Why Do I Need A Security Deposit On My Account?

AutoBidMaster.com is an online broker that provides thousands of people access to bid and win vehicles on Copart auctions. We have been Coparts first and most trusted broker for almost a decade with thousands of happy customers worldwide. In this blog post we have decided to address a fairly common question that we receive via our social media platforms. New users who start doing in-depth research on how our auctions work tend to get confused on the part where we mention the need of having a security deposit on their account. Let us breakdown the importance of having a security deposit on your ABM account for you as a client and us as an online auction.

A security deposit is a specific amount of money that is held in a trust account when you are making, or plan on making some sort of purchase. With AutoBidMaster, we have our clients add a security deposit of $400, no matter what sort of account you have with us. You can place the deposit via a credit or debit card. A wire transfer deposit option is also available. Please note that you cannot place any bids until you have added a security deposit.

AutoBidMaster requires a security deposit for two reasons. Establishing a users buyer power and avoiding potential cancellation of a sale. Occasionally a bidder will win a lot and fails to make the final payment. That leaves us with a vehicle that technically has an owner, yet we have not received the funds for it. In this case, the car will be placed back in auction, and the previous sale cancelled. The security deposit is used towards the fee that the Copart charges to relist and cancel the sale.

We here at AutoBidMaster care about our customer’s user experience when purchasing salvaged vehicles via online auctions. The security deposit is easily refundable if you do not have any debt with us. If you have placed your security deposit via a wire transfer, you will be refunded by check if you live within the United States. International users will get the deposit wired back. For credit card deposits we release the hold on these funds and will send them back at your request.

It is important that all of our clients properly understand how our security refund deposit works and we truly hope that this short, yet descriptive blog post was of use. If you have any more questions, reach out to our customer support team.

 



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AutoBidMaster members purchase auction vehicles without dealer’s licenses. All-inclusive support & global shipping make AutoBidMaster your one-stop shop.