1. Purpose
This Cancellation Policy (“Policy”) governs the rights and obligations of sellers and dealers who participate in transactions facilitated through the Bidbus platform (“Bidbus”).
By accepting an offer on Bidbus, you acknowledge and agree to be bound by the terms set forth in this Policy.
2. Seller Cancellation
2.1. Once a seller (“Seller”) accepts an offer from a dealer (“Dealer”), the Seller enters into a binding agreement to complete the sale under the terms of the accepted offer.
2.2. If the Seller elects to cancel, withdraw, or otherwise fail to complete the transaction after accepting an offer, the Seller shall be liable for a cancellation fee of five hundred dollars ($500 USD) (“Cancellation Fee”).
2.3. The Cancellation Fee is intended to compensate Bidbus and the Dealer for the time, administrative effort, and opportunity costs incurred as a result of the cancellation.
3. Dealer Cancellation
3.1. Dealers are similarly bound to honor their winning bids.
3.2. If a Dealer fails to complete a transaction after winning an auction and does not provide a valid reason for withdrawal as defined in Section 4, the Dealer shall be liable for a penalty fee of five hundred dollars ($500 USD) (“Dealer Penalty”).
3.3. The Dealer Penalty shall be transferred to the Seller as compensation for the failed transaction.
4. Valid Reasons for Dealer Withdrawal
4.1. A Dealer may only withdraw from a winning bid if material, undisclosed issues are identified during inspection that substantially affect the vehicle’s condition, safety, or value.
4.2. Valid reasons for withdrawal include, but are not limited to:
Moderate or major accident damage not previously disclosed;
Significant mechanical or electrical malfunctions;
Severely worn, unsafe, or mismatched tires;
Structural, flood, or fire damage;
Any other material defect or misrepresentation that reasonably impacts the vehicle’s market value or safety.
5. Enforcement and Collection
5.1. Bidbus reserves the right to charge, deduct, or invoice the applicable fee (Cancellation Fee or Dealer Penalty) through the payment method provided by the responsible party or by other lawful means.
5.2. Failure to remit payment within the specified timeframe may result in suspension or termination of the responsible party’s Bidbus account and/or referral to a collections agency.
6. Mutual Obligation of Fairness
6.1. This Policy is designed to promote mutual trust and accountability among all Bidbus participants.
6.2. By using the Bidbus platform, both Sellers and Dealers agree to act in good faith and fulfill their respective commitments once an offer is accepted.
7. Summary
Seller Cancellation: A $500 fee applies if a Seller cancels after accepting an offer.
Dealer Cancellation: A $500 penalty applies if a Dealer cancels without a valid reason; the amount is paid to the Seller.
Effective Date: 04/22/2022
Last Updated: 10/31/2025