As a reward for being the high bidder, you will enter into “Closed Negotiations” with the seller. During this time no one else will be able to bid on the vehicle and the seller has 18 hours to either accept your bid or make a counteroffer.

• If they accept your bid, congratulations, you have won the auction!
• If they make a counteroffer, the vehicle will remain in Closed Negotiations for three negotiation attempts or until one of the following events occurs:
  • Both parties come to an agreement on the price and the vehicle is sold
  • Either party rejects the other party’s offer and chooses not to continue negotiating
  • The buyer has not responded to the seller’s most recent counter offer within three hours. Our goal here is not to tie up the seller’s car if the buyer is not actively negotiating.

Once Closed Negotiations have ended, the vehicle will be available for open bidding. Please keep in mind that you can still submit additional bids but you will no longer have exclusive access to the vehicle.

What do the status lights mean?

There are a total of 7 light statuses as described below:

	Full arbitration support is available
	Meaningful condition items that are reported that cannot be arbitrated
	As-Is sale due to the condition of the vehicle
	Title absent
	A hollow light indicates that the vehicle is being sold as-is because: the current price is below $4,000 and/or the mileage is at or above 150,000 miles/TMU. The color of the circle’s rim still indicates the vehicles condition. A hollow light may become an arbitrable solid light only when the bidding rises to $4,000 or more.

Buyer Fees are paid when a vehicle is purchased and are calculated on a per-vehicle basis based on the hammer price as shown in the chart below. Buyer Fees are added to the vehicle purchase price and paid through electronic funds transfer via ACH or approved floorplan.

Seller Fees are deducted from the proceeds of the transaction. The remaining balance will be paid via ACH after the title, and associated proof of ownership documents have been received and payment has been received from the buyer.

1. Auction Ended -> Waiting on seller to respond to high bid (1st exchange in closed):

• Seller has 3 hours to respond.
• Accepts offer -> Sold
• Counter -> Stays in closed
• Offer expires, -> Goes into open negotiation and the offer is still valid for another 15 hours

2. Seller counters within the 3 hours -> Waiting on buyer (2nd exchange):

• Buyer has 1 hour to respond to sellers counter
• Accepts counter -> Sold
• Counters (makes new offer) -> Stays in closed
• Rejects counter -> Goes into open negotiations (no pending counter or offers at this point)
• Counter expires -> Goes into open negotiation and counter is still valid for another 17 hours

3. Buyer counters the counter (makes new offer) within the 1 hour -> Waiting on seller (3rd and final exchange):

• Seller has 3 hours to respond to buyers new offer
• Accepts offer -> Sold
• Counters -> Goes into open negotiation and counter is still valid for 18 hours
• Rejects offer -> Goes into open negotiations (no pending counter or offers at this point)
• Offer expires -> Goes into open negotiation and offer is still valid for another 15 hours

Notes:

• If an offer expires in open or closed negotiations the buyer can re-submit the same offer
• If there aren’t any active offers/counters on a vehicle, a seller can counter the high bidder at their high bid
• Both offers and counters in open negotiations will always expire in 18 hours