SOLD - 1961 Lotus 20/22 Formula 1 Race Car
20/22 Formula 1
Accompanying signed documentation and statements of prior owners, both in New Zealand and the USA, confirm this car to be the ex-Jim Palmer Lotus 20B. Jim Palmer was one of New Zealandâs most famous and successful drivers. He was a local hero, racing his Lotus against the great Formula 1 cars and drivers of the 1960s in New Zealand. Palmer raced the Lotus 20B, fitted with a 1,500cc enginein accordance with the then current F1 regulations, in events including the New Zealand Grand Prix of 1962. Chris Read, a historic racer from New Zealand, has stated that he owned and raced an ex-Palmer Lotus 20B for some 20 years.
Grand Prix Classics re-sold the car in the spring of 1990, as a âtired old race carâ to a buyer in New York. It was then restored to correct Lotus 20/22 specifications (the Lotus 22 having been the firmâs successor Formula Junior design, introduced in 1962). The Lotus has since been raced for more than 2 decades in Formula Junior configuration with historic racing organizations across the USA.
The Lotus is in race ready condition: Under the current owner, a prominent California collector, this car was restored to her Formula 1 spec with a new 1,500 cc Lotus F1 engine by UK Lotus expert Geoff Richardson engineering, includes new rear F1 Spec wheels and tires and has its original Hewland Mk6 gearbox rebuilt by Hewland specialists Taylor Engineering. Power is transmitted via a Tilton clutch and pressure plate. Suspension at the rear is by correct Lotus 20 reversed A-arms with trailing arms, coil over shocks, load bearing driveshafts, and sway bar. The disc brakes are the correct Lotus 22 updates, the rears being inboard as originally configured by Lotus. The car has a new alloy radiator and new fiberglass cockpit surround/nose section, and is equipped with Smiths gauges, a fuel cell, and fire suppression system. This car qualifies for the historic formula 1 grand prix series; making it a rare and unique opportunity to join the elite worldwide gentlemenâs racing series.
BUYER'S TERMS, PROVISIONS & CONDITIONS OF SALE
Bidding. No bid may be retracted by Bidder/Buyer during the sale for any reason, regardless of whether bid is made in person, by telephone, or as an absentee bidder. All sales are final upon the Auctioneer's declaration of sale.
Payment. Payment of the purchase price is due immediately upon the Auctioneer's declaration of sale. Payment accepted by wire transfer only, we do not accept credit cards by phone or web except for the memorabilia. All cash payments will be reported according to U.S. Federal government requirements. Checks are not acceptable. Applicable sales tax will be charged, based on the item's location, unless buyer provides proper tax exemption form. Successful bidder must contact us within 24 hours of auction close to finalize invoicing and payment details. Payment must be received within 3 business days of auction ending. We will notify buyer when full payment has been received and item(s) may be picked up. Titles for titled vehicles will be mailed by certified mail no sooner than 10 days after payment clears our bank.
BUYER'S PREMIUM / FEES:
Memorabilia - 15% of winning bid
Vehicles, Motorcycles, Trucks, Boats, etc - 10% of winning bid
Additional fees: One-time Wire Transfer Fee – Domestic $35.00 / International $50.00
$125.00 Title / Document Fee per Vehicle
Final bid price for On-Site, Telephone or Absentee Bidders does not include 10% Buyer's Premium on automobiles, 15% Buyer's Premium on non-automotive lots, or applicable taxes or fees. Buyer is responsible for all federal, city, state, or other taxes due for which the Buyer does not qualify as exempt. Proof of exemption is Buyer's responsibility. Payment for vehicle is to be immediate and made directly by the Buyer to Sonicbidder.com LLC with Buyer agreeing to pay Sonicbidder.com LLC sales commission as per sale agreement.
Non-Compliance of Buyer, Default and Remedies. If the Bidder/Buyer fails to comply with any of the Conditions of Sale, including, without limitation, a Bidder/Buyer fails to timely pay the full purchase price and/or remove a vehicle when required, the Bidder/Buyer shall be in breach and default of this agreement and shall be liable to Sonicbidder.com LLC, and Bidder/Buyer agrees that Sonicbidder.com LLC shall be entitled to recover from such Bidder/Buyer, any and all damages, costs, expenses, fees (including attorneys' fees) and other amounts suffered and/or incurred. Sonicbidder.com LLC may initiate legal action against the Bidder/Buyer including, without limitation, an action for specific performance, cancel or rescind the sale, resell the vehicle(s) with or without reserve privately or at public auction and the Bidder/Buyer shall be liable for any deficiency between the purchase price (plus all damages, costs, expenses and fees, including attorney's fees incurred by Sonicbidder.com LLC) and the resale price.
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MAIN WAREHOUSE LOCATION 679 W Elm St Suite 8 Lebanon, MO 65536 Inspection and checkout, call for appointments at 877-824-3337.
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Autos, Trucks, Boats, Motorcycles
It is the purchaser's responsibility to arrange the shipping. Removal must be completed on or before the 30th calendar day (for domestic property/merchandise) or the 60th calendar day (for export only property/merchandise) after the sale date or the buyer will default the terms of sale and property/merchandise will be resold by the Auction Company. Said property/merchandise shall revert possession back to Seller without further notice to the buyer and will result in any monies paid being forfeited and the transaction shall be null and void as to buyer.
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AUCTION END AND BID APPROVAL At the close of the sale, all bidders will be emailed their bid results (online auctions only) and the totals will be forwarded to the respective authorities for final approval. Once we receive approval, you will receive an email notification that your bid has been approved or denied. Payment instructions will be given at that time. Each vehicle is considered a separate purchase. Sonicbidder.com LLC or any other entities involved, in their sole discretion, reserves the right to declare an item sold or postponed, cancel the auction, extend the bidding time for the auction (which may re-open bidding on closed items, if any) and/or re-list the property for auction at another date and time. The decision of Sonicbidder.com LLC or any other entities on this matter shall be final. Bidder acknowledges that, by registering in any auction held by Sonicbidder.com LLC or any other entities, bidder accepts the terms and conditions of this disclaimer.