Q: Why is Aerista offering aircraft for auction?
Aerista was founded in 2009 during the Great Recession, so we are no strangers to tough market conditions. The current economic situation caused by COVID-19 makes it more difficult than normal for markets to clear, so we want to provide an alternative to our clients to help them move their aircraft during this time of increased uncertainty. We know there are ALWAYS buyers and sellers in the market at some price point; Economics 101 tells us that an auction format is the most efficient way to bring parties into agreement on price.
Q: How is an auction different than a traditional aircraft purchase?
Aside from the initial establishment of pricing, it is not really that different at all. The auction simply provides a mechanism for buyers and sellers to come together on price more easily and efficiently than they otherwise could. All other aspects of the aircraft transaction (deposit, contract, inspection, escrow, closing, etc.) remain exactly the same as in a traditional purchase scenario. See our “TERMS AND CONDITIONS” for more information.
Q: Will I have a chance to inspect the airplane prior to finalizing the purchase?
Absolutely! After the auction closes, the winning bidder will enter into a standard aircraft purchase agreement, which provides for inspection of the aircraft and its records, including a test flight.
Q: Is my deposit refundable?
Yes. Your deposit is refundable until after satisfactory completion of the airplane inspection, which will include a title search, at the buyer’s expense. If you reject the airplane after inspection, your deposit will be refunded. You are responsible for the cost of the inspection, and any related movement of the aircraft.
Q: I’m planning to finance my aircraft purchase. Should my financing be pre-approved before I bid?
Yes. Bidders should plan to pay cash for the airplane, or be pre-qualified for financing. Aerista has excellent financing rates and terms available for qualified buyers. Please call us if you need assistance arranging financing.
Q: Is Aerista’s entire inventory up for auction?
No. Only the aircraft on the auction page can be bid on via auction. To submit an offer for an aircraft in our Showroom that is not up for auction, please contact the appropriate Aerista salesperson.
Q: I have additional questions about an aircraft and the auction process. Who should I call?
Please contact any of the aircraft sales professionals at Aerista, or call us at 888-658-0708. We would be happy to help you!
Auction Terms & Conditions
- By participating in Aerista’s auction, you agree to be bound by all terms and conditions listed here.
- All information about each aircraft for sale or auction is provided by the sellers. Aerista does not investigate or verify any of seller’s information about any aircraft. It is up to the buyer / bidder to conduct their own inspections and to verify any other information before completing a purchase.
- All auctions are subject to a reserve price, which is known only to the seller and to Aerista. Bids that do not meet the reserve price will be disregarded.
- If your bid is the highest bid at end of the auction period, and assuming any reserve price has been met, you have won the following:
- A right to purchase the aircraft from the Seller at the winning bid price for all cash (USD), with no contingencies, “AS IS, WHERE IS”. If so purchased in this manner, the seller makes no representations or warranties of any kind. The winning bidder will have five (5) days to deposit all purchase funds into Aviator’s Title and Escrow. If not timely received, that bidder’s winning bid becomes null and void.
- Should the winning bidder instead choose to enter into a more traditional purchase agreement, which would include customary purchase terms and seller representations (such as marketable title), your bid creates an exclusive five (5) day period for you to negotiate with the seller in good faith on such terms. The purchase price will be the winning bid. Assuming the bidder and the seller come to an agreement on the purchase terms, the parties will enter into a written Aircraft Purchase Agreement that will supersede the terms of the auction. If such an agreement is not reached within five (5) days of the winning bid, all parties are released from all obligations.
- Aerista may charge a broker fee, to be paid by the seller. Aerista does not pay any co-op fees to any buyer’s or bidder’s broker.
- Auction bidders represent that they are a United States Citizen, as defined under 49 USC §40102(a)(15). It is unlawful for a non-citizen to register an N-numbered aircraft.
- Auction bidders represent that they are attempting to purchase the aircraft they are bidding on for their own personal or business use, and not for the purposes of resale or to artificially increase the bidding price.
- Any disputes between Aerista and any user of this site shall be adjudicated in the state and federal courts having jurisdiction over Troutdale, Oregon.
- Any claim for damages by a winning bidder shall be limited to the refund of any deposit or purchase price previously paid. In no case shall any bidder be entitled to any punitive or exemplary damages, or to specific performance against any seller.