What is buyer power and security deposit?

Each member is required to place a security deposit prior to bidding on a lot. The security deposit is collected in advance as an assurance 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 $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 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.  Or you have no active bids or outstanding balances. 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 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.


 

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