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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.

Auction Lingo.  

Run List:
List of items that will “sell” at the 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 item.

Lane:
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.

InOp:
Items that are Inoperative. That don’t work.

Clean Title:
No title defects and was not salvaged.

Salvage Title:
Item declared a total loss.

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 item. Usually 10%.

Bid # or Bidder’s #:
Issued at registration and used when purchasing an item, every buyer has a number.

Absolute:
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.

Red Light:
Items 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 item. 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.

Ringman:
This is the auctioneer’s assistant, he collects bids from the auction floor.