How It Works
A Live Auction Platform
VIN Hammer has made the listing process the simplest and fastest in the industry. Simply submit your pre-listings for VH to review. Once approved, you will be prompted to sign up on the VIN Hammer site to create a profile where you can log into your profile, dashboard, and vehicle listing. For each listing, fill out the listing details, picture uploads, and any videos you want to be displayed.
Listing Your Vehicle is Easy!
Upload Basic Info
Tell us a little bit about your listing and upload a few pictures.
Specialist Review
An Auction Specialist will review your listing and approve for posting.
Complete Listing
After approval, complete your listing wth additional details and photos.
Auction Listed
Auction Specialist will schedule the dates and times to run your auction!
Listing an Auction
How Live Auctions Work
- VH sets a listing start date usually 2-3 days from finishing your listing submission.
- The typical auction will run for 7 days.
- While the auction is live you will be able to interact with the community and potential buyers in the comments section, Q&A, and private messaging.
- You will receive notifications of these interactions so you can keep close tabs on the auction.
- Lowering the reserve is an option all the way till 5 min of the end of the auction.
- Once an auction goes live, it lasts for the entire scheduled duration, save for a significant change to the vehicle, such as damage or theft. We also require that a listed auction lot not be offered for sale anywhere else two weeks prior to your auction and for the duration of our auction.
Bidding on a Live Auction
Register for an Account to Bid
- You must register to bid to place bids on VIN Hammer.
- All bids are verified by a credit card hold to ensure commitment of potential buyers. When a bid is placed, we place a hold on the credit card on file for 5% of the bid amount. When the auction closes, the hold is released for all bidders who didn’t win the vehicle.
- To maintain auction fairness and a positive experience for all bidders: Each time a bid is placed in the auction’s final moments, the auction clock is extended by two minutes. The auction isn’t over until two full minutes have elapsed since the highest bid was placed.
- We encourage all potential bidders to read the listing and review the entirety of the comment section before placing a bid. It is the responsibility of the bidder to have an adequate understanding of the bids they place.
Auction Styles/Products
- No reserve: This auction starts at a fixed price and sells for the highest bid price when the bidding ends. There is no charge for the seller.
- Reserve: This auction has a minimum amount the vehicle must reach to sell. This amount is agreed upon by the seller and VIN Hammer.
- Seller-picked reserve: This auction allows the seller to pick their reserve.
Post Auction Process
What Happens When an Auction Ends
- If the auction reserve is met when the listing ends VIN Hammer provides the seller and winning bidder with each others’ contact information. If the auction has no reserve, the information will be provided regardless of the auction outcome.
- It is the responsibility of the buyer and seller to collaborate in order to complete the transaction and arrange for shipping, if necessary. VH is happy to provide assistance or answer questions for either party during this part of the process.
- If the auction reserve is not met when the listing ends, VIN Hammer will provide the high bidder’s contact information to the seller so that the seller may choose to work out a deal at their own discretion.
The Fees
Reserve/No Reserve Auctions:
- The winning bidder pays a 4.5% buyer’s premium on the final sale price.
- The minimum payment is $225, and the maximum is $4000.
Buy it Now:
- The winning buyer pays a 3% buyer’s premium on the final sale price.
- The maximum payment is $4000.
