If you are new to the online car auction and are planning to buy your next car through an online bid, you might be wondering why you need to put in a security deposit. The security deposit is collected by the auction company to ensure that the buyers are serious about the bid and they will pay the rest of the money. If you participate in a bid and are the highest bidder, you are obligated to pay the final amount and in case you default in doing the same, you forfeit your security deposit.

Different online car auction companies have different rules for security deposit.

Auctionexport.com, one of the leading online car auction companies has a minimum deposit rule of $400 or 10% of the car value for REPO cars. This deposit is 100% refundable if you do not become the highest bidder and do not purchase the car.

The number of REPO cars in excellent condition that hit the used car market is ever increasing. You can get the best and latest models of cars, in perfect condition and as good as new at auctionexport.com. Here there is a list of more than 2,50,000 REPO cars that are up for sale. These cars are available to the highest bidder. If you are a smart bidder, even if new to the field, and have gone through the vehicle history properly to evaluate its value and also checked the market price for the car, then you can easily match up to the most experienced bidders.

Always have a budget in mind while bidding for your REPO car and set the limit below the market price to maximize your savings. The bidding and buying process is fairly simple and the company executives will help you out in the way. The assistance that auctionexport.com gives in handling, shipping and documentation of the car makes it one of the most convenient way to buy your next used car.