Author: Nodar, Car Select expert · July 5, 2026 · 5 min read
Bid deposits on US auctions: how much to put down and what happens if you walk away
In short
Copart asks for a deposit of $600 or 10% of the car's value, IAAI $1,000 or 15%, whichever is higher. Manheim sets the amount case by case. If a won lot isn't paid for on time, the deposit is kept as a penalty; if you buy the car, it counts towards the price.
Before bidding on a US auction you put down a guarantee deposit to show the bid is serious. If a lot is won and never paid for, the auction keeps a penalty equal to that deposit. Here's how the rules differ by platform.
A bid on an auction is a commitment to buy the lot if it wins. To stop people from bidding carelessly or on lots they can't actually pay for, auction platforms require a guarantee deposit before bidding opens. The amount and the rules around it differ from one platform to the next.
Deposit amounts by platform
- Copart: $600 or 10% of the vehicle's price, whichever is greater
- IAAI: $1,000 or 15% of the vehicle's price, whichever is greater
- Manheim: the deposit is set individually; there's no single fixed penalty for not paying for a won lot
What happens if you don't pay for a won lot
If a bid wins and payment doesn't arrive on time, the auction keeps a penalty equal to the guarantee deposit. For Copart and IAAI the amount is known upfront, so it's easy to factor into the purchase budget.
The deposit isn't lost on a successful purchase
If the lot is paid for in full and on time, the deposit isn't forfeited: it's credited toward the price of the car. The only risk of losing it is winning the bid and then backing out or failing to arrange payment in time.
Only bid on a lot you're ready to buy, and keep the deposit amount set aside from the rest of the deal's budget until the auction actually closes.
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