Understanding Bidding Statuses

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If you’re ready to bid on a vehicle with AutoBidMaster, understanding bidding statuses will help you understand the overall process. Some bidding statuses have different time frames for the seller to accept your bid. So, if you know what to expect, you won’t place bids on multiple vehicles thinking you’ve lost an auction: it’s just not quite over yet!

Our terms and conditions state that once a bid is placed, you are bound to complete the purchase if your bid wins. Please keep in mind that that applies every time you place a bid.

Here are the different bidding statuses you’ll find on AutoBidMaster. If you haven’t registered with us yet, follow these steps first and then read on.

What is a Bidding Status on AutoBidMaster?

When bidding on cars at live auctions such as AutoBidMaster, one of the main aspects that you need to pay the most attention to is the bidding status that a vehicle has.

The bidding status refers to the current phase or condition of your bid in the auction process. And it is crucial for you to understand this in order to bid on cars. By understanding these statuses, you will make more informed decisions and make sure that you track your bid’s progress.

This is why we recommend that you learn these statuses before you jump into bidding at live auctions. Having a good grasp of the basics will save you a ton of headaches.

AutoBidMaster uses specific terms to describe the current status of your bids and the auction process. Here’s a full list of the most commonly used bidding statuses on AutoBidMaster:

1. Pre-Bidding

Pre-bidding is a status that appears before the live auction starts. You can place bids on vehicles you are interested in during this period.

What is important for you to note is that this allows you to set your maximum bid in advance and have the system bid on your behalf during the whole live auction.

This makes this feature very useful for those who have a tight schedule and don’t have time to bid on cars. Having everything set up automatically is a good way to spend your precious time on something more fulfilling than waiting and clicking on the bid button.

The system is extremely smart and will stop once the bid reaches the limit that you set up previously.

2. Live Auction

The live auction is a real-time event where the final bids are placed, and the vehicle is sold to the highest bidder.

Live auction is a process that takes place at a determined time and interested parties can bid on that specific vehicle in real time.

Bidding on live auction is rather simple, once the bid is placed, there is time that is given to interested parties to outbid the current bidder.

If the time passes and there are no interested parties, the current bid will win the auction. Plain simple.

3. On Minimum Bid

You might have come across “On Minimum Bid” and you are probably asking what is the on minimum bid meaning?

On minimum bid means that the seller sets a minimum bid on the auction. In case that price is not met by the high bid during the live auction, the seller has until 6:00 PM PST the following business day to approve the bid or decline the sale.

This is a good way for sellers to protect themselves and sell the specific vehicle for the price they think that is good enough for them.

4. Winning Bid

The highest bid at the end of the live auction is the winning bid. If your bid is the highest, you win the vehicle.

This means that you have a lot of obligations. These include paying for the vehicle and the transaction fees that come along.

So, whenever you bid on cars, you should be aware that the winning bid is not the actual cost that you pay for the vehicle.

On top of this, there are other fees that you have to pay which can add up to 20% to the winning bid value. So, be prepared for this.

5. Outbid

Outbid is a status that appears when a different bidder places a higher bid than yours on that specific vehicle.

Here is where you step in, if you think that it is worth outbidding the current bidder, you should place a bid. In case you don’t, you should abandon the auction.

Sometimes it is good to accept a loss because the higher the price, the whole deal is unprofitable for you. In the end, you will lose more money than expected.

6. On Approval

The seller will approve the high bid at the end of the auction. Sellers have up to two business days, until 6:00 PM PST, to approve the final bid. These types of auctions don’t have a minimum that needs to be met during bidding, but the seller can counteroffer, approve, or decline the highest bid after the live auction. 

If you’re bidding on a car that’s marked “On Approval,” be patient! Don’t start bidding on another car right away if you were the highest bidder. Give the seller two business days to act, you may end up winning the vehicle.

7. Buy It Now

Some vehicles are marked with “Buy It Now.” This means you can skip the pre-bidding and live auction stages entirely and purchase the vehicle for its “Buy It Now” price right away. The “Buy It Now” price, however, doesn’t include auction and documentation fees, so be sure to look at the fee calculator to determine the total cost. 

Once you confirm your purchase, the rest of the process is the same as winning any auction. See all vehicles marked “Buy It Now” right here.

There’s a difference between preliminary bidding and live auctions, as well. You can read about those differences here. After you win a vehicle, payment is due by 5:00 PM PST the following business day, regardless of the bidding status. We only accept bank wire transfers for vehicle payments. If your bid didn’t meet the seller’s approval price, we can work with you and the seller to try to come to an agreement. Feel free to contact support@autobidmaster.com if you have any questions.

