Buying a vehicle with SalvageBid is irresistibly easy! Just set up a profile, bid on a vehicle you like, and activate that bid with a deposit. Your deposit is your guarantee that you are serious about purchasing any vehicles that you bid on. It needs to be at least 10% of your maximum intended bid, and a minimum of $400. You will not be able to bid an amount higher than what your deposit allows. You can increase your fully refundable security deposit anytime by logging in to your account and entering the additional security deposit on the Bidding Limit tab of the auction box, payable with all major credit and debit cards or by wire transfer. Credit card deposits may not be applied toward payment for the vehicle.
To bid simultaneously on multiple vehicles, a minimum of $400 deposit is required for each vehicle being bid on simultaneously. If you do not win a vehicle, you will be able to then use the deposit to bid on another vehicle.
When you place this deposit, we do not actually charge the amount fully. Instead, we simply place an authorization hold on the deposit amount, just ensuring that you have funds available. During this time, your deposit will appear as a pending transaction on your statement. You may be familiar with this type of hold from staying at hotels, which use holds in case of damages or other additional charges during your stay.
When you win a vehicle on SalvageBid, you will be sent an invoice for the amount due. If you fail to pay the invoiced amount or fail to remove the vehicle from the yard in a timely manner, you will forfeit the security deposit and part or all of your deposit may be captured to cover these costs.
But we know that you will only place bids on vehicles that you are prepared to pay for and remove from the yard, so your deposit will simply remain on your SalvageBid account after you have completed transactions for any purchased vehicles. You will then be able to use this same deposit to bid on additional vehicles (make sure you have a Premium membership in order to bid on more than one vehicle!).
If your deposit is not tied to any active bids, you may request a release of your deposit and your funds will be available to you again in 2-3 business days.
Now that you’ve gotten an understanding of how your deposit works, go ahead and place your first bid with SalvageBid!
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