As a broker for IAAI, one of the largest US-based vehicle auction marketplaces, we see lots of transactions every day. A security deposit confirms your intent to complete a purchase when bidding on vehicles, and determines your maximum bid as well.
Your security deposit is placed as an authorization hold rather than an actual charge, and is 100% refundable. It will, however, be applied to fees incurred if you do not complete a purchase for a vehicle that you have won as described in our terms and conditions. If you complete your purchase and have no outstanding charges tied to your account, the authorization hold will be released at your request, or after 30 days.
What you’ll get in exchange
After placing your deposit you will have access to pre-bidding and daily live auctions where thousands of vehicles await their new owners. If you’d like to bid on multiple vehicles at once, you’ll need to upgrade to a premium membership. You’ll also have to place an additional deposit of $400 minimum for every additional vehicle you’d like to bid on.
Your security deposit on Salvagebid is 10% of your maximum bid, and needs to be at least $400. Please note that you won’t be able to bid an amount higher than your deposit allows. You can increase it any time using the “Bidding Limit” tab in the “Deposit” section when you’re placing a bid, or from the “My Auction Center” tab.
How Salvagebid uses your deposit
When you place a security deposit, it appears as a hold on your account in the form of a pending transaction.
After you win a vehicle, Salvagebid will send you an invoice for the amount due. If you don’t pay, your security deposit may be charged and used to cover any outstanding balances.
Please note that a security deposit cannot be used to pay for a vehicle, we only accept bank wire transfers for vehicle payments.
Getting a refund
Your security deposit will be refunded provided you have no active bids or an outstanding balances attached to your account. If you don’t, you can request a release on the authorization hold and it will be removed from your bank statement.
Salvagebid will process refunds the same way you placed the security deposit. If you placed your deposit by credit card, then the hold is released and the pending transaction is canceled. If you placed your security deposit by wire transfer, we’ll mail you a check if you’re a domestic customer. If you’re an international customer, then we’ll refund your deposit by bank wire transfer.
Security deposit expiration
Since your security deposit is pending authorization, the bank can only hold it for 30 days. After 30 days have passed, the hold is cancelled. If you’d like to keep bidding on vehicles, you’ll have to place another deposit.
SalvageBid may not process this transaction as a charge unless you have any active bids or incomplete purchases at the end of these 30 days.
A security deposit is a regular practice for brokers when it comes to online automotive auctions and is always refundable if you complete your purchases. Now that you know how it works, head over to Salvagebid.com, place your deposit, and win your dream car!