Is my security deposit refundable? How to release your security deposit

If a bidder/ buyer has no active bids, has purchased no vehicles, and has no outstanding fees the security deposit is 100% refundable. If a “bid” has been placed or a buyer has purchased a vehicle, the security deposit is held until the auction is over or the vehicle is paid for and picked up.

The refund will be issued in the original form of payment. The release of the security deposit will reset the bidders Buyer Power to zero. If you would like to bid again you will need to renew your deposit.

Wire transfers are refunded by a mailed check within the U.S. and Canada, and by wire transfer for international buyers.

Deposits authorized by credit or debit card are not charges, but appear in the form of pending transactions. Upon our approval, your financial institution will clear the pending charge.

 

To release your deposit, please follow the steps below:

Step 1. Log into your AutoBidMaster account

Step 2. Click on the “Buyer Power” icon at the top of the page

Step 3. In the “Deposit Transaction History” click on release

Please Note: The hold on your credit card will not be released if you have a bid in an auction that hasn’t ended, or there is an outstanding balance on your account. Once the hold on your credit card is released, your buyer power will be set to zero. To bid on another auction you will need to place another deposit.

Once the hold on your credit card is released, your buyer power will be set to zero. To bid on another auction you will need to place another deposit.

Your security deposit is an authorized hold on your card in the form of a pending transaction, not a charge. Your financial institution will clear the pending transaction. You will not see a refund in the amount of your deposit because the authorization was only a pending amount, not a charge.


 

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