Top Vehicle and Vehicle Auction Terms Described

This information is a part of a set coping with the fundamentals of United kingdom vehicle and vehicle auctions. A few of the terms used may apply abroad but specific vehicle needs are United kingdom based.

A

• Auction – The procedure through which products are offered towards the greatest bidder inside a competitive atmosphere

• Auctioneer – The individual accountable for manipulating the auction

B

• Bid – Some money provided by a bidder for the lot

Bidder – A company or person competing to buy a specific lot

Putting in a bid Number – A distinctive number allotted to a bidder during some kinds of auction

• Buyers Fee – Some money put into the Hammer Cost of the particular lot or purchase – sometimes known as Commission

C

• Cashier – Part of Auction staff accountable for taking payment from buyers and releasing Vehicle Documents and Pass Outs

• Catalogue – A summary of the products for purchase in almost any one auction

• Closed Auction – A purchase only accessible for asked buyers

• Commercial Vehicles – Anything at auction that’s mainly employed for a company nature.

May include vans, trucks, tractors and plant products

• Commission – See Buyers Fee

• Company Fleet – Several vehicles employed for the requirements of a company or organisation in most cases leased from the leasing company

• Contract Hire – A kind of lengthy term leasing agreement provided by Leasing Companies

• Cover Note – Certificates of car insurance policy provided by insurance providers like a temporary measure until full certification arrives

D

• Date of First Registration – Time where an automobile was assigned is Number Plate

• Dealer Group – A series of vehicle dealerships operating either within manufacturer franchise or individually and selling a number of model of vehicle from a number of geographic location. A kind of buyer and vendor at vehicle auctions

• Dealership – Just one location inside a Dealer Group. A completely independent vehicle dealer

• Deposit – How much money that must definitely be compensated to be able to bid in almost any given auction, or to have a invest in a vehicle

• Drive Away Insurance – Cover provided by insurance providers to permit a purchaser they are driving an automobile after purchase. Sometimes offered free through auctions

• Nederlander Auction – A variant from the British Auction system in which the Auctioneer starts with a higher selling price that is then decreased until a bidder accepts

• DVLA – The Motive Force and Vehicle Licensing Agency, a professional Office from the Department for Transport (DfT)

E

• British Auction – Probably the most broadly used and recognisable system of auctioneering whereby the purchase of the item is dependent upon a rise in the need for bids until your final bid and bidder remain

• Entry Details – Information proven around the Windshield Entry Form describing the automobile like the current Odometer studying, Service History, MOT and Road Tax status along with other information of great interest to Buyers

• Entry Fee – The price to go in your automobile into a auction