Security Deposit / Bidding Power
In order to make the offer, BidCars requires payment of a bid bond in the amount of 10% of the maximum price of the auctioned vehicle. The bid bond shall be returned within 72 hours to the account from which the funds were paid.
The purchasing power is the maximum amount that you are able to offer during biddings. If you pay a bid bond at the amount of $ 1000, your purchasing power will be fixed at the level of $ 10 000. This means that you can make a bid for a vehicle up to a maximum amount of $ 10 000 at one time. You can make bids for 2 or more vehicles at the same time, e.g. one up to the amount of $ 6 000, another one up to $ 4 000. If you win the bidding, the purchasing power will be ‘frozen’ until full payment for the vehicle. If you lose, the funds will be unlocked automatically.