This article is part of a series covering the basics of car and vehicle auctions in the UK. Some of the terms used may apply to other countries but vehicle specific requirements are based on the UK.

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• Auction – The process by which items are sold to the highest bidder in a competitive environment.
• Auctioneer – The person responsible for controlling the auction

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• Offer: An amount of money offered by a bidder for a particular lot.
• Bidder: a person or company that competes to buy a particular lot.
• Bid Number – A unique number assigned to a bidder during some types of auctions.
• Buyers Fee – An amount of money added to the Hammer Price of a particular lot or purchase – sometimes called a Commission.

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• Cashier: An Auction staff member responsible for receiving payment from buyers and releasing Vehicle Documents and Tickets.
• Catalog – A list of items for sale in any auction.
• Closed auction: a sale only available to invited buyers
• Business Vehicles – Any auction item used primarily for business purposes.
May include van, truck, tractor and plant elements.
• Rate – See buyers rate
• Company Fleet – A group of vehicles used for the needs of a business or organization and typically leased from a leasing company.
• Rental agreement: a form of long-term lease offered by leasing companies
• Coverage note: a certificate of auto insurance offered by insurance companies as a temporary measure until full certification arrives

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• Date of first registration: the time a vehicle was assigned is the registration number
• Dealership Group – A chain of automobile dealerships operating under a manufacturer’s franchise or independently and selling one or more brands of vehicles from one or more geographic locations. A type of buyer and seller at car auctions.
• Dealer – A single location within a group of dealers. An independent car dealer
• Deposit – The amount of money that must be paid to bid on a given auction or to secure a bid on a given vehicle.
• Drive Away Insurance – Coverage offered by insurance companies to allow a buyer to drive a vehicle after purchase. Sometimes offered for free through auctions
• Dutch auction – a variant of the English auction system where the auctioneer starts with a high selling price which is then lowered until a bidder accepts
• DVLA – The Driver and Vehicle Licensing Agency, an Executive Office of the Department for Transport (DfT)

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• English Auction – The most widely used and recognizable auction system in which the sale of an item is determined by an increase in the value of bids until there is a final bid and bidder remaining.
• Entry Details – Information displayed on the windshield entry form that describes the vehicle, such as current odometer reading, service history, MOT and road tax status, and other information of interest to drivers. buyers.
• Entry Fee – The cost of entering your vehicle into any given auction

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• Fee – Any charge added to the cost of buying or selling a vehicle at auction.
• Finance House – A company that leases vehicles to companies, organizations or individuals. A type of seller at car auctions.
• Fleet vehicles – a car or van that has been previously leased by a business or organization
• Former owners: the number of people, organizations or companies that have previously owned a given vehicle

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• Hammer: the official name of an auctioneer’s hammer

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• Hall – The area in which the auction takes place. There may be one or more rooms located within an auction site
• Sale price: the value at which an item or lot is sold. This value is set once the auctioneer declares the item sold and lowers the deck.

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• Inspection Report – A document created by an auction employee or engineer that highlights any damage or problems with a vehicle

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• Key room: the office within an auction site where the vehicle keys will be kept and delivered to the buyer upon presentation of a Pass Out

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• Leasing Company – An organization that leases vehicles to businesses or organizations to build their fleet. A type of seller at car auctions.
• Registration Book – a common name used for a vehicle Vehicle Registration Document or V5c
• Lot: any item for sale within a given auction
• Lot Number – The unique number assigned to any item for sale at any given auction

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• Principal Agent – ​​The authorized dealer and service center for a particular type(s) of vehicles within a given geographic area. Can also be used in reference to a vehicle’s service history which may include its stamp
• Manufacturer: The manufacturer of a vehicle type. A type of seller at car auctions.
• Margin: The difference between the costs and outlay to acquire an item and the total value of the subsequent sale.
• Mileage – The current miles traveled by any particular vehicle, as displayed on the vehicle’s odometer.
• MOT: a certificate confirming that, at the time of the last test, a vehicle meets the minimum legal safety and environmental standards

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• Non-runner: used to describe a vehicle when the engine does not start

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• Odometer: a device that records the current miles traveled by a vehicle and then displays this record
• Open Auction – A sale where anyone can attend and bid.

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• Part X – Vehicles offered at auction that have been traded in with a dealer for a new vehicle
• Pass Out – A form given to the buyer of a vehicle indicating the sale is complete and allowing the buyer to remove the vehicle from the auction site.
• Plant – A term used to describe any item that does not fit into general sales categories. It can be used primarily to describe farm machinery, industrial items, or non-road vehicles.
• Plate – Term used to refer to the registration number of a vehicle
• Private Buyer – The term used to describe a member of the public who is not associated with or bidding for a commercial gain.
• Provisional Bid: the system by which the auction will contact the seller and offer the highest bid achieved during an auction if this bid has not reached the established reserve price.

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• Registration number: the unique code assigned to a vehicle by the DVLA and used to identify it
• Remarketing – The industry term used to describe the sale of used vehicles at auction.
• Reserve: the minimum sale value established by the seller in any lot
• Road tax: the statutory amount payable on all vehicles to drive them on UK roads.
• Tribune – The stage or podium where the auctioneer is located and from where the auction is controlled.
• Grandstand Clerk: An auctioneer’s assistant who acts as a liaison with the customer during the auction.

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• Sale – The time during which the Auction takes place
• Service history: details of a vehicle’s maintenance and past. It will include details of when and with what mileage services have been performed on a vehicle. Seals may include those of local garages or those of major agents
• Sold As Seen – The process by which vehicles are offered and/or sold without warranty

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• Tax disc: certificate attached to the inside of the windshield of a vehicle confirming that it has current road tax.
• Trade – Auction buyers or sellers operating within the Automotive Industry

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• Unsold- A vehicle that has been put up for auction and has not been purchased either due to lack of interest from Buyers, the final offer does not meet the Reserve, or the Seller rejects a Provisional Offer.

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• V5C: Also known as log book. Shows the current registered owner of the vehicle and is used to inform the DVLA of any changes in ownership
• VAT Margin: Applicable to commercial buyers who will have to pay VAT on their Margin when they sell the vehicle in
• VAT qualification: applicable to commercial buyers. VAT is paid on the auction price of a vehicle
• Vehicle documents – the collective term used to describe all legal and additional documents related to a vehicle
• Vehicle Logistics: The process and system of arranging vehicles for pickup and delivery to and from auction sites.
• Seller: a company, organization, or individual who sells their vehicle(s) at auction

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• Guaranteed Mileage – Used to describe when a vehicle’s provider has confirmed that the current odometer reading is correct and accurate
• Windshield Entry Form – A document attached to the interior of a vehicle that shows the vehicle’s entry details.

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