Security Deposit

Security Deposit

What is a security deposit?

The security deposit is collected in advance via credit card or wire transfer as a guarantee that the bidder will complete the purchase of their vehicle.

Security deposits on a credit card are not typically charged and removed from your account, but instead are simply a 'pending authorization' placing the funds on reserve.

A security deposit may be forfeited if you win the auction and do not complete the purchase, or if you have an unpaid outstanding balance. The pending status will be removed and your account can be charged, up to the full security deposit amount.

How much is the security deposit?

The security deposit must be a minimum of $600, or 10% of your intended maximum bid (if over $6,000), whichever one is greater.

If you would like to bid on multiple vehicles, you will need a separate security deposit of $600, or 10% of your intended maximum bid (if over $6,000), whichever one is greater, for each vehicle.

Can the security deposit be applied to a purchase?

No, your security deposit cannot be used to pay for the vehicle.

We will hold your security deposit until the vehicle is paid in full and picked up from the auction facility. At that time, you can request a refund or use the deposit on another auction.

What forms of payment do you take for the security deposit?

You may pay your security deposit with a credit card or debit card and your security deposit will immediately be applied to your Salvagebid account.

You may also pay by bank wire transfer. In this case, we will wait until the payment posts to our account before applying the deposit to your Salvagebid account.

How do I increase my security deposit?

You can increase your security deposit at any time by adding your deposit on the listing page of any vehicle.

To increase your security deposit you will go to 'My Auction Center' and select 'Bidding Limit'. You will enter the Bidding Limit that you need. This will show you the amount of your Security Deposit. You will then click the 'Increase My Bidding Limit' button and then you can choose to place the deposit with a major credit or debit card or through a wire transfer.

You are also able to place the deposit directly on the listing page for the vehicle. You will enter your bid amount and click ‘Bid Now’. From here you will then be given the option to use either a major credit or debit card or bank wire transfer to increase your bidding limit to the amount needed for the bid that you had entered.

Can I get a refund of my security deposit?

Yes. If you have not purchased a vehicle you can request a refund at any time. In the event that you win an auction and then decide not to go through with the purchase of the vehicle, your security deposit will not be refunded.

How long does it take to receive the security deposit refund?

When a deposit is placed on your account it is typically listed as a 'pending authorization' on your credit or debit card. When it is refunded, Salvagebid simply cancels this pending transaction. You will not see a new transaction for this amount. This may take up to 2-3 business days to update on your bank statement.

If the security deposit was processed as a charge, and is eligible for a refund, we will process the refund right away and you will see the refund posted within 2-3 business days.

Does my security deposit ever expire?

Yes. As your security deposit is actually a 'pending authorization', the bank only allows us to place this hold for 30 days. At the end of this time period your security deposit will expire automatically. You will need to place a new deposit at this time.

We do reserve the right to process the pending authorization as a charge, and may do so if there are any outstanding bids or purchases at the end of this 30 day period.