel, or refer to another
|
| ought to be obtained listing all parts
| |
| | dealer.Cancel company credit cards,
|
| and accessories, their purchase date and
| |
| | including any phone credit cards and any
|
| cost in invoice.Parts and Accessories
| |
| | mobile phones - except your own.Secure
|
| need to be segregated into "returnable"
| |
| | telephone service. Set a Voice Mail
|
| and "non-returnable" categories.
| |
| | message regarding a dealership
|
| Returnable parts and accessories need to
| |
| | referral.DETERMINE THE FACTORY'S
|
| be inventoried and packaged according to
| |
| | OBLIGATIONS WITH RESPECT TO ITS RIGHTS TO
|
| the factory's
| |
| | LEASE AND PURCHASE. BE SURE TO MAKE
|
| specificationsNon-returnable items need
| |
| | CLAIMS AND REQUESTS FOR ASSISTANCE WITHIN
|
| to be marketed to other dealers or parts
| |
| | THE TIME PERIOD SPECIFIED IN THE SALES
|
| houses such as "Napa". Note: Some
| |
| | AND SERVICE AGREEMENT.If necessary, talk
|
| "non-returnable" parts may in fact be
| |
| | to a Realtor and list the facility on the
|
| returnable to the supplier from who it
| |
| | market (lease or sale).Find out where
|
| was purchased, such as Delco, MotorCraft,
| |
| | credit card monies are deposited and move
|
| Mopar, Napa, etc.Do not mark on or damage
| |
| | the account if it is in the same bank
|
| original packages when inventorying or
| |
| | where the company's general account
|
| packing as some factories will not
| |
| | resides.Close out, or transfer to another
|
| classify items in marked packages as
| |
| | dealer all active service ROs. If
|
| "returnable".Be sure to account for
| |
| | possible, negotiate a referral fee.Create
|
| aftermarket items such as Gas, Oil &
| |
| | a press release for store closing.Cancel
|
| Grease, Nuts, Bolts, Supplies, Work in
| |
| | all new vehicle orders that are not
|
| Process and Repair Order (Need to collect
| |
| | scheduled, do not order any new
|
| A/Rs), Signs, Tools, Miscellaneous
| |
| | cars.Close out all service ROs so that
|
| Equipment & Supplies.Furniture, Fixtures
| |
| | work is completed by date of close. Do
|
| and EquipmentThe hard assets fall into
| |
| | not accept any work that can't be
|
| two categories: (a) Those repurchased by
| |
| | completed by store shutdown date.As
|
| the factory, such as special tools, parts
| |
| | always, when closing a dealership, you
|
| equipment, signs, some computer systems,
| |
| | should always consult with a qualified
|
| etc.; and those not repurchased by the
| |
| | attorney and accountant.For additional
|
| factory, such as desks, chairs,
| |
| | information on this and other automobile
|
| etc.Repurchased and non-repurchased items
| |
| | dealership subject matters, go to: Pico
|
| should be segregated and an inventory /
| |
| | has a Doctorate of Jurisprudence and is a
|
| auction service contacted to bid the
| |
| | vice president of Automotive Advisors. He
|
| auction on the non-repurchased items.
| |
| | has completed over 1,000 dealership
|
| When considering the auction, terms such
| |
| | transactions, and published the first
|
| as advertising time, location, minimum
| |
| | books copyrighted in the Library of
|
| bids, guaranteed minimums from the
| |
| | Congress on Buying and Selling Automobile
|
| auctioneer, and so forth, must be
| |
| | dealerships.
|
