Why do I need a security deposit?

AutoBidMaster requires a security deposit for two reasons:

Buyer Power: Before you can bid, you must set your Buyer Power with a security deposit. A security deposit is 10% of your total Buyer Power. For example, a $400 security deposit = $4,000 Buyer Power.

Relisting Fees: AutoBidMaster collects a security deposit in advanced to help cover fees that occur when a buyer wins an auction but refuses to pay for the vehicle. Refusing to purchase a vehicle that is won at auction results in the forfeiture of the security deposit.

We require a minimum security deposit of $400 to place a bid. If you would like to bid on multiple lots, or higher than $4,000 USD, you’ll have to increase your Buyer Power by providing an additional deposit.


 

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