I listed the actual auction. I have access to the insurance auctions and thought it might help an individual looking to purchase a damaged vehicle.
The deposit is 100% refundable if the live auction goes higher than the bid placed. However, if the bid placed is the high live bid, then the buyer must complete the sale or lose their 20% deposit (to cover my fees as the insurance auction charges a hefty fee if you don't complete a sale)
They expect people to bid on an auction for a chance to bid on an auction. I have not seen anything on ebay like this before.
I've done this 4 times in the past, but never on a Corvette. Usually the eBay crowd is willing to pay less than salvage dealers, but occasionally a buyer steps up and gets a great deal. In this case, someone looking for a C6 to do custom body work or paint work to...or make into a track car, would get a huge savings...while someone looking to repair it could likely still end up saving over 10k.
It'd be interesting to see if anyone could actually repair this and make out saving anything at all.
I'm not the pro here, but have had some experiences with salvage and flood deals. One of the worst things besides water/fire damage is a twisted frame, and that ole gal is twisted up pretty good.
Id like to buy it but i have my concerns about losing my deposit also you told me that the bid hasent even reach 20 thousand and thats what the insurance company is gonna start theres off at. so i bid on ebay 15000 and then put a deposit down of 20% and then when it goes to the auction out there and bid starts higher and also if the bid was to start at 15000 i would lose because someone can out bid me by 500 dollars why not just have 1 auction just the 1 on ebay please let me know where i might be mistaken at? thanks