DEFINITIONS & INTERPRETATIONS

The following definitions, interpretations and expressions shall apply to all Contracts, references
and business dealings with BID4U.

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Gazumping

means where the seller agrees to the sale of a vehicle, but before the contract of sale is signed the vehicle is subsequently sold to another buyer. 

GCM

means the Gross Combination Mass of a vehicle which is the greatest possible sum of the maximum loaded mass of the motor vehicle and of any vehicle or trailer that may be lawfully towed by the vehicle at any time.

Grace Period

means the specified timeframe without penalty or default after a loan becomes due before that loan goes into default.

Green Title

means the common name given to land which is not affected by owners of adjoining properties or land.  In Western Australia the most common form of residential property title is Green Title. (TitlePurple Title)

Grey Import

means a new or used vehicle that is legally imported outside the manufacturer’s official import channels, which while legal, are unauthorised, unofficial or unintended by the original manufacturer.

History:

In the mid 1990's the federal government in conjunction with various state regulatory authorities introduced a scheme whereby Australians could purchase vehicles, such as the Toyota Supra Twin Turbo, and the Nissan Silvia Turbo, that were not sold in Australia.   The cars became known as 'Grey Imports' due to the fact that many of the low-volume vehicles imported were grey in colour - because they were the cheapest vehicles available from the Japanese Auction houses.  The scheme now covers any low-volume import vehicle manufactured overseas before 1989 as well as many people movers and various diesel models.

Compliance Rules: 

Grey imported vehicles must be complied on arrival in Australia to conform with the Australian Design Rules) ADR Requirements, such as; changing to standard Australian tyres and ensuring the vehicle complies with the Australian emission standards.  Only models that differ in some way different to any locally delivered vehicles models are also allowed to be imported under the scheme. 

Note 1. Some models may be very hard to comply because the car must go through full ADR testing, including full crash test certification, before meeting the Australian compliance standards.
  2. In recent years Some regulations have been relaxed in recent years, for example' the forced replacement of every seatbelt.





GST

means the Goods and Services Tax 2000 as amended which came into effect on Saturday 1st July 2000 and which is applied to most goods & services.

Note:
Auctions or sales can be conducted on either a ‘GST inclusive' or a ‘GST exclusive' basis, depending on the Terms and Conditions of Sale.

 

 

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GST Exclusive

means GST is not included in the Hammer Price or purchase price.

For Example: At a GST exclusive auction, if the Hammer Price is $1,000 and a 10% buyer’s premium applies, the amount realised will be $1,210. That is, $1,000 Hammer Price plus a 10% buyer’s premium of $100, plus $110 GST. 
 
 


 
GST Inclusive
means GST is included in the Hammer Price or purchase price.
 
For Example: If the Hammer Price at a GST inclusive auction, is $1,000 and a 10% buyer's premium applies, the amount realised will be $1,100.  That is, $1,000 Hammer Price, including GST, plus a 10% buyer's   premium of $100.

 


GVM

means Gross Vehicle Mass.  The GVM of a vehicle is the maximum loaded mass of the vehicle.

 

 

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These definitions and interpretations may be subject to review and change from time to time

 


 

*MTA Member Bidding Service DL: 18363*