Security Deposit

Categories: Published On: September 19th, 2021

“Security Deposit” is a security of 10% of the vehicle’s amount the maximum amount that a bidder can bid at any time and determines how many vehicles they can bid on simultaneously.

Example 1: $600 security deposit = $6,000 for 1 vehicle.

Example 2: $800 security deposit = $8,000 and bid on up to 2 vehicles the bidder may bid on 1 vehicle per $4,000 of Buyer Power.

Each member is required to place a “Security Deposit” prior to bid on a lot to assure that the member will pay for the vehicle they want to purchase. This deposit is 100% refundable after the transaction is complete and the vehicle leaves the auction yard. Also, the security deposit will cover the fees that occur when a member wins an auction but refuses to purchase the vehicle.

Share This FAQ!

Related articles