You are required to place and maintain a security deposit (“Security Deposit”) of no less than six hundred US dollars ($600) at all times in order for your Member Account to remain active. Your initial Security Deposit of at least six hundred US dollars ($600) is required before you are allowed to place bids on any vehicle.
You may pay your Security Deposit using Stripe, MoneyGram, or by sending a wire transfer for the required amount.
The minimum Security Deposit allows you to be the current highest bidder on a maximum of one (1) vehicle at any given time.
If you wish to bid on more than one vehicle at the same time, you are required to place an additional Security Deposit for each additional vehicle. Alternatively, your deposited amount will be divided by $600 and rounded down to determine the number of vehicles you can bid on simultaneously.
If you wish to place a bid exceeding the initial Buyer Power of six thousand US dollars ($6,000), you must increase your Security Deposit on the “Deposit” page.
Note: That you may not be able to increase your Security Deposit during the auction if bids exceed your limit, so make sure to add a sufficient deposit before the auction begins.
Please go to the “Deposit” page to manage your Security Deposit.
We may change your Security Deposit requirements at any time and for any reason.
This includes, without limitation, increasing the minimum Security Deposit amount, changing the method of calculating your Buyer Power, and modifying the accepted payment methods.
You may not use your Security Deposit to pay for any vehicle (or any portion thereof); however, we may (at our sole discretion) apply your Security Deposit toward any unpaid amounts.
If your Security Deposit was made via wire transfer, we may (at our sole discretion) apply part or all of your Security Deposit toward the unpaid purchase price of any vehicle and/or any outstanding fees.
Please review our Payment Rules & Policies for more information.
If, for any reason, you have any outstanding unpaid fees owed to us or our Dealer(s), you agree that we may (at our sole and absolute discretion) use your Security Deposit to cover such unpaid amounts.
By using our Website, Products, and Services, you authorize us to apply your Security Deposit toward any amounts owed to us or our Dealer(s), even if such amounts exceed your existing Security Deposit.
We will release/refund your Security Deposit upon your request if:
Requests for the release/refund of your Security Deposit must be submitted through the “Deposit” page, and a confirmation number must be obtained.
After your Security Deposit is released/refunded, you will no longer be able to place bids on vehicles.
If the Security Deposit was paid using any payment method other than a credit card, the Member’s registered address is located in the United States, and the Security Deposit was made by the Member, then in order to receive a refund of the Security Deposit, the Member must provide their routing number and bank account number.
Such refunds will be processed via ACH transfer.
If the Security Deposit was paid using any payment method other than a credit card and the Member’s registered address is located outside of the United States, the refund will be issued via wire transfer.
Please allow up to ten business days for all refunds and releases to be processed. To complete this, you must provide us with your bank account details for the deposit refund.
Please refer to our Help Center and the FAQ section “Security Deposits” for more information.