Why do I need a security deposit and how to increase the buyer power?

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 $600 to place a bid. If you would like to bid on multiple lots, or bid higher than $6,000 USD, you’ll have to increase your Buyer Power by providing an additional deposit (minimum of $600 per vehicle).

The security deposit is 100% refundable after you complete the transaction and the vehicle leaves the auction yard. Or when 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.

Members can increase their security deposit at any time by logging in and going to Buyer Power in the main navigation.

A security deposit can be placed by credit or debit card, wire transfer, Zelle, or Money Gram. If payment is made by wire transfer, Zelle or MoneyGram, payment must post to AutoBidMaster’s bank account before the deposit will show in the user’s AutoBidMaster account. To see if the deposit has posted, please log in to your account and navigate to the "Deposits" tab.

Credit or Debit car deposit will be automatically released after 30 day or you can release it at any time if you have no active bids balances.

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.

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