What is buyer power and security deposit?

Each member is required to place a security deposit before bidding on a lot. The security deposit is collected in advance as a guarantee that the member will pay for the vehicle they purchase.

Your deposit will also determine your maximum possible bid (Buyer Power). This is the highest amount that the bidder can bid at any time.

Buyer Power: 

We require a minimum-security deposit of $600 to place a bid. If you would like to bid on multiple lots, or higher than $6,000 USD, you’ll have to increase your Buyer Power by providing an additional deposit of 10% of your intended bid amount.

The security deposit is 100% refundable after you complete the transaction and the vehicle leaves the auction yard.  Your deposit can be released at any time provided  you have no outstanding bids, purchases pending pick up, or outstanding invoices. Your security deposit cannot be applied to the cost of the vehicle unless it was placed by the wire transfer.

Relisting Fees:

A security deposit is required in advance 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.



Was this article helpful?
18 out of 33 found this helpful
Have more questions? Submit a request