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FAQ2021-10-13T05:01:36-04:00

FAQ

Why do I need a security deposit?2021-09-19T13:36:32-04:00

The security deposit is required for two reasons:

Your Ability to Bid: Before you can bid, you must set your security deposit (minimum of $600 or 10%).

Relisting Fees: AutoBidBroker collects a security deposit 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.

AutoBidBroker required a security deposit of 10% of your total price, with a minimum amount of $600. This deposit is 100% refundable after the transaction is complete, the vehicle leaves the auction yard and your account has no active bids or outstanding balances.

When can I start bidding?2021-09-19T13:36:32-04:00

After you become a member of AutoBidBroker, place the security deposit, and upload your government-issued photo ID, you will receive login access to IAAI.com and your bidding privileges will be enabled.

Every auction has two phases.

1: Preliminary Bidding
The length of Preliminary Bidding varies from lot to lot. Preliminary Bidding will last until the Sale Date in the Sales Information section of the lot page.

2: Live Auction
The Live Auction starts 1 hour after Preliminary Bidding ends. Live auctions typically have a length of only a few minutes. You may join a Live Auction from any lot page with the “Join Live Auction” button.

What payment methods are available for international customers?2021-09-28T14:24:32-04:00

International buyers must submit ALL payments ONLY by wire transfer.

Normally International buyers send a wire transfer with an estimated amount of the lot’s final price in advance to avoid late fees.

International Banks sometimes use an intermediary bank to make the wire transfer. These banks may charge additional processing fees, separate from the fee charged by the originating bank. Please note that these additional fees will be deducted from the bank wire transfer being sent to AutoBidBroker.

After the transaction is complete, please upload your payment confirmation with invoice # into your AutoBidBroker account.

What is the seller’s minimum bid price?2021-09-19T13:36:33-04:00

The seller’s minimum bid price cannot be disclosed during the auction.

However, this will be revealed to you when the auction ends if you are the high bidder

What is the NMVTIS?2021-09-19T13:36:32-04:00

National Motor Vehicle Title Information System (NMVTIS). Is the system implemented by the US Department of Justice to protect consumers, that allows the titling agency to instantly verify the information on the paper title with the electronic data from the state that issued the title.

What is Branded Title?2021-09-19T13:36:32-04:00

Title Brands indicate whether a used vehicle has sustained damage or might be potentially unsafe to drive, this information will usually be reflected in the car’s title. If the car has been significantly compromised in any way, it will be assigned a “Branded Title”.

No individuals or private companies can brand titles. Title branding is handled by a state agency and it is tied to the vehicle identification number (VIN) If you have questions about title brands used in your state, we recommend contacting your state’s department of motor vehicles.

Clear title: When a title is issued to an owner with no lien specified

Rebuilt Salvage or Prior Salvage title: A vehicle that has been substantially rebuilt may have a rebuilt title brand issued by an insurance company, body shop, collision center, or licensed rebuilder. A vehicle with a rebuilt title can normally be registered for road use but may have an inspection requirement to verify it is roadworthy.

Salvage title: When a vehicle incurs some type of loss events such as major damage, theft, or repair, the title may be designated as a salvage title. A salvage title, junk title, rebuilt title, or certificate of destruction are almost always permanent brands on the title which cannot be removed.

Junk title: A title that has been sold to a junkyard may incur a junk title designation if the vehicle is intended to be scrapped or parted out. A salvage title, junk title, rebuilt title, or certificate of destruction are almost always permanent brands on the title which cannot be removed.

Bonded title: Obtaining a vehicle title when there is a serious deficiency in the ownership documentation can sometimes be done using a bonded title. The bonded title will have a “Bonded” stamp in it for a period of 3 to 5 years.

Reconstructed title: A vehicle that has been substantially rebuilt may have a reconstructed title brand issued by an insurance company, body shop, collision center, or licensed rebuilder.

Certificate of destruction: When an insurance company has paid a claim for a vehicle and taken ownership from the insured, they have the option of processing the title as a certificate of destruction.

