SalvageBid.com is IAA’s first and most trusted broker. With SalvageBid you are given access to thousands of vehicles that are sold on online auto insurance auctions. Before, to take part in these auctions one must have had a US dealers license. Now, hundreds of people on a daily basis bid and win salvaged cars from these online insurance auctions without any dealers license. Let us explain how you can make your first purchase via SalvageBid.
To be able to browse and bid on vehicles directly from online insurance auctions, you must first register. The site gives you the choice of registering with either your email or Facebook account. Make sure you enter a valid email/Facebook account, since throughout your bidding process with us you will be getting important emails.
2) Choose What Package Best Fits Your Needs
The website has two packages, basic and premium. With a basic account, you are only allowed to purchase one vehicle, and though, with a preliminary bid. Basic account users do not have access to live bidding, while premium account members do. Both accounts have the same transaction fee which is either $250 or 5% from the final winning bid.The Biggest perk of having a premium account is the fact that you can bid on an unlimited amount of vehicles in both preliminary and live bidding.
3) Add A Security Deposit
To be able to bid on a lot, you must first deposit to your account a minimum of $250 as a security deposit.
4) Government Issued ID
We ask our clients to first provide us with a government-issued ID before they start placing any bids on our website. This is needed for us to confirm your identity and later down the road use it for any documentation needs once you purchase a vehicle.
5) Find A Vehicle That Is Of Interest To You And Place Your Preliminary Bid
Once you find a vehicle that you are interested in you should place a preliminary bid. A preliminary bid can be any amount since that is your way in to participate during the live auction itself. Keep in mind that if your prelim bid is high enough, you could potentially win the lot without even taking part in the live auction itself thanks to our bid4u program. The program will outbid any bids that are smaller than your first preliminary bid.
6) The Live Auction
If you placed a small preliminary bid, do not worry, you can still win the car via the live auction! The live auction has a fairly simple concept which allows every person who has made the initial prelim bid to take part in it. Highest bidder wins the lot!
7) Ownership transfer
Once you have successfully won a lot, you will receive an invoice from us via email which you should pay for via a wire transfer or direct deposit. After you pay for it, we will start the process of transferring ownership of the vehicle to your name using the documents you have provided when registering with us.
Bidding on vehicles from online auto auctions has never been so simple. Start bidding today with SalvageBid.com, IAA’s most trusted broker. If you have any more questions about how to start bidding with us, get in contact with our customer support team and they will answer all of your questions.