How Bid Works
Last Updated April 6th 2020
Sellers can submit their classics for BID from anywhere in the world.
Bid sessions will be live for up to 7 days, with amazing features as the live comments section.
Placing a car for BID is FREE to the seller and only the BUYER will pay SellYourClassic 5% of the final sale amount when he/she wins the Bid session within which he/she is participating.
Only registered users on the BID functionality can comment, place bids and participate on any active session. The buyer/ user registration process will gather the contact information including his/her credit card information and upon placing a bid, a hold will be put on the BUYER’S credit card on file for the 5% of the initial amount offered by the BUYER but not more than $5,000 for initial bids of $100,000 or greater. This transaction will be executed through our Payment Gateway provider (STRIPE). If the BUYER is declared the winner, the temporary charge status will change from Hold to Final and adjusted to the 5% of the final sale amount but not greater than the $5,000 cap which constitutes the maximum buyer’s premium. If BUYER does not win the Bid session, charges will be released and the credit card refunded between 2 to 4 days, it depends on bank institution timelines.
The transaction for the vehicle in a Bid session is only between the SELLER and BUYER. Upon winning a BID session, the BUYER will receive the SELLER’S contact information. We encourage the BUYER to ask the SELLER for a photocopy of the title and a bill of sale prior to sending payment. We recommend a wire transfer or an escrow agent to mediate between the parties.
The RESERVE is the minimum price that a seller is willing to accept for his/her vehicle. The seller can select no reserve. We do show on our Bid sessions if a car has no Reserve. A reserve can be lowered at any time during the live Bid session. It is up to the SELLER to define a reserve amount or waive it.
If the BID session ends with no reserve met, the SELLER will NOT receive the contact information of the highest bidder. Instead, the SELLER will be offered the chance to extend the Bid session and relist the vehicle or create a new one. All registered bidders for that specific session will be notified so they can continue with the Bid session or participate in a second bid session set with the same seller and vehicle.
Delivery of the vehicle must be agreed upon between the SELLER and BUYER.
Cancellation of a live bid session is not possible; We will run the bid session for up to 7 days or a time period selected by the SELLER.
During any active BID session on our website, we’ll require you to take down any other active ads you may have on other websites with any vehicles you have listed with us.
The BID LENGHT can be set by the SELLER for 5 or 7.
FEES and CHARGES: When a BID session is over, the BUYER will be charged a 5% buyer’s premium via credit card based on the total amount of the highest bid (winning bid). The minimum fee amount will be $250 up to a maximum of $5,000 (5% of a $100,000 bid). The fee for sales greater than $100,000 is capped at $5,000
Credit card updates will only be possible when there are no active bid sessions on the BUYER’S account/profile.
For questions, please reach us: email@example.com.