Parts only title: A parts only designation is typically found on a bill of sale or transfer form, not on a title. However, if a parts-only bill of sale is submitted for vehicle title processing, the title may be issued with a salvage brand or other cloud on the title.

What are the Damage Codes?2021-09-19T13:36:32-04:00

Damage Codes” are for reference only, these codes are indicated by the auction yard that is auctioning the vehicle. The auction company expressly disclaims the accuracy of Damage Codes, as information may not accurately reflect the type or extent of damage to any vehicle.

Damage codes are an indication of the primary impact area or damage to a vehicle.

All Over: Damaged in multiple spots
Engine Burn: The engine caught fire
Interior Burn: The inside of the vehicle caught fire
Exterior Burn: The outside of the vehicle caught fire
Total Burn: Vehicle has burn damage all over
Front End: Damaged by collision and has the front end bad
Electrical: Vehicle has damage to its electrical system
Mechanical: Damage includes but not limited to the transmission or the engine
Normal Wear & Tear: Typically in good condition
Strip: Parts missing from the vehicle
Unknown: Cannot accurately be represented
Bio Hazard: Chemical contamination
Frame: Damage or compromised frame or chassis
Hail: Damaged by hail
Rollover: Damaged by collision which it rolled over.
Right Side: Visible damage to the right side of the vehicle includes wheels and tires
Right Front: Visible damage to the right front of the vehicle
Right Rear: Sustained damage to the right rear, including but not limited to rear quarter panels
Roof: Damaged to the roof, doors, or tailgate tops
Undercarriage: Damaged underside including but not limited to the frame, body, axels, fuel tank, suspension.
Vandalism: Damage related to theft and break-ins
Flood: Damage by water
Salt Water: Damage by salt water
Flood: Vehicle has damage from a flood
Storm Damage: Damage done by a storm
Suspension: Damage to vehicles suspension can be front or rear
Theft: Visible damage to vehicle from theft
Transmission: Vehicle has damaged transmission
None: Vehicle has no damage

Understanding the documentation Process2021-09-19T13:36:32-04:00

Buying with AutoBidBroker is a very simple process, and also the documentation process is very simple too.

After you pay for your vehicle, you need to sign the Bill of Sale paperwork. The auction company will send the ownership documents to the AutoBidBroker office, and AutoBidBroker will process a reassign to your name and then send to you all the original vehicle documents via FedEx. Due to laws in certain states, it may take more time to process the documents.

Please note that you are responsible for taking the documents to your DMV and processing registration per the state laws. It is the customer’s responsibility to make sure that they will be able to register the documents in their state.

AutoBidBroker cannot guarantee the registration to the customer. If there is any problems with the registration and the mistake is made on our end, our titles department can issue an affidavit of correction, if the mistake is on the auction’s end, we will request them to issue an affidavit.

Types of Auctions2021-09-28T14:29:16-04:00
  • AuctionNow™ – AuctionNow is IAA’s digital bidding platform. It has four bid status messages with color backgrounds so they are easy to recognize at a glance. They include green for “High bidder” and “Reserve off”, red for “You’ve been outbid”, and blue for “Bidding in progress.” The “Outbid” bid status persists for a given buyer as long as they are losing on that stock.
  • IAA Timed Auctions™ – Timed Auctions is a new way to bid, buy, and get an exclusive first look at inventory before it goes to the live auction. Instead of going into a regularly-scheduled auction, vehicles in Timed Auctions are open for bidding online typically for about 24 hours before a live auction, and each vehicle has a unique deadline when bidding will end. Each vehicle in Timed Auctions has a reserve price, and the first valid bid must be placed above a certain minimum “Starting Bid” amount. For more information about Timed Auctions, view IAA’s Timed Auctions Video for more information.
  • IAA Buy Now™ – Buy Now is an immediate online purchasing option that allows you to buy select vehicles for a set price.
  • Online Exclusive Sale – Rec Rides – Rec Rides is an online exclusive auction dedicated solely to Powersports including motorcycles, ATVs, snowmobiles, jet skis and more. Rec Rides vehicles include salvage title, clear title, repossessed, rebuilt, repairable, donated and parts-only units.
  • Online Exclusive Sale – Specialty – IAA Specialty is an online exclusive auction dedicated solely to light, medium and heavy-duty equipment, including trucks, boats, RVs and other large or unique items. Vehicles that are not traditional automobiles or motorcycles fall under this category. Specialty items can also include cranes, farm equipment, forestry equipment, trailers, motor homes, marine craft, personal watercraft, buses, and emergency equipment.
The Steps To Bidding2021-10-02T10:03:57-04:00

