Dealers Auto Auction of Oklahoma City

Platinum/Gold Remarketing Services (PGRS)
Policies and Procedures as of July 1, 2004

Objective

GMAC Open Auction exists primarily to remarket GM and GMAC vehicles. Participartion in PGRS is a privilege extended as a service to GMAC Platinum/Gold dealers as auction capacity allows. Every effort will be made to accomodate all dealer vehicles, however, GMAC reserves the right to limit vehicles and dealers as necessary.

PGRS is not intended to provide an outlet for dealers engaged in vehicle "wholesaling" (rapid turnover of vehicles never intended for retail sale) but as an outlet for excessive or aged inventory the dealer has taken in trade or vehicles the dealer purchased wholesale, and has been unable to sell in the retail market. "Wholesalers" should use the auction dealer consignment lanes.

Procedures

1. The GMAC Auction Specialists will verify dealer eligibility and applicable fee schedule.
2. The Dealer must execute a "PGRS Power of Attorney" and provide it to the Auction Specialists prior to submitting any vehicles for sale.
3. Dealer must complete a "PGRS Vehicle Authorization Request" for each vehicle and fax or deliver it to the GMAC Auction Specialist.
4. The Auction Specialists must be in possession of the original title and the authorization request prior to scheduling the vehicle for auction.
5. Dealer will receive a $50 credit against the PGRS sale fee if the vehicle was previously posted on SmartAuction Direct and Dealer paid a $50 SmartAuction Direct posting fee. Dealer will receive a $100 credit against the PGRS sale fee if the vehicle was posted twice on SmartAuction Direct and Dealer paid $100 in SmartAuction Direct posting fees. Dealer must submit a copy or copies of the SmartAuction Direct posting(s) when submitting the PGRS request to earn the sales fee credit.
6. Dealer must deliver the vehicle and title to the auction at least 5 business days prior to the auction. Notification of the number of units Dealer plans to send should be communicated to the Remarketing Specialist 6 business days prior to the sale.
7. Dealer must provide full disclosure of any damage, non-operative parts, or major reconditioning. GMAC will disclose any known factors at the time of sale. Announcement will include, but not be limited to, such items as frame damage, odometer discrepancies, flood damage, etc.
8. The GMAC Auction Specialist will represent all vehicles on the block and have at least a $300 variance from Dealer's established floor. Dealer or the Specialist may request a larger variance depending on dealer pricing strategy.
9. All vehicles will be disclosed as Dealer owned vehicles.
10. Any unit sold that fails arbitration will revert to the dealer. Auction arbitration fees will apply.
11. Vehicles for sale must be cleaned, reconditioned and ready for sale. If not, an auction fee may apply if incurred.
12. Inaddition to the applicable sales fee (less any SmartAuction Direct credit) the Dealer will also pay the auction sales fee as negotiated by GMAC.
13. All expenses including GMAC's fee and any expenses or fees due the auction will be deducted from the proceeds of the sale. 14. Auction Specialists may charge a $50 no-sale fee if warranted. Dealers with excessive "no-sales" may be excluded from offering vehicles for sale at the discretion of the Auction Specialist.