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.
|Hammer Price||Buyer Fee||Seller Fee|
|$50,000 or more||$500||$200|
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|
|◯||All hollow lights indicate that the vehicle is being sold As-Is because the current price below $4,000. The color of the circle’s rim shows what the light status would be if the price was above $4,000.|
We follow the same proxy rules as the world’s largest auction – eBay.
This is a little different than most car auction sites and is designed to address the annoying situation where an auction ends as a no-sale even though your proxy was high enough to meet the reserve.
To help illustrate how this works, let’s consider the following example:
- You place a proxy bid on a particular vehicle at $10,000.
- The auction ends at $9,000 with you as the high bidder.
- The reserve on the vehicle was set at $9,800.
- Your proxy bid is will be invoked to meet the reserve and you will WIN the car for $9,800.