Preliminary bidding or pre-bidding is a type of bidding that allows you to place your maximum bid before the live auction. Pre-bids may be placed up to 1 hour before the live auction. Please note that bids may not be lowered or withdrawn once they're locked in but can be increased at any time.
Once the live auction starts for your vehicle, an automated system will bid on your behalf using your pre-bid in small increments to outbid other members. You will win the vehicle if no other member outbids your pre-bid during the live auction, and you'll only have to pay the amount you outbid with. For example, if you place a maximum pre-bid of $10,000 and the live auction ends at the max bid of $4,500, you will only pay the $4,500 for the vehicle plus all applicable fees.