Terms of Service

Last updated: June 19, 2026

These Terms of Service ("Terms") govern your access to and use of the Loopstone Wholesale auction platform operated by Loopstone Wholesale, LLC ("Loopstone"). By registering or placing a bid, you agree to these Terms in full.

1. Eligibility

The platform is available only to verified business buyers and sellers. You must be at least 18 years old, authorized to act on behalf of the business entity you register, hold a valid resale or business license, and pass Loopstone's KYC verification process. Consumer purchases are not permitted.

2. Account Registration and KYC

You agree to provide accurate, complete, and current information during registration. All submitted documents must be authentic and belong to the registering business. Loopstone reserves the right to reject any application and to suspend or terminate accounts that provide false information, at any time and without prior notice.

3. Bidding Rules

  • All bids are legally binding offers to purchase.
  • Minimum bid increments are $25 unless otherwise stated on the lot page.
  • Proxy / Max Bids are confidential; Loopstone does not disclose your maximum to other bidders.
  • Soft Close: any bid placed within the final 5 minutes of an auction extends the closing time by 5 minutes.
  • Loopstone reserves the right to cancel any auction or lot at its discretion prior to close.
  • Shill bidding, bid manipulation, or collusion between buyers is strictly prohibited and will result in permanent account termination.

4. Buyer's Premium and Fees

A Buyer's Premium of 12% is added to the winning bid and forms part of the total purchase price shown on your invoice. Applicable sales tax is calculated based on the destination state and your resale certificate status on file. All fees are non-refundable.

5. Payment

Invoices are due within 48 hours of auction close. Accepted payment methods include ACH bank transfer, wire transfer, and credit card (subject to a 2.9% processing fee). Net-7 payment terms may be available for qualified accounts with a history of timely payment. Unpaid invoices after 48 hours result in a $150 re-listing fee charged to your account. Repeated non-payment results in permanent account suspension and forfeiture of your deposit.

6. As-Is Sale / No Warranties

ALL LOTS ARE SOLD AS-IS, WHERE-IS, WITH ALL FAULTS. LOOPSTONE MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. Manifests and condition grades are provided in good faith based on seller-supplied information and visual inspection; Loopstone does not guarantee the accuracy of manifests or the condition of individual items within a lot.

7. Pickup and Logistics

Buyers are responsible for scheduling dock pickup within the designated pickup window (typically 5 days from invoice payment). No-shows forfeit their lot and are subject to a $150 re-listing fee. Loopstone offers LTL freight quoting for buyers who arrange third-party pickup; the buyer is responsible for all freight costs and liability during transit.

8. Seller Obligations

Sellers warrant that they have clear title to all listed merchandise and that listings accurately represent the inventory. Sellers must stage lots at the designated warehouse by the scheduled opening date. Loopstone deducts seller commission (12–15% of final sale price) and remits the balance within 5 business days of buyer pickup completion.

9. Prohibited Conduct

  • Shill bidding, bid rigging, or price-fixing
  • Listing stolen, counterfeit, or recalled merchandise
  • Creating multiple accounts to circumvent suspension
  • Reverse engineering, scraping, or automated access to the platform
  • Harassment of other platform users or Loopstone staff

10. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, LOOPSTONE'S TOTAL LIABILITY TO YOU FOR ANY CLAIMS ARISING OUT OF OR RELATED TO THESE TERMS OR THE PLATFORM SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL FEES PAID BY YOU TO LOOPSTONE IN THE 12 MONTHS PRECEDING THE CLAIM OR (B) $500.

11. Governing Law

These Terms are governed by the laws of the State of New Jersey, without regard to conflict of law principles. Any dispute arising out of these Terms shall be submitted to binding arbitration in Newark, NJ under the rules of the American Arbitration Association.

12. Changes to Terms

Loopstone may update these Terms at any time. We will notify registered users of material changes via email at least 14 days before changes take effect. Continued use of the platform after that date constitutes acceptance.

13. Contact

Loopstone Wholesale, LLC
Legal: [email protected]
General: [email protected]