Want to Bid on Salvagebid? Learn These Common Auction Terms!

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Salvagebid is an Insurance Auto Auction (IAA) broker that offers a huge online inventory of used and salvage vehicles. If you want to save money and buy a good used vehicle from an auction, Salvagebid is the right place. 

Before you sign up and place your first bid, we recommend you familiarize yourself with some auction terms such as: pre-bidding, security deposit, bidding limit, and others. Below, you will find a list of the most common auction terms and their meaning.

Dealer Only

The majority of online auto auctions are only available to officially registered dealers. Individuals have limited access to those deals and should have a special dealership license to participate in the auction. With Salvagebid, bidding is available to any individual registered on Salvagebid.com. So, you can place bids and buy vehicles online, no dealer license required.

Pre-bidding

This is the bidding period leading up to the Live Auction. Also called preliminary bidding, it means that all registered users can place their bids before the live auction starts. To place bids or purchase vehicles on Salvagebid, your profile information should be complete and you’ll have to place a refundable security deposit.

Live Auction

When Pre-bidding is over, bidders can join the Live Auction and compete in real-time for a vehicle. To win the Live Auction you should place the highest bid and your bid must be approved by the seller of the vehicle.. Live Auctions are available for Salvagebid Premium members only. Find out more about Salvagebid membership types in this post

Buy It Now

This title means that a seller wants to sell a vehicle for a specific price, and you can buy it without bidding before the live auction starts. To buy a car immediately, you should have a valid account on Salvagebid. All normal fees are applicable with a “Buy it now” purchase.

Award Pending

If you have the highest bid at the end of the auction, your bid may still need to be sent to a seller for approval, and if so, will get an “Award Pending” status. A seller has up to two business days to decide to sell a vehicle. If your bid is approved, you’ll get an email with an invoice attached. 

Security Deposit

A Security Deposit is required before placing any bids. Your Security Deposit also determines your maximum bid. It is refundable as detailed in the Salavebid Terms and Conditions, available here.  After placing your Security Deposit you will have access to pre-bidding and daily live auctions (if you’re a Premium member). You can find more details about Security Deposit on Salvagebid in our previous blog post

Bidding Limit

The Bidding Limit restricts the number of vehicles you can bid on and also dictates your maximum bid. The Bidding Limit is based on your Security Deposit and membership type. For example, Basic Members can bid on only one vehicle, while Premium Members can bid on multiple vehicles. 

Bid on SalvagebidAs a trusted IAA broker, Salvagebid cares about providing the best bidding experience for you. If you have any questions, please contact our support team: support@salvagebid.com. They will gladly assist you. Be attentive when bidding online and win your dream vehicle!

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