When you place bids during live auctions on Salvagebid, you expect to win the auction if you placed the highest bid. That isn’t always the case, though: sometimes after the auction time has run out, the highest bid will be labeled “Award Pending.”
In these cases, the seller needs to approve the final bid amount before you can pay for a vehicle. In this article, you’ll find out why this procedure is important and what’s waiting for you afterward.
Award Pending
If you are the highest bidder and your bid is submitted to a seller for approval, it will be marked as “Award Pending”.
Many sellers estimate the minimum amount they want to get for their vehicles. This is a reserve price and a seller will approve your bid only if it satisfies their expectations. Sellers have up to two business days after the auction ends to decide whether they want to sell the vehicle for the final bid price, and – good news – you can influence their decision if the reserve price wasn’t met.
If you want to negotiate the sale, you’re welcome to contact the Salvagebid team. Our managers will reach out to the salvage yard where the vehicle is stored and try to discuss the deal. There’s still a chance for you to buy the vehicle at a lower price than the seller expected.
Bid approval
A seller has two business days after the auction ends to decide if they want to sell the vehicle or not. If your bid is approved, you’ll be notified by email and you’ll receive an invoice. Then, you’re welcome to pay for a vehicle and arrange for its transportation to your destination.
If the bid is rejected, you can try searching for another vehicle and participate in pre-bidding and live auctions. Not all the vehicles on Salvagebid require approval, so you have a chance to buy a vehicle right after you win it.
Outbidding
As you bid against other participants during the live auction, another bidder can place a higher bid and win the vehicle. That means you get outbid: if that happens, we’ll notify you that your bid isn’t the highest anymore. You can either place another bid or search for another vehicle.
If you’re outbid, you’re no longer bound to the vehicle you were bidding on, so you can try bidding on another lot. You won’t be charged any fees and your security deposit will remain untapped and will be automatically released after 30 days.
Bid and win on SalvagebidIf you want to join Salvagebid’s live auctions and place your bids in real-time, sign up with Salvagebid.com and upgrade your account to Premium membership. Call our support team at support@salvagebid.com if you have any questions regarding the live auction оr pre-bidding. Bid on and win salvage vehicles on Salvagebid!