Jargon Buster

Unfamiliar with the car auction jargon? Find below the definitions of specific terms you might be looking for.

Car sale jargon at BCA

Unfamiliar with the car auction jargon? Find below the definitions of specific terms you might be looking for:

Lot number

The number allocated to the vehicle (and marked on the vehicle) going through auction, listed in the catalogue.

Auction catalog

The listing of all vehicles to be offered for sale at a given auction.

Auction in hall

Auction held in one of our physical centers. There you can see and start the vehicles before the auction.

Live Online

Webcast to online auction run by an auctioneer live.

Bid Now ("Direct" auction)

Online electronic auction that can only be followed through the internet: Our system acts as an auctioneer automatically. It´s an open online auction for a given period.

xBid

Extra window of time to bid at each vehicle at the end of certain Bid Now auctions.

Buy now

Fixed Price auctions.

Sealed Auction

 A type of auction in which all bidders simultaneously submit sealer bids to the auctioneer. Highest bid wins.

Automatic bid (or proxy bid)

It works both in physical and electronic auctions, previously indicating the maximum price that is willing to pay for the lot. In this way, the system is responsible for bidding as if it were the bidder, always without exceeding that maximum amount.

Reserve price (target price)

The minimum price specified by the seller for which they are willing to sell the vehicle.  This information is confidential to the auction.  If the reserve price is not met, the vehicle will be put forward for provisional sale or on sell during the next auction.

Provisional sale

If a vehicle has not met the reserve price, we contact the seller to ask if they are willing to accept the highest bid. The vendor may accept the provisional price, or may request a further increase in price. Only if both parties reach agreement on the price negotiated, will the sale be binding.

Definitive sale

A sale is considered final when the price reached in the auction is equal to or higher than the target price.

Fall of the hammer

Signifies that the vehicle has been sold. No further bids will be accepted after this time.

Hammer price 

The price the vehicle is sold for, when the auctioneer states the vehicle is “sold” and brings down the hammer.

"Venta en Estado" (Sold as seen)

Applies when a vehicle is offered without a guarantee.

Guaranteed km

The kilometers are guaranteed whenever the maintenance history is available (as in the case of renting vehicles) or with a properly sealed book of revisions. These cases will be explicitly mentioned in the file of each vehicle.
Purchase rateThe fee to be paid for each vehicle or lot purchased. Its value depends on the loyalty card of the buyer.

Vendor

People or companies who are selling vehicles in the auction.

Applicable VAT

In relation to the applicable VAT, each vehicle is identified, either as a General Scheme or as a Regime for Used Goods, also known as REBU.

General Regime

When a vehicle is advertised as subject to the General Scheme it means that this VAT has not been passed on and therefore can be deducted in its next declaration. In these vehicles the VAT will be broken down in the invoice as a separate item from the total sale.

REBU (Used Goods Regime)

Some of our used vehicles are subject to the Used Goods Regime (REBU). This regime only requires declaring VAT for the difference between the purchase price and the sale price, that is, for the margin obtained. There is no VAT to be deducted in this type of purchases and you do not have to pay any amount if you have not made a profit with that sale.

Buyer’s fee

The fee payable on each vehicle (or lot) purchased.

Open auction

A sale that can be attended by all buyers.

Closed auction

The sale can only be attended by invited buyers (usually trade).

Non-running vehicle

A vehicle that won’t start.

Remarketing

The sale of used vehicles at auction.

The sale

The auction.

BCA Responde

Name of the customer service department of BCA Spain, formed by a specialized team.


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