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
By AutoBidBroker|2021-09-19T13:36:32-04:00September 19th, 2021|Comments Off on Why do I need a security deposit?
“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
By AutoBidBroker|2021-09-19T13:36:32-04:00September 19th, 2021|Comments Off on Security Deposit
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.
By AutoBidBroker|2021-09-19T13:36:32-04:00September 19th, 2021|Comments Off on Is the security deposit refundable?