Deposits Explained
What are deposits and why are they needed?
Deposits help prevent fraud and loss. If someone has to make a deposit, they are less likely to try to steal a vehicle or place fake bids to drive up the price of their own lots up for sale. Generally, deposits help guarantee Member accounts represent real bidders & buyers.
If you are a Basic Member, you need to deposit 10% of the total amount of bids you plan to make. For example, if you want to place bids totaling $50,000, you’ll need to make a deposit of $5,000. If you want to raise your Buying Power, you’ll need to increase your deposit. The maximum amount anyone can bid in a single day is $100,000.
Premier Members make a one-time $400 deposit and can place bids up to the daily maximum of $100,000. This is the type of Membership most users choose.
