An AutoBidMaster auction has a few key differences from an Ebay auction, and both have key differences from auctions at your local auction house. While the word “auction” generally describes a purchasing system in which potential buyers offer their ideal price for sale items, the specifics can vary widely based on the structure set by the sellers and auction provider. A common misconception about auto auctions is that the high bidder automatically wins the vehicle. This is often the case, but you will also see different types of auctions with AutoBidMaster. The most common types of sales are Pure Sale, On Minimum Bid, and On Approval.
The type of sale where the high bidder wins the car, no strings attached, is called a Pure Sale. With a pure sale, the highest bidder wins the car with their high bid. Plain and simple.
Another type of sale available on AutoBidMaster is On Minimum Bid. In this case, the seller has set a minimum price for the item. As long as the highest bid is equal to or greater than this minimum, the car is awarded to the highest bidder. If the minimum is not reached, the seller has until 6:00pm Pacific time one business day following the Live Auction to either accept the current high bid or decline the sale.
Auctions labeled On Approval do not have a minimum reserve price set, but the seller will consider the highest bid before deciding whether or not to grant the car to the highest bidder. The seller has until 6:00pm on the business day following the Live Auction to approve or reject the current high bid. The seller may also counter with an offer. If your bid is approved, you are obligated to complete the purchase.
The Bid Information section to the right of the vehicle images on the Lot Listing Page will tell you what kind of auction the vehicle will be sold in. By taking note of the Sale Status, you can be prepared for what will happen if and when you are the high bidder at the auction’s close. Take a look through the options and place your bid today with AutoBidMaster!
Now, you may be thinking that these sales types are more than you want to get involved with. For those who would rather buy a vehicle outright and without waiting for the sale date, some vehicles are available right away with Buy It Now. If you notice a Buy It Now button on a vehicle’s lot listing page, you can buy it right away for the price listed next to the button. You can even use our Vehicle Finder to search specifically for Buy It Now options.
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