To be able to bid on IAAI.com dealer auctions without the need to have a dealers license you will need to complete all these steps. All payments and vehicle documentation come through AutoBidBroker, we are independent of IAA.

Register with us, simply click on Register here. Enter your contact details, upload a government issued ID, Drivers License, or passport and then purchase a AutoBidBroker membership. The process is simple and quick.

Make a 100% refundable Security Deposit to AutoBidBroker. The minimum deposit amount is $600. With a $600 security deposit you can bid up to $6,000. If you need to bid higher than that you will simply make a bigger security deposit. It is 10% of the intended max bid, so if you wanted to bid $10,000 on a car you would need to deposit 10% of $10,000 which would be $1,000.  To make the deposit please call 1-305-359-6939.

After you have completed the registration process, AutoBidBroker will verify your account and then IAA will provide login information so you can directly access IAAI.com. The bidder account is from IAAI.com, allowing bidding, vehicle searches, history, and more all from IAAI.com.

AutoBidBroker does not make you bid and manage vehicle searches from our website we want you to fully utilize IAAI.com bidding system. The account you have with AutoBidBroker is for managing your AutoBidBroker membership, making security deposits, and managing billing. This gives our customers greater control over the bidding and their account. You won’t get this with other brokers.

The odometer reading say “Not Actual”2021-09-19T13:36:33-04:00

There are many causes for this. Some of the causes, for example, The Odometer was replaced with an aftermarket unit, The Odometer is digital and the battery is dead.

“Not Actual” indicates that the odometer reading is not accurate.

Starting Point2021-09-19T13:36:33-04:00

Insurance Auto Auction has a limited amount of vehicles that do not require a special dealers license, but the majority of the Clean and Salvage title vehicles do require a special dealers license to bid. This is why you will need a Broker to assist you with your bidding.

AutoBidBroker is a registered broker for IAA, that provides you with exclusive access to bid and buy IAA vehicles. No dealer license is required! We will take care of the licensing for you and also provide you with a very simple process to buy your vehicle. Rember, AutoBidBroker is independent of IAA. This means that when you use our services, you are buying vehicles through us and not through an Auction Company.

  • How to get started? Simple!
    1. Register. We have 2 levels of membership options
    2. Place a refundable security deposit. Minimum starts $600
    3. Upload a copy of your government-issued ID, or Passport

Then we quickly verify your account, provide you with your own login access to IAAI.com and you will be ready to bid.

How Bidding Works:

Every Auction has 2 phases: 1.- Prelaminar Bidding and 2.- Live Auction

1: Preliminary Bidding
The length of Preliminary Bidding varies from lot to lot. Preliminary Bidding will last until the Sale Date in the Sales Information section of the lot page. This is perfect for those that don’t have time or the will to join the live auction.

2: Live Auction
The Live Auction starts 1 hour after Preliminary Bidding ends. Live auctions typically have a length of only a few minutes. You may join a Live Auction from any lot page with the “Join Live Auction” button.

When you win an auction, you will receive an invoice and wire transfer instruction to the email address we have on file. Payment must be made in full to AutoBidBroker. Payment is due the next business day after the end of the auction by 5 pm Central Time.

