Terms

Auction Terms:

A
“AS-IS”- Refers to the condition of the item being sold.. It means the item is being sold complete with all issues known and unknown. Essentially, the term frees the seller from legal recourse should an unexpected problem arise with the item after the sale.Furthermore, a car being sold “as is" is being sold without a warranty. That means that any problem with the car is no longer the responsibility of the dealer or seller once it has been sold. All repair costs will come directly out of pocket for the buyer.

B
Balance- the total amount of money owed on a vehicle after fees and the deposit have been factored in to the bid price. 

Bid- The amount of money offered for a vehicle in the sale. The auctioneer typically sets standardized bidding increments by which to increase the price as people bid up. 

Buyer Fees- A fee paid to the auction house by the winning bidder. The amount of the fee varies by auction.

Bill of Sale- A document used to record the data related to the transfer of an automobile

 

C
“CAT/(s)”- Catalytic Converter

Consignment-  Vehicles assigned to a third-party vendor (e.g. an auction house) for sale. The seller pays a consignment fee to the company, and in return the entire sale is handled by the company on the seller’s behalf. These vehicles have a reserve set by the seller. 

 

D
Deposit- The amount of money paid to the auction house to ensure that you, the buyer, will see the auction through and if not, covers the cost of any penalties that may occur as a result of the buyer’s default. This amount is not refundable. The minimum amount that can be paid as a deposit is US$300 for a buying power of up to US$1999. A bid of US$2000 or  more, will require a deposit of US$500.  

 

G
Green Light– Auction term for a vehicle that is sold with a 1 hour warranty for issues with motor or transmission ONLY. The fee for this  warranty is nonrefundable.

 

O 
Offer/ IF– An offer made strictly between the buyer and the seller and not binding on either party until the sale is consummated. Usually facilitated by the auction between the buyer and seller. The bidder agrees to buy the vehicle “IF” the seller will accept the offer within a specified period of time. 

 

P 
Preview/ Inspection- A time prior to the auction during which potential buyers can inspect the vehicles on docket.

 

R
Reserve Price– In most cases, the minimum price a seller is willing to accept. This happens when a seller sets a reserve price on the car. 
Ringman- An auction company employee who assists the auctioneer in spotting bidders (so the auctioneer knows who the bid came from) and controls bidding advancement. 
Run List– The listing of vehicles for sale at a particular auction.
Run Numbers– (a) Numbers assigned to a vehicle or a consignors’ vehicle 


S
Salvage– A vehicle that is not economical to repair and is sold for the value of its salvageable parts.


T

Title– A legal document issued by the state showing the owner’s name and the vehicle’s mileage at the time of sale.
“Title Absent” (or “Title Pending”)– When a vehicle is sold “title absent,” the title is not available on auction day and must be produced and delivered to the auction by the seller within a certain period of time.

 

V
Vehicle Identification Number (VIN) – A 17-digit combination of letters and numbers that identifies an individual vehicle. It is located on the driver's side of the dashboard at the base where the windshield glass and dashboard meet. Each digit or letter in the VIN provides information about the vehicle.