8. Pure Sale

Many of you have come across the term pure sale and you are asking yourself what is the pure sale meaning?

Well, pure sale means that the car from this specific auction will be awarded to the highest bidder at the end of the auction. No questions asked. Check out our “Pure Sale” inventory here.

Sometimes these cars go for really cheap and you should definitely keep an eye on these deals because they are definitely worth it!

9. Sold

When you get the “Sold” status, this means that the vehicle has been successfully sold to the highest bidder, and the transaction is complete.

Once the car is sold, the buyer must arrange payment and pickup of the vehicle. If he fails to do so, the car will highly likely be put back on auction.

10. Reserve Not Met

Cars are in many cases sold with a reserve. So, what does this mean? Well, this means that there is a minimum threshold that has to be met in order for the car to be sold. This is called “reserve”.

This is a guarantee that the seller will get the minimum asking price he wants and everything above is extra for him.

If the reserve is not met, the seller is not obliged to sell the car to the highest bidder if the bid doesn’t meet the reserve.

11. Relisted

When a car is put back on auction it has the status “Relisted”. This happens very commonly if the previous auction did not meet the reserve price or the buyer defaulted.

What is good is the fact that this means that you have another opportunity to bid on your favorite vehicle.

12. Time Extension

Extra time is added to the auction clock, usually due to active bidding near the end of the auction period.

Be prepared for potential time extensions, which can provide more opportunities for bidding but also extend the auction duration.

Sometimes a ton of bids appear during the time extension period that can definitely ruin the expectation of the person who should’ve won the bid.

Conclusion

Understanding the various bidding statuses on AutoBidMaster is essential for effectively navigating the auction process. From pre-bidding and live auctions to winning bids and potential relisting, each status provides crucial information about your bid’s progress. 

Familiarizing yourself with terms like “On Approval,” “Outbid,” and “Reserve Not Met” helps you make informed decisions and adjust your strategy accordingly. By mastering these statuses, you can better manage your bids, stay competitive, and increase your chances of securing the vehicle you desire. This knowledge ensures a smoother and more successful auction experience.

AutoBidMaster Bidding Statuses FAQ

Now let’s answer some frequently naked questions.

What does pure sale mean?

The pure sale meaning is simple, this means that the car goes to the highest bidder. Let’s say that you bid $500 on that car, and the car is sold to you. There is no reserve on this vehicle that has to be met in order for the auction to go through.

What is a pure sale?

Pure sale is a type of auction where there is no reserve. The winner of the auction wins the car, no matter how high this bid is. It could be $100 and you could win this vehicle. These are cars that you should be looking for if you want to bank hard in the process.

What does on minimum bid mean?

A minimum bid auction is a type of auction where there is a minimum bid that has to be met. This minimum bid is determined by the seller. For example, he wants at least $2,000 minimum, so the starting bid starts at this price and anything above is extra.

What is Pre-Bidding?

Pre-bidding is the period before the live auction starts, this period allows you to place bids on vehicles of interest. These initial bids can set the stage for your participation in the live auction.

What happens during a Live Auction?

During a live auction, bids are placed in real-time, and the vehicle is sold to the highest bidder. You can actively participate and adjust your bids based on the competition. 

However, there can be a minimum bid or a reserve on that specific vehicle. These are conditions that have to be met in order for the deal to go through.

What does Winning Bid mean?

A winning bid indicates that you have the highest bid at the auction’s end. This means you have won the auction and are obligated to purchase the vehicle at your final bid price.

What does it mean to be Outbid?

Being outbid means that your bid was dropped because another bidder placed a higher bid than yours. You have a limited time to decide whether you want to increase your bid and compete or you want to abandon the specific auction. 

What is On Approval status?

On Approval is a status that means that the highest bid is pending the seller’s acceptance. The seller has a time frame to approve or reject your bid, even if your bid is the highest one. 

What does Sold status indicate?

Sold status means the vehicle has been successfully sold to the highest bidder, and the transaction is complete. The buyer must now arrange payment and pickup or delivery of the vehicle. If you fail to arrange the payment and pay for the transaction fees, the car will be put back on the auction.

What does Reserve Not Met mean?

Reserve Not Met indicates that the highest bid did not reach the minimum price set by the seller (the reserve price). The seller is not obligated to sell the vehicle, and it may be relisted for auction.