AutoBidMaster Auto Auction Update: Deposit Requirements

There’s been a recent change to the AutoBidMaster online auto auction process that we’d like to cover. As a leading Copart broker, we have to keep pace with industry-wide fees and practices. In line with the current fee schedule, our minimum deposit is now $600.

What Does the Increased Deposit Mean for You?

This change mostly benefits Basic members. Previously, with a $400 deposit, they had a bidding limit of $4,000, since the deposit represented 10% of their maximum buying power. While other details haven’t changed, such as being able to purchase only one vehicle with a Basic membership, members now have a bit more flexibility when it comes to choosing a vehicle.

For Advanced and Premium members, not much has changed apart from the increased deposit requirement.

How Does a Deposit Work at an Online Auto Auction?

The most important thing to understand about a deposit at AutoBidMaster is that it can be a temporary authorization hold on your account rather than an actual charge.

When you see an “authorization charge” on your account, that doesn’t necessarily mean the money has been withdrawn. Instead, the authorization helps verify that your card is active and that sufficient funds are available.

In certain situations, however, your deposit may be charged or retained. For example, this may happen if you fail to complete a transaction, as outlined in our Rules and Policies and Terms and Conditions.

If you don’t have any outstanding balances, incomplete transactions, or bids in progress, you can request the release of your deposit.

That’s That!

That’s the whole update. If you have any more questions, we’ve got a series of videos that cover registration, bidding, buying, shipping, and everything in between.

Once you’ve watched those, it’s time to get to bidding! Get started by registering, providing some basic information, uploading a government-issued photo ID or passport, and placing your deposit.

Mark Your Calendar for Auto Auction Dates

Keeping up with auto auction dates is important for salvage car enthusiasts. These dates give you opportunities to explore repairable vehicles at auction. Whether you’re looking for a car to restore or parts for a current project, planning around upcoming auctions helps ensure you don’t miss out.