Please Note: Bid N Drive is a Registered broker with Insurance Auto Auction. We offer to our customers to open direct access at Insurance Auto Auction (IAAI) under our license . It allows you place pre-bidding at auction website and participate in live bidding auction. Please send us request to open direct account. You will get your own login and password.You will need to pay a deposit of 10% of the transaction price (no less than $1000) and an annual fee of $75.
Before placing a bid or purchasing a “Buy Now” listing, you will need to make a REFUNDABLE security deposit to your account of $400 or 10% of the total amount you would like to bid. The deposit confirms your serious interest in making a vehicle purchase. Security deposit will be returned to you upon your request any time prior to making a purchase.
Please keep in mind that you will not be able to use any or all of your security deposit to pay any costs associated with purchasing a vehicle.
For deposit payment we accept PayPal, credit card, bank wire transfers or direct deposit to our account.Please check with your bank to learn more about their policies, procedures and fees for wire transfers.To avoid delay, please ensure that you include your full name with your deposit so that your account can be credited as efficiently as possible.
Each vehicle will require a separate deposit, no matter how many vehicles you would like to bid on. If you want to place a bid on two vehicles, you will need to place a deposit of at least $800. With a deposit of $800, you will be able to bid up to $4000 for each vehicle. To place a higher bid, you will need to deposit 10% of the maximum bid for both vehicles. If you, for example, wish to bid $7000 on one vehicle and $6000 on another, you will need to make a total deposit of $700 for the first vehicle and $600 for the second, with a combined total of $1300.
In order for your account to be considered active, you will need to maintain a minimum security deposit balance of $400. If you choose to close your account, you will be entitled to a full refund of your security deposit, less any associated transaction fees.
If you do not successfully bid in the auction or complete a “Buy Now” purchase, your security deposit can either be applied toward another vehicle’s security deposit or be refunded upon request. No portion of the security deposit may be applied toward the cost of a vehicle.
Note: IAAI registration fee $75 will not be refunded. Please note that security deposits will not be refunded if there is an outstanding balance on your account.
There will be a $25 transaction fee to refund security deposits through international wire transfer.