FAQ
What is RepoLot?
RepoLot sells repossessed units on behalf of financial institutions that had originally financed the units. Once the units are repossessed and all legal formalities completed, they are available to the LICENCED DEALERS by sealed bid tender bidding.
How does RepoLot's Sealed Bid Tender work?
RepoLot sells its repossessed inventory on behalf of financial institutions that have provided financing for the security (vehicle, RV, boat, trailer, etc.). The Sealed Bid Tenders are received from the date the unit is in inventory. Some vehicles are not yet available for sale as the legal notice has not yet expired, and other units are available for sale immediately.
What is a closed bidding auction?
A Sealed Bid Tender is a type of auction system where DEALER bidders place bids on an item up until the date of sale. The bids are confidential and not viewable by other DEALER bidders. Once the date of sale is reached the highest bidder may be selected by the seller's agent to transact a sale.
Do you have a reserve price?
Our entire inventory carries a reserve price. This price has been approved by our clients and the highest bid must meet the reserve for the unit to be sold.
What does the bid amount include?
The bid amount is the price the bidder is willing to pay for a unit. It does not include any applicable fees associated with the purchase of the unit, such as buyers or licensing fees. HST will be added to the sale amount.
Are there any additional fees?
Yes there is a fee the successful bidder must pay in addition to the bid that was made. The buyer's fee on any unit is $395.00, in addition to $125 for Licensing.
Can I come to inspect a unit before bidding?
Yes, potential DEALER bidders are allowed to visit our location during business hours to view and inspect our inventory.
Does RepoLot provide the condition of the inventory for sale?
RepoLot discloses information regarding units if they have been used in a certain manner or has significant damage. Please make all inquiries through our sales staff.
Can I bring a mechanic to inspect the unit at your retail location?
Yes, DEALER bidders may schedule an appointment with our staff to inspect a unit on the premises. All units must be inspected on the premises and may not leave the lot.
Is there any warranty on any of your units?
RepoLot does not offer any warranty on any of its inventory. All units are sold as is with no warranty given or implied. Balance of manufacturers warranties are included but extended warranties are not included.
How will I be notified if my bid was successful?
Successful DEALER bidders will be contacted through the phone number they had provided upon registration.
When can I pick up my unit once I have won the auction?
Successful DEALER bidders will be asked to make a deposit with RepoLot and a date for pickup will be scheduled once the sale is approved by the financial institution that has rights to the unit.
Why can't I pick-up the unit today?
There are a number of legal formalities that must be fulfilled before a unit is sold to a customer. We ensure all these formalities have been fulfilled before handing over the unit to our customers.
What methods of payment may I use?
RepoLot accepts debit transactions for deposits. However bank drafts or money orders are required for balance of payment in full. RepoLot does not accept payment through credit cards, cash or cheques of any kind.
Can I have the vehicle delivered?
RepoLot does not offer any delivery or transport services, however, we can refer you to a transportation company that you can deal with directly.