WHAT IS SECURITY DEPOSIT?
The security deposit is collected in advance as a guarantee that bidders will complete their purchase of the vehicle on winning the auction.
If you win the auction and do not complete the purchase, your security deposit will be forfeited.
The security deposit is a minimum of $400 or 10% of the maximum intended bid amount, whichever is more. If you wish to bid on more than one vehicle at a time, each vehicle will require individual security deposits in the amount of $400 or 10% (whichever is greater) prior to making your bid. Premium membership is required to be able to bid on multiple vehicles.