Auto Auction Guide
An auction is a business that acts as the middle-man between a buyer and a seller. Auctioneers
for the seller and not the buyer.
List of items that will “sell” at the auction.
The area at which the vehicle is being auctioned.
List of all previous sales at the auction with the winning 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 item.
Location where the item is 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 an item in a particular run, example: A12.
Items that are Inoperative. That don’t work.
No title defects and was not salvaged.
Item declared a total loss.
This is an amount charged by the auction house above and beyond the winning bid. It’s usually
proportional to the price of the item. Usually 10%.
Bid # or Bidder’s #:
Issued at registration and used when purchasing an item, every buyer has a number.
Items that don’t 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.
Items sold “AS IS” “WHERE IS” which means they carry no warranty of any kind either expressed
Some kind of implied guarantee is attached to the item. Listen for the Auctioneer’s remarks for
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.
This is the auctioneer’s assistant, he collects bids from the auction floor.