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Writer's pictureJoshua M. Scully
Apr 15, 2019

The Kong Meng Vang Auction

When the request came through to liquidate more than a dozen illegally imported JDM sports cars, we had our reservations. Initially requested to be sold for “Off-Road/ Track Use Only, not complying with EPA regulations,” we knew this was a grey area where the law was written in black and white. We had to educate and inform our contractor as well as protect our company and our buyer base, because serious penalties were at stake. It was time to confer as a team and the round table discussions began. Our recommendation was to sell as “Export Only with an approved CBP-7512 Form” executed by a third-party broker and signed off on by a U.S. Customs agent prior to departure. This is a regular practice through our weekly auctions and on average we sell approximately ten exports per month. While our contractor verified the data we provided, we were instructed to move forward with the original request and begin marketing. The listing quickly caught the attention of numerous media publications and the blog threads surged. Thankfully for everyone involved our recommendation was approved and all assets within 25 years of production were updated with an “Export Only” disclosure. The auction was ultimately a success and the assets dispersed internationally.


1996 Toyota Supra- EXPORT ONLY sold for $12,525.00


 

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