Overview

K-BID Dealer Services

Affiliates selling DMV titled/registered (T/R) assets under K-BID's dealer's license, must submit an Electronic Payment Agreement and complete a short training before they can include a T/R asset in an auction.

The Minnesota Department of Public Safety is responsible for issuing licenses to sell T/R assets, such as cars, trucks, motorcycles, trailers, etc. (Anything that was made to be driven/used on a public road). Entities selling more than 5 vehicles in a 12-month period are required to have a dealer's license. 

T/R assets sold on auctions located in Minnesota, must be sold through an auto dealer. Affiliates may use any dealer with an active Minnesota dealer's license to process the T/R assets on their auctions.  K-BID has an Auto Auction Dealer's License; which allows us to provide dealer services to K-BID affiliates selling T/R assets in Minnesota. K-BID is willing to provide these services to affiliates free of charge under the following conditions:

• The affiliate provides K-BID with a signed original Electronic Payment Authorization (ACH) form. 
• The affiliate understands they must use K-BID dealer services for all T/R assets they sell in Minnesota.  Due to the complexity of dealer regulations, K-BID requires an all or nothing commitment from affiliates when it comes to processing their T/R assets.
• The affiliate understands and agrees to comply with K-BID’s dealer services procedures and timelines. 
• The T/R assets listed on the auction meet the reserve (if applicable) and appear on a winning bidder invoice.  If a T/R asset fails to meet the reserve, the affiliate will be charged a $125 document administration fee for each T/R asset not meeting the reserve. 

K-BID's Requirements to Sell Titled/ Registered Assets on K-BID.com

1. Vehicles 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.
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 Description 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 winning bidders who have dealer's licenses. When K-BID provides dealer services, the affiliate will be charged $125 for every vehicle that does not sell due to the reserve not being met or 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. Effective September 28, 2017: A vehicle listed with a reserve that is not met may be relisted with a reserve one time. Items that fail to meet the reserve after the second time can only be posted again without reserve.  
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, prior salvage or reconstructed, this information must be stated in the description.

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 (vehicles over one ton)
  • Engine number (motorcycles)

Trailers/Semis & Fish House Trailers 

• • Year
  • Make
  • Model
  • Plate Number
  • Permanent Registration Number 
  • VIN Number (Some smaller trailers do not have VIN Numbers)
  • Gross Vehicle Weight (for trailers over one ton)

Boats

• • Year
  • Make
  • Model
  • Hull ID/Serial Number (Some older boats do not have a hull ID number)
  • Boat Length 
  • Registration Number 
• All motorized watercraft regardless of length and non-motorized watercraft over 10 feet MUST be licensed by the DNR.  The types of watercraft that MUST be licensed include, but are not limited to, motorboats, sailboards, stand-up paddle boards, canoes, kayaks, paddle boats, rowing shells or sculls, all-terrain vehicles used in water and inflatable craft.

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 

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