What happens when I am the high bidder but the reserve has not been met?

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.

How are the Fees determined?

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 PriceBuyer FeeSeller Fee
$40,000 or more$500$200

What do the status lights mean?

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.

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