K-BID strongly discourages placing reserves on auction lots. An item with a stated reserve frequently has the effect of drawing fewer bidders and consequently getting lower prices. K-BID’s goal is to sell items at the highest price possible; reserves have proven to be detrimental to achieving this goal.
That being said, it is recognized that occasionally a seller will require that a reserve be placed on one of their assets. This should be the exception and not the rule. Items likely to sell for under $2,000 should never have a reserve placed on them. All reserves must be reasonable (50% of value); meaning the likelihood of the reserve being met by independent bidders is high. If the seller has unreasonable expectations of the price required, affiliates should decline the item and not include it on the auction.
The minimum reserve for lots listed on K-BID.com is $100.
If an affiliate uses K-BID as their Dealer of Record and agrees to a titled/registered asset with a reserve for consignment, the affiliate will be charged a No Sale Doc Admin fee for each vehicle that fails to sell because the reserve was not met.
An asset that doesn't sell because the reserve was not met, can be relisted with a reserve one more time. If the asset fails to meet the reserve the second time, the asset cannot be relisted again on an auction unless the seller agrees to sell without reserve and commits to selling the asset to the high bidder, regardless of the high bid amount.