Why do I need a security deposit?
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.