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

General definitions

Buyer’s fee

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

Catalogue

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

Remarketing

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.

The sale

The auction.

Vendor

People or companies who are selling vehicles at auction.

Type of Sales

Auction in hall

Physical auction at one of our branches.

Bid Now

Open online auction for a given period.

Buy Now

Fixed Price auctions.

Closed auction

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

Live Online

Webcast to online auction run by an auctioneer live.

Open auction

A sale that can be attended by all buyers.

Sealed Auction

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

xBid

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

In Sale definitions

Lot number

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

Hammer Price

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

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, the sale will be bound.

Reserve 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.