Quick guide for sellers
Thank you for your interest in selling with GIQ Auction!
When you consign a vehicle (or equipment) valued at $5,000 or more
you can protect your price by using our Seller Approval system.
(Formerly known as having a Reserve)
Here is how Seller Approval works:
- You set a Seller Approval amount (a minimum amount you are willing to accept).
Important note: this amount does not cap the price - bidding can go higher!
- We list the lot “AUCTIONED ON APPROVAL OF SELLER”
- When the amount is reached, the lot is UNLOCKED and sells to the highest bidder.
- You may manually unlock at anytime via your Buyer/Seller login.
When Your Lot Sells
- The established rate of commission will be taken off hammer price,
- and payment is issued within 14 days after the sale.
If the final bid does not reach your Seller Approval amount by the end of the auction:
- The lot will show as “Pending Seller Approval” for approximately 2–3 minutes.
- During this time, you can either:
• Accept the highest bid, or
• Decline it.
If you decline the final auction bid, we then proceed with our
Last Chance Option (which runs until Friday at 5:00 PM)
Your “Last Chance Offer” will first be revealed to the highest bidder,
(this price must be lower than your original Seller Approval)
then becomes available to all other potential buyers.
If an offer is received, you have until Friday at 4:59 PM to accept it.
If the vehicle does not sell by Friday at 5:00 PM
- The lot is considered unsold and a $500 + tax UNSOLD FEE applies.
- You then have 7 days to remove the vehicle from our site.
Why Seller Approval Works
This system gives you some protection on price while still allowing the market to compete for your vehicle or equipment — giving you both control and opportunity.
For sellers who cannot be online,
a representative will contact you by phone before the end of the auction.
Seller fees click here
Pre-sale period
For more info or to get an appraisal call us at 1-888-676-6364 or use or online form Sell with us form
