Most of the insurance salvage is sold through an auction process. There are a few different types of auto insurance salvage auction types.
Sales Status indicates the current status of the lot. Possible values and their meanings are:
Pure Sale – There is no minimum bid or reserve price. The lot will be awarded to the highest bidder at the close of bidding during the virtual auction.
On Approval – Seller has reserved the right to approve the final high bid achieved during the virtual auction. Seller has until 6:00 p.m. PST one business day after the sale to approve the bid. The high bidder is obligated to purchase the vehicle if released by the Seller within the approval period.
Minimum Bid – Seller has placed a reserve price on the lot. If the minimum bid is not surpassed during the virtual auction, Seller has until 6:00 p.m. PST one business day after the sale to accept the bid.