If you’re new to online salvage car auctions there may be some new terms you’re not familiar with. Today we are going to clarify the different phases and types of auctions we have: Pre Bidding, Live Auction, and Buy It Now.
Pre Bidding
This phase of the auction includes the days and hours leading up to the Live Auction itself, and is closed to new bid entries one hour before the Live Auction is set to begin. Bidders may enter their maximum bid for a vehicle. If you are outbid during the Pre Bidding phase you will receive an email notification which will provide you with the opportunity to increase your maximum bid before the live auction begins. The bidder with the highest Pre Bid at the end of this phase will be represented by Salvagebid during the Live Auction.
Live Auction
The Live Auction happens shortly after the Pre Bidding period closes, and is the final push for bidding on all items. This is when bids are made in real-time along with other bidders until no more bids are entered on the item. With a Basic membership you can participate in Pre Bidding only. Participation for the live auction is only available to Salvagebid Premium members.
As an added benefit for Premium members, Salvagebid is the only IAA broker that lets you bid during live auctions from within our website.
Buy It Now
If you see a car with the option to “Buy It Now”, accompanied by a dollar amount, and you are willing to pay that price, you can buy the car outright. This will supersede the auction altogether and award the vehicle to you right away. Please note that auction fees are not included in the “Buy It Now” price.
As you’ve just learned, there are many ways to engage with the auction process. You can learn more about these bidding stages by viewing our Tutorial Videos at Salvagebid.com