Seller’s response to my “Make an Offer”2021-09-19T13:36:33-04:00

The seller has until 8:00 pm Central Time the next business day to accept, reject or counter the bidder’s offer at their discretion.

If the customer’s bid is accepted, you will be contractually bound to purchase the vehicle for your bid price + any applicable auction and AutoBidBroker fees.

Security Deposit can be used to pay for my vehicle?2021-09-19T13:36:32-04:00

No, your security deposit cannot be applied to the cost of a vehicle

Security Deposit can be used to pay for my vehicle?2021-09-28T14:24:04-04:00

No, your security deposit cannot be applied to the cost of a vehicle.

Security Deposit2021-09-19T13:36:32-04:00

“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.

Payment Due & Penalty Fee2021-09-28T14:23:19-04:00

Payment is due the next business day after the end of the auction by 5pm Central Time. For every day that the payment is late, you will be charged a late payment fee of $100 or 2% of the sale price (whichever is greater).

When you won an auction, our accounting department will send a notification with an invoice attached, the invoice will include wire transfer instructions.

Payment for the vehicle can only be made by bank wire transfer, failure to complete the purchase transaction, regardless of the reason, the buyer shall remit a Penalty Fee of $400 for each vehicle sold for less than $9,000; $600 for each vehicle sold for $10,000 to $19,000 and $1,000 for each vehicle sold for more than $20,000. In addition to the penalty fee from the Auction.

Most common titles2021-09-19T13:36:32-04:00

There are a variety of different ownership documents that each state can issue to a vehicle, each state maintains information on their websites. Title types denote the ownership document that will be transferred to the buyer.

Clean title – no history of damage with an insurance company

Salvage title – the damage was reported to an insurance company that was no longer worth a clean title

Rebuilt – after a vehicle is fixed the vehicle earning a salvage title and has gone through state inspections

Parts only – vehicle that only can be dismantled for parts

Certificate of Destruction – parts only vehicle in the US, can be exported outside of US

Join AutoBidBroker2021-09-19T13:36:32-04:00

AutoBidBroker.com website is open to individuals 18 years of age and older who can form legally binding contracts under applicable law, without limiting the foregoing. We have 2 levels of Membership.

The Member may upgrade the free membership at any time.

Premium: nonrefundable $189.00 USD annual fee, paid at the time of registration with broker fee of $249 or 5% of the purchase price, whichever is greater, which allows the Member to purchase any number and type of vehicles in which AutoBidBroker purchasing eligibility is not restricted at Auction Company by yard-specific registration requirements.

Supreme: nonrefundable $329.00 USD annual fee, paid at the time of registration with broker fee of $199 or 3% of the purchase price, whichever is greater, and two business days to complete the purchase which allows the Member to purchase any number and type of vehicles in which AutoBidBroker purchasing eligibility is not restricted at Auction Company by yard-specific registration requirements.

Membership Renewal: The renewal is automatic so Member that does not wish to continue must cancel the subscription before the next scheduled payment.

Is the security deposit refundable?2021-09-19T13:36:32-04:00

Yes, the security deposit is 100% refundable; Only if the customer has no active bids, purchased no vehicles, and has no outstanding fees.

If a “bid” has been placed or a buyer has purchased a vehicle, the security deposit is held until the transaction is complete and the vehicle leaves the auction yard.

The refund will be issued in the original form of payment.

I was the high bidder. What happens now?2021-09-19T13:36:33-04:00

The high bidder on an auction with a sale status that’s on Minimum Bid or on Approval must wait for the seller to accept, counter, or reject your bid and the Seller has until 8:00 pm Central Time one business day after the end of the auction to reply.

At any point during the approval process, the customer may increase the bid to the next highest increment, keep the current bid or accept the seller’s minimum bid.

If the seller accepts the high bid within the approval window time, the customer will be obligated to purchase the vehicle.

