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 he accepts your bid, congratulations, you have won the auction!
- If he makes 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|
|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.|
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|