When using an online Japanese Car Auction, the words Deposit and Bid will often come up. But what are they and what role do they play in a Japanese Car Auction?
What is a Bid and Deposit
Most online Japanese Car Auctions require a Deposit which is the security money required in order to place a bid at an auction. This is also to ensure no last minute bid cancellations or no spam or fake bid requests will occur.
Just like in regular auctions, a Bid is the request given to win at an auction place, in this case, the online Japanese Car Auction. The bidding price differs depending on the vehicle you want to bid for, and you can contact us so we can provide you information regarding the workable bidding price.
How to make a Deposit and place a Bid
Once you have a Carused.jp account, you’ll want to make a deposit to start. You might be concerned about losing your money, but don’t worry. The deposit you make—regardless of the amount—is 100% refundable!
After making a deposit and once you have chosen a vehicle that you want, click on the “Request to Bid” button and enter your “Maximum Bid Amount” for that vehicle. Please place the maximum budget and not the minimum since we will only bid for the vehicle up to “your budget” only.
Auction bidding is by proxy, so even if you bid a large amount, you will only pay just over what the next highest bidder was willing to pay.
Here is an Example:
You prepared to bid a maximum of 300,000 yen on a car and the next highest bidder is 200,000 yen. You then win the car at 201,000 yen and not at 300,000 yen!