FAQ's About Vehicle Auctions
How does bidding work?
Our partner, cuAuctions uses progressive bidding. With progressive bidding, the highest bid amount is public knowledge, and you can increase your bid in response to other bidders. With cuAuctions you can use proxy bidding. That means you can enter the highest amount you're willing to bid. If another bidder enters an amount higher than your current bid, cuAuctions will gradually increase your bid amount up the maximum that you set. We'll also alert you via email when you've been outbid so you can increase your bid amount.
The auction ends at the stated Auction Close time, unless active bids are still coming. The auction will automatically extend in 15-minute increments as long as active bidding is taking place.
The highest bidder at the end of an auction is obliged to purchase the vehicle in accordance to the auction payment terms.
How is this different than eBay or Yahoo Auctions?
Vehicles on our Used Vehicle Auctions page are own by P1FCU. You can trust us to make full disclosures about the vehicle you are buying, and you can also have the confidence knowing we will work with you to make the transaction process smooth.
Why do I have to register to bid?
Registering to bid is absolutely free. With no obligation. P1FCU requires some information from you in order to finalize a vehicle transaction, should you win the bidding. Once you've registered, it takes a couple minutes to create your account and update our database with your information. The updating process takes usually less than five minutes. To complete your registration, simply click the activate link in the confirmation email you received, this will open your account. When you have reached this point, you're ready to bid.
When do I arrange for payment after placing the winning bid?
Deposit of $500 within 2 business days of auction close. Remaining balance to be within 5 business days of auction close. All payments must be in the form of guaranteed funds. P1FCU reserves the right to cancel auctions at any time for any reason, without prior notice, even if bids have been placed. If you have questions, please contact us at 208-746-8900 ext. 4333.