GM Vault Auction Rules.
These rules govern every live auction on GM Vault. Placing a bid means you have read and accepted them.
Auction duration
Every auction runs 7 days. If the reserve is not met, the listing transitions to Bid Goes On for an additional 7 days as a Buy-It-Now at the reserve price.
Bid increments
Minimum bid increments scale with the current high bid:
- $0 to $10,000 — $100 increments
- $10,001 to $50,000 — $250 increments
- $50,001 to $100,000 — $500 increments
- $100,001 or more — $1,000 increments
You may always enter a higher amount than the minimum. Bids are placed at the exact amount you enter — there is no eBay-style proxy bidding.
Soft-close extensions
Any bid placed in the final 2 minutes resets the clock to 2 minutes. This continues until no further bids are placed, ensuring a fair finish and eliminating sniping.
Reserve price
Reserve prices are confidential. If the reserve is not met at auction close, the seller has no obligation to sell, and the listing transitions to Bid Goes On for 7 days at the reserve price as a Buy-It-Now.
Buyer's premium
GM Vault charges a 5% buyer's premium on the final sale price, billed to the winning bidder's payment method on file. The full sale price is paid directly to the seller.
Conduct
Shill bidding, bid manipulation, coordinated bidding, fake accounts, harassment of other members, and posting false information are prohibited and result in immediate account termination and removal of listings.