Auction Lingo
An auto auction is a business that acts as the middle-man between a buyer and a seller. They work for the seller and not the buyer. There is two basic types of auto auctions, Public and Dealer.
Run List:
List of vehicles that will “run” at the next auction.
Auction Block:
The area at which the vehicle is being auctioned.
Market Report:
List of all previous sales at the auction with the winning bid price.
Bid Price:
Bid accepted from the auction floor or block on that unit.
Floor or reserve price:
A minimum amount that the seller will take for their vehicle.
Lane:
Where the vehicle runs to be auctioned off. Every lane has an auctioneer assigned to it. Example, Lane A, Lane 1 etc.
Run Number, Inventory Number or lot Number:
Location of vehicle in a particular run, example: A12.
In-Op:
These vehicles do not run. Inoperative.
Clean Title:
No title defects. This does not mean the car does not have accidents, just that it wasn’t bad enough to be salvage.
Rebuilt Title:
Car has previous salvage history and has been rebuilt and inspected by state and reinstated for use.
Salvage Title:
Title issued on a total loss vehicle due to an accident.
Buy Fee:
This is an amount charged by the auction house above and beyond the winning bid. It’s usually proportional to the price of the vehicle.
Bid # or Bidder’s #:
Issued at registration and used when purchasing a vehicle, every buyer has a number.
Absolute:
Vehicle that does not have a “floor” price, will sell for the highest bid.
“if” or “verified with seller purchased”:
If seller isn’t present or not sure, the sale will be pending his approval.
Red Light:
Vehicle sold “AS IS” “WHERE IS” which means they carry no warranty of any kind either expressed or implied.
Green Light:
Some kind of implied guarantee is attached to the vehicle. Listen for the Auctioneer’s remarks for more info.
Ride and Drive:
The buyer has the right to drive and inspect the vehicle before paying for it and withdraw from the sale if major items are discovered.
Ring-man:
This is the auctioneer’s assistant, he collects bids from the auction floor.
Title Attached:
This is actually confusing because it means exactly the opposite. Title is not present at the time of sale.