How to counter a seller’s offer?2021-09-19T14:31:40-04:00

From the vehicle lot page, you can counter the seller’s offer. You have three additional options available to “Increase or Keep the Bid”, or “Accept Minimum Bid”

Remember: When you make a counter-offer it cannot be canceled. Once the counter bid is submitted, the customer is obligated to pay the amount of the offer + all the fees that they submitted or authorize.

The seller has until 8:00 pm Central Time the next business day to accept, reject or counter the offer at their discretion.

How long will take to receive the ownership documents?2021-09-19T13:36:32-04:00

The “Ownership Documents” should arrive within 2-5 weeks from the Sale Date depends on the State, California, and Florida takes up to 90 days due to States Regulations. Once payment is made, and the “Purchase Agreement” and “Bill of Sales” has been signed, the ownership documents will be sent to AutoBidBroker from the auction company yard, where we will be placing in your name, and then sent by FedEx to the mailing address we have on file. An email notification will be sent with a tracking number when the documents are sent.

How do I pay the security deposit?2021-09-19T13:36:32-04:00

You can pay the Security Deposit with a credit card, debit card.  To make the security deposit please call AutoBidBroker support.

How do I pay the membership fee?2021-09-19T13:36:32-04:00

“Membership fee” can be paid by debit or credit card directly on the site when members upgrade their Free membership to a Premium or Supreme.

No, membership fees are not refundable. Your Supreme or Premium membership is active for one year from the date that you signed up. You can cancel your membership at any time.

After you’ve canceled your account, you are free to use your account for the remainder of your membership period.

How can I bid on more than one car?2021-09-19T14:31:53-04:00

Only Supreme Membership or a Premium Membership can bid on as many vehicles as they wish.

There will need to be a minimum $600 in deposit for each vehicle you wish to bid on.

To increase your bidding limit, add additional funds to your security deposit by Visa, MasterCard, American Express, Discover or wire transfer.

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

Example 2: $1200 security deposit = $12,000 bid on up to 2 vehicles the bidder may bid on 1 vehicle per $6,000.

Can I use “Buy Now” on a vehicle instead of bidding on one?2021-09-19T14:32:44-04:00

Yes, Members can buy a vehicle that has the “Buy Now” button available.

Buy Now vehicles that were previously listed for auction but didn’t meet the seller’s reserve price. They are then listed as “Buy Now” by the seller.

Please Note: Once a “Buy Now” is submitted the buyer is obligated to pay the amount of the offer + all the fees that they submitted or authorize.

Can I Cancel or lower the bid?2021-09-19T14:32:05-04:00

No, you cannot cancel or lower your bid. When a member makes a bid it cannot be retracted or canceled. Once an offer is submitted, the customer is obligated to pay the amount of the bid + all the fees that they submitted or authorize.

You can lower your maximum bid if the pre-bidding period has not closed and your maximum bid exceeds the current high bid.

All bids are binding and final. This includes all bids placed during the pre-bidding and the Live Auction and applies regardless of how or where the bid is placed.

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Testimonials

Here’s what our happy members had to say about our services:

AutoBidBroker really helped me find and buy a vehicle, I had no understanding of how bidding worked but they showed me the way and I was able to purchase a car at a great price.

Sophia Jones

I highly recommend this company, they provided excellent service and the purchase went smoothly.  Thank You!

Harold Green

They were able to help me with bidding on a truck from IAAI.com, the account was setup quickly and I was ready to bid with their support.  Found some great deals, I’ll continue to use them as I’m still bidding on vehicles.

Grant Hanley

IAA has so many cars to bid on, I’ve been bidding on vehicles for some time now.  I was using an other broker but I didn’t like using their system to do the bidding.  AutoBidBroker provides direct access to IAA and I use their system to live bid.  With them I also have no hassles of going to the auction yard to inspect the vehicles.

Johnny Lewis

I usually bid for my boss, we buy heavy equipment and find good deals from auctions is pretty easy.  I like using this company since they are able to provide access to IAAI and I get my own buyer ID.  Much better way to bid.  Thanks!

Kelly Johnson

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