Overview
Yes. If the highest bid meets or exceeds your reserve price, your car is considered sold. At that point, you are obligated to complete the sale.
Why it works this way
The reserve price is your protection — you set the minimum you’re willing to accept. Once a dealer meets it, the sale becomes a two-way binding agreement:
You must honor the sale at the winning bid.
The dealer must also honor their offer.
If a dealer fails to honor their winning bid, they must pay a penalty fee. This penalty is transferred to you, the seller, as compensation for the broken agreement. It ensures that every bid you see is real and reliable, and it creates accountability for both sides.
Example
If you set your reserve at $25,000 and the highest bid comes in at $25,200, you must move forward with the sale. The dealer is equally obligated to pay that exact price. If they fail to do so, they are penalized and you receive the compensation.
In short
Once your reserve is met, the sale is binding on both sides. Sellers are protected by guaranteed bids, and if a dealer breaks the contract, their penalty is passed on to you — so you’re never left empty-handed.