You cannot cancel or lower your bid. All bids are binding and final.
Once a bid is submitted and accepted, the bidder must pay the amount of any bid (plus all applicable fees) that they submitted. This includes all bids placed during the Preliminary Bidding and the Live Auction and applies regardless of how or where the bid is placed.
Can I cancel or lower my offer?
You cannot cancel or lower your offer. Once an offer is made, it cannot be retracted or canceled. If your bid or offer is accepted, you will be contractually bound to purchase the vehicle for your bid price plus any applicable auction and AutoBidMaster fees.
A seller may also counter-offer, in this case you can only accept their price, submit another offer or keep your bid.
If a seller rejects your offer you don’t have to pay.
I was the winner for the “On Minimum Bid” auction, but the seller minimum wasn’t reached. Can I cancel?
Only the seller can cancel or approve the final bid.