The initial security deposit is $400 or 10% whichever is greater of the total amount you would like to bid. The initial security deposit of $400, which enables you to bid up to a total of $4,000 on one vehicle, if you wish to bid more than $4,000 or make bids on two vehicles simultaneously than you must increase your security deposit accordingly by going to your account page and selecting Bidding Limit. If you would like to bid on two or more vehicles simultaneously then a $600 deposit per vehicle is necessary.
Example: If you want to bid on two vehicles at the same time, you must have at least $1200 in your security deposit. This will allow you to bid up to $6,000 on each vehicle or a combined total of $12,000 on both vehicles. If you want to bid more than a total of $12,000 on both vehicles, then you have to increase your security deposit so that it contains at least 10% of the total amount you wish to bid. Similarly, if you would like to bid on three vehicles at the same time, you should have at least $1,800 in your deposit. This will enable you to bid up to $6,000 on each vehicle or a combined total of $18,000 on three vehicles.
You can pay your deposit with a debit or credit card or wire transfer.