Overview

All affiliates (this includes affiliates with a Dealer's License!) are required to complete a short training with K-BID's Title Department (763-479-6940) before publishing their first auction with titled/registered assets. 

K-BID's Requirements for titled/registered assets:

1. Vehicles (DMV) sold on auctions located in the State of Minnesota, must be sold through an Auto Dealer --- affiliates conducting auctions outside the State of Minnesota are responsible for knowing and following the vehicle laws applicable to the auction location. Removal for titled/registered assets must be between Monday through Saturday. No Sunday removals.
2. K-BID must have a copy of the current dealer's license for the Dealer of Record for any auction located in Minnesota. It is the responsibility of the affiliate to ensure K-BID receives an updated copy of the license upon license renewal.
3. Vehicles cannot be posted on K-BID until the affiliate has a clear title in hand. Do not post a titled/registered asset based on a promise that the required documents are forthcoming.
4. Lots should be photographed to give bidders all the visual information available - in addition to the basic pictures showing the item, specific pictures should be taken of anything a bidder may not expect, i.e., dents, broken or missing parts, discolorations, etc.
5. The description includes all the information required for the type of vehicle being sold (see Information Requirements below), as well as fully disclosing any information relevant to the bidder's ability to assess accurate value, i.e., issues relating to the material functioning of the vehicle or it's aesthetics.
6. Item descriptions that fail to provide information vital to the bidder's ability to assess value, are considered to be mis-descriptions.  Affiliates cannot hold bidders accountable for purchasing assets that were mis-described.
7. Titled/registered assets must be listed within the first 25 lots of the auction.
8. There must be at least one business day between the auction close date and the first removal date when K-BID is providing dealer services.
9. Detailed transfer fees (MN) and/or any other fees (out of State auctions) the bidder will be subject to paying at the time they take possession of the vehicle from the affiliate, must be listed in the 'Fees and Taxes' section of the item description. (Affiliates using K-BID's Dealer Services do not need to enter anything in the 'Fees or Taxes' section).
10. The name and license number of the dealer responsible for transferring ownership of t/r assets must be listed in the terms and conditions for every auction.
11. Document Administration Fees cannot exceed $200 for any vehicle posted on K-BID.
12. If the T/R asset has a reserve, the reserve amount must be entered on the Lot page prior to the auction being published.  Reserves cannot be added after an auction 'goes live'. Failure to enter a reserve prior to publishing, means the vehicle will be sold to the highest bidder at the close of the auction. 
13. The Doc. Admin fee applies to every vehicle sold when K-BID provides dealer services. This includes winning bidders who intend to register the vehicle out of state, as well as winning bidders who have dealer's licenses. When K-BID provides dealer services, the affiliate will be charged the $125 doc admin fee, plus $25 reserve not met fee for every vehicle that does not sell due to the reserve not being met.  This includes the reserve being lowered after the winning bidder placed his bid, if the winning bidder opts not to purchase the vehicle. Affiliates should make sure they are collecting at least a $125 upfront fee from their seller for every t/r vehicle they agree to sell with a reserve.  See Reserve Policy
14.  An asset listed with a reserve that is not met may be relisted on a future auction. If the reserve is not met the second time, the asset can be listed on one more auction with a reserve. If the asset doesn't meet reserve on the third auction, the asset cannot be listed again with a reserve. The affiliate/seller must allow the asset to sell to the high bidder.   
15. It is the affiliate's responsibility to manage their sellers, this includes ensuring their consignment agreement stipulates the seller is prohibited from placing bids on their own assets.
16. Affiliates are responsible for monitoring their active auctions and notifying K-BID ASAP if they suspect fraudulent/shill bids are being placed.
17. If a title is marked salvage or prior salvage, this information must be stated in the description.
18. If a titled/registered asset is being relisted, all titled/registration paperwork along with a new consignment sheet must be resubmitted.

The following information is required to be within the description of each titled or registered asset (by vehicle type)

Vehicles - Cars/Trucks/Motorcycles/Mopeds/Motorized Bicycles             

• • Year
  • Make 
  • Model
  • Indicated miles
  • VIN Number
  • Plate Number (If Applicable)
  • Gross Vehicle Weight (for trailers and vehicles over one ton)
  • Engine number (motorcycles)

Trailers/Semis & Fish House Trailers 

• • Year
  • Make
  • Model
  • Plate Number
  • Permanent Registration Number (perm plate)
  • VIN Number (Some smaller trailers do not have VIN Numbers)
  • Registered GVW

Boats

• • Year
  • Make
  • Model
  • Hull ID/Serial Number (Some older boats do not have a hull ID number)
  • Boat Length 
  • Registration Number 

Snowmobiles

• • Year
  • Make
  • Model
  • VIN/Serial Number 
  • CC's
  • Registration Number (Only if available) 

ATV's

• • Year
  • Make
  • Model
  • VIN/Serial Number 
  • CC's
  • Registration Number (Only if available)
  • Dry Weight
  • Measurement from outside tire rim to outside tire rim

Mini Bikes/Dirt Bikes

• • Year
  • Make
  • Model
  • VIN/Serial Number 
  • CC's
  • Horsepower
  • Registration Number (Only if available)

Jet Skis

• • Year
  • Make
  • Model
  • Hull ID/Serial Number
  • Length
  • Registration Number