When a bidder places a VIX bid, they are bidding on a vehicle that is being listed by an insurance company or a vehicle finance company. These companies use this auction format when they are still in the process of obtaining paperwork for the vehicle. The VIX bid will be submitted into a sealed auction, and the high bidder will be notified via email within 3 business days of the auction's end.
Once the high bidder is notified, payment will be sent to AutoBidMaster, which will be due by 6pm next business day. After payment has been received, the seller has up to 45 days to obtain the paperwork and sell the vehicle. If they do obtain the paperwork and proceed with the sale we will notify the high bidder via email; if they do not obtain the paperwork within the 45-day period then we will notify the high bidder and refund their money.
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Articles in this section
- What is preliminary bidding?
- What is a Live Auction?
- What is Bid4U?
- What are the “Sales Status” types?
- Why can’t I join a Live Auction in Kansas, Wisconsin or a Biohazard titled vehicle?
- What is a “Future Sale”?
- What does "You have exceeded your Buyer Power" mean?
- What does the Bid Increment option do?
- I had the high bid, how did I lose?
- Why is there no “Sales Date” on the lot page?