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Dealership Buy-Sells – Understanding the Words
Business owners regularly enter into buy-sell agreements and don’t know what the terms mean.
I recently worked with a longtime “automotive” attorney who told me that he used the same purchase-sale agreement for every transaction, even though he represented the buyer or seller.
He said that both parties would complete the agreement that he proposed, so he saved everyone time and money by changing names and addresses in his model and no one complained. . A doubt, but the truth.
Vendors buy-sell is information technology. One preposition and one verb can change the price of a quarter of a million dollars or more. I have seen it! A comma here or there, or an adjective placed in the right place can change the entire meaning of the document.
The seller said the factory would pay for it. The seller, said the factory, will pay for it. The words are the same; return the meaning. In one example the factory pays, in another the seller pays. A simple example, to some extent, but still an example.
There are many times in buying and selling that sellers have left hundreds of thousands of dollars on the table, or paid hundreds of thousands they didn’t have to. And when they leave behind closed doors, neither party nor their advisers know what they are doing.
OEM = original manufacturer. OEM refers to the equipment in the first assembly of the car – vis-à-vis, after sales that can be installed after the car left the factory.
The following examples do not apply in every business, but there are many other techniques and without question, many situations will arise in all sale.
The correct phrase in buy-sell, refers to the place running something along the lines:
“BUYER MUST PURCHASE ALL SELLER’S PRODUCTS CURRENT (listed in current Manufacturer’s books and/or computer files), unused, undamaged, new and factory remanufactured parts and accessories for General Motors vehicles that it sells on the Close, excluding parts and accessories that cannot be returned to the Manufacturer.”*
For example, if one is buying or selling General Motors stock, how does the above statement apply to AC Delco parts?
To understand the difference, one must understand the history of various aftermarket distribution companies.
AC Delco location
Delco is an acronym for Dayton Engineering Lab Co. and AC stands for Albert Champion, the man who started Delco.
Just as vitamin manufacturers want to make money in hunters by letting retailers sell their vitamins in a different form and at a lower price, General Motors wants to make money in the market. sell aftermarket hunters by selling GM parts at low prices.
The power of GM felt that using the Delco name would be a way to distinguish the product and equipment from General Motors’ OEM parts and equipment, and therefore it would be prohibited. complaints from his suppliers that the factory went into direct competition. with them.
AC Delco was and still is owned by General Motors. General Motors manufacturers Delco parts and some of them used in GM vehicles (joints, struts, etc.) come with a lifetime warranty, if installed by an AC Delco garage.
Some GM dealers use Delco parts because they are cheaper and the factory allows them to be considered “authentic” as far as the customer is concerned. **
But the truth is, Delco’s place is “no back to General Motors” under General Motors’ Sales and Service Agreement.
Note that although AC Delco parts are made by General Motors, they have different part numbers and different components.
Therefore, any GM dealer that has AC Delco parts in inventory should address the issue and come to an agreement between the buyer and the seller. first sign the property purchase agreement.
Go to the closing table and then argue that the AC Delco site should be considered a “recoverable” problem. The buyer has the right to assume that the seller knows what the words in the contract mean at the time of the transaction and if the seller does not include the manufacturer after the sale, ** *then that’s the seller’s problem.
Brokers, Lawyers, Accountants, Consultants
Which brings us to the topic at hand. Just because someone runs a business for 20-years, or holds a business to buy-sell a factory for 20-years, does not make them students of business with buying-selling. And, in the case of a lawyer who uses the same buy-sell in every deal – buy or sell, not a lawyer “automotive” for 20-years.
As mentioned above, there are many processes that occur in all salespeople.
Furniture, Fixtures and Equipment
For example, there are five ways to monitor assets. Do you know which content is useful to the buyer and which is useful to the seller? In the sale of the Chevrolet-Cadillac store, the addition of the prepositional phrase added $480,000 to the buyer’s payment for the hard asset. Neither the buyer nor his advisor understood why the price was so high.
Representing both parties
If a consultant (broker, lawyer, accountant, etc.) says they will represent both parties in the transaction, what do they mean? Is it the one who likes the buyer, or the one who likes the seller? If they represent a party, the choice is easy. If they represent both, even explaining the difference will hurt one of the parties. The same is true with other definitions and exceptions.
As I said at the beginning of this article, “Every day business owners enter into a buy-sell agreement and do not know what the words mean,” but they all walk away, happy with the results, thus proving the old saying. “Ignorance is bliss.”
*Manufacturers differ in their definition of product returns.
** The Magnuson-Moss Warranty Act of 1975 provides, in part, that aftermarket products do not have a manufacturer’s warranty, unless the warranty clearly states that they are required, or if it comes Voluntarily prove that the aftermarket products are the direct cause of the product. failed. Many state laws also protect consumers from using aftermarket products.
*** Most manufacturers have aftermarket products. Ford has Motorcraft®, Chrysler has MOPAR, which stands for “MOtor PARts.”
**** Note: Sometimes aftermarket products can be OEM and aftermarket. For example, if Ford uses Bosch fuel injectors when building a car, then Bosch injectors will be considered OEM on one car model and aftermarket on a different model.
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