Unfamiliar with the car auction jargon? Find below the definitions of specific terms you might be looking for:
The fee payable on each vehicle (or lot) purchased.
The listing of all vehicles to be offered for sale at a given auction.
The term that encompasses all services as well as the sale of used vehicles at auction and the actual transfer of a vehicle from seller to buyer.
Sold as seen
It applies when a vehicle is offered without a guarantee.
People or companies who are selling vehicles at auction.
Type of Sales
Auction in hall
Physical auction at one of our branches.
Open online auction for a given period.
Fixed Price auctions.
The sale can only be attended by invited buyers (usually trade).
Webcast to online auction run by an auctioneer live.
A sale that can be attended by all buyers.
A type of auction in which all bidders simultaneously submit sealer bids to the auctioneer. Highest bid wins.
Extra window of time to bid at each vehicle at the end of certain Bid Now auctions.
In Sale definitions
The number allocated to the vehicle (and marked on the vehicle) going through auction, listed in the catalogue.
Fall of the hammer
It signifies that the vehicle has been sold. No further bids will be accepted after this time
The price the vehicle is sold for, when the auctioneer states the vehicle is “sold” and brings down the hammer.
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, the sale will be bound.
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.