This article is part of a chain handling the fundamentals of UK vehicle and car auctions. Some of the phrases used may additionally practice to other countries however unique car necessities are UK based.
A
• Auction – The procedure through which silent auction donations gadgets are sold to the highest bidder inside a aggressive surroundings
• Auctioneer – The man or woman answerable for controlling the public sale
B
• Bid – An sum of money presented via a bidder for a specific lot
• Bidder – A man or woman or employer competing to purchase a selected lot
• Bidding Number – A specific wide variety assigned to a bidder during a few kinds of auction
• Buyers Fee – An amount of money delivered to the Hammer Price of a particular lot or buy – on occasion known as Commission
C
• Cashier – A member of Auction personnel answerable for taking charge from shoppers and liberating Vehicle Documents and Pass Outs
• Catalogue – A listing of the items on the market in any individual auction
• Closed Auction – A sale simplest to be had for invited customers
• Commercial Vehicles – Any object at auction this is typically used for a enterprise nature.
Can encompass trucks, vehicles, tractors and plant items
• Commission – See Buyers Fee
• Company Fleet – A organization of cars used for the needs of a commercial enterprise or enterprise and typically leased from a leasing company
• Contract Hire – A shape of long term leasing settlement presented by means of Leasing Companies
• Cover Note – A certificates of motor insurance presented with the aid of coverage organizations as a temporary measure until complete certification arrives
D
• Date of First Registration – The time at which a automobile changed into assigned is Registration Number
• Dealer Group – A chain of car dealerships operating both underneath a manufacturer franchise or independently and selling one or extra make of car from one or greater geographic place. A kind of consumer and supplier at car auctions
• Dealership – A unmarried location inside a Dealer Group. An impartial car dealer
• Deposit – The sum of money that have to be paid so as to bid in any given public sale, or to relaxed a bid on any given car
• Drive Away Insurance – Cover supplied by means of insurance businesses to allow a customer to drive a car after buy. Sometimes supplied free through auctions
• Dutch Auction – A version of the English Auction system where the Auctioneer starts offevolved with a excessive asking price that is then diminished until a bidder accepts
• DVLA – The Driver and Vehicle Licensing Agency, an Executive Office of the Department for Transport (DfT)
E
• English Auction – The maximum broadly used and recognisable machine of auctioneering whereby the sale of an item is determined through an increase within the fee of bids till a final bid and bidder continue to be
• Entry Details – Information shown at the Windscreen Entry Form describing the vehicle which include the present day Odometer studying, Service History, MOT and Road Tax popularity and different data of interest to Buyers
• Entry Fee – The fee to go into your car into any given auction
F
• Fee – Any fee brought to the value of selling or buying a car at public sale
• Finance House – A organization that leases automobiles to agencies, enterprises or to non-public individuals. A type of supplier at automobile auctions
• Fleet Vehicles – A automobile or van which has formerly been leased by using a business enterprise or enterprise
• Former Keepers – The number of individuals, firms or corporations that have previously kept any given vehicle
G
• Gavel – The reliable call for an auctioneers hammer
H
• Hall – The vicinity wherein the auction takes place. There may be one or more halls located inside an public sale website
• Hammer Price – The value at which an object or lot is sold. This price is set once the auctioneer broadcasts the item as bought and brings down the gavel
I
• Inspection Report – A record created by means of an engineer or auction worker highlighting any damage or troubles with a automobile
J
K
• Key Room – The workplace inside an auction website wherein car keys may be saved and released to a client upon presentation of a Pass Out
L
• Leasing Company – An organization which rentals cars to enterprise or organizations to form their fleet. A kind of seller at vehicle auctions
• Log Book – An common call used for a cars Vehicle Registration Document or V5c
• Lot – Any item on the market inside any given auction
• Lot Number – The particular range assigned to any item for sale in any given auction
M
• Main Agent – The approved vendor and service centre of a selected type, or kinds, of vehicle inside a given geographical region. May additionally be utilized in reference to a automobile’s Service History which may also include their stamp
• Manufacturer – The maker of a sort of car. A kind of vendor at automobile auctions
• Margin – The difference between expenses and outlay to accumulate an item and the full next sale value
• Mileage – The cutting-edge miles travelled through any precise car as proven on the vehicle’s Odometer
• MOT – A certificates confirming that at the time of the closing check, a vehicle met the minimal statutory safety and environmental standards
N
• Non-runner – Used to describe a vehicle when the engine will now not start
O
• Odometer – A tool which records the current miles travelled with the aid of a automobile and then shows this file
• Open Auction – A sale where all and sundry is loose to attend and bid
P
• Part X – Vehicles provided at auction that have been traded to a Dealership in go back for a brand new vehicle
• Pass Out – A form given to the buyer of a car indicating that the sale is entire and allowing the client to get rid of the vehicle from the public sale website
• Plant – A time period used to describe any gadgets which do not suit into the general sale classes. Can specially be used to describe agricultural equipment, business items or non road cars
• Plate – Term used to refer to a motors registration range
• Private Buyer – The term used to explain a member of the general public no longer associated, or bidding for, commercial gain
• Provisional Bid – The machine wherein the auction will touch the vendor and offer them the highest bid finished for the duration of an public sale if this bid has no longer met the set reserve fee