Step 1: Preparing to Publish Titled/Registered Assets

 

 

After creating the auction on K-BID.com and ensuring all the requirements for selling titled/registered assets are met see Selling Titled Assets Overview for requirements), the affiliate will:

1. Create the auction with the T/R asset(s).  The auction should be completely ready to publish prior to sending paperwork to K-BID's Title Department.  (The dates and times chosen for auction close, inspection and removal should not be changed once the approval to publish the auction has been given.)
2. Change the Lot Description for each T/R asset to tax-exempt by removing the check mark in the "Is Taxable" box. Sales taxes for T/R assets are paid directly to the DMV by K-BID at the time the title work is submitted for processing. 
3. Save the auction as a Draft
4. Notify K-BID's Title Department there is an auction with T/R assets ready for review by sending an email to [e-mail].  The subject line of the email must include Affiliate Name, Auction Name and Auction ID Number.  
5. Submit scanned copies of the front and back of the title and a completed and signed DMV Consignment Form for every titled asset on the auction. If there is a secured party listed on the title, a lien release, front and back must also be supplied.
6. Attach copies of all required documents (by lot, starting with the consignment form) for each T/R asset to the email.
7. After the Title Department has confirmed the auction and documents are in order, the affiliate will receive an email stating the auction can be published.  If it is discovered the auction and documents are not in order, the affiliate will be notified of the deficiencies and will begin the process again after they have resolved the issues.
8. At the time the auction is cleared to publish, or very soon thereafter, the affiliate will receive an email from the Title Dept. providing a customized checklist on the title work requirements for each T/R asset in the auction. The checklist will contain links to relevant title examples (showing where on the title the seller must sign and where the buyer must sign), as well as the forms required to transfer ownership of the vehicle. THIS CHECKLIST MUST BE FILLED OUT AND RETURNED WITH TITLE WORK POST-AUCTION.
9. Affiliates are responsible for reviewing and understanding the checklist and doing whatever prep work is necessary to ensure the title work is filled out correctly and completely by the winning bidder and/or the seller on the auction removal day.  K-BID's Title Department is available Monday - Thursday, 9am - 4pm and Friday 9am-12pm to assist affiliates with title work questions or issues.