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Vehicle Auction Glossary

Essential terminology for automotive professionals working with B2B vehicle auctions, remarketing platforms, and wholesale trading.

34
Terms Defined
6
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Auction Formats (6 terms)

Buy Now

A fixed-price purchasing option that allows buyers to immediately acquire a vehicle at a predetermined price without participating in competitive bidding.

Also: Fixed Price, Instant Purchase, Buy It Now

Dutch Auction

An auction format where the price starts high and decreases incrementally until a bidder accepts the current price, at which point the sale is completed.

Also: Descending Price Auction, Clock Auction

Live Online Auction

A real-time digital auction event where bidders compete simultaneously over the internet, with bids placed and prices updated in real-time until the auction closes.

Also: Simulcast Auction, Real-Time Online Auction

Proxy Bidding

An automated bidding system where bidders set a maximum amount they are willing to pay, and the platform automatically places incremental bids on their behalf up to that limit.

Also: Automatic Bidding, Max Bid, Auto-Bid

Sealed Bid

An auction format where bidders submit confidential offers without knowing other participants' bids, with the highest qualifying bid winning when the submission period closes.

Also: Blind Auction, Tender Auction, Closed Bid

Timed Auction

An auction format where bidding remains open for a set period, typically 24-72 hours, allowing participants to place bids at their convenience until the closing deadline.

Also: Extended Auction, Asynchronous Auction

Fees & Costs (6 terms)

Buyer Fee

A fee charged by the auction platform to the winning bidder, typically calculated as a percentage of the hammer price or as a flat amount per transaction.

Also: Buyer's Premium, Purchase Fee, Acquisition Fee

Hammer Price

The final winning bid amount at which a vehicle is sold, before any additional fees, taxes, or charges are applied.

Also: Winning Bid, Sale Price, Knock-Down Price

Listing Fee

A fee charged to sellers for placing a vehicle on an auction platform, typically payable regardless of whether the vehicle sells.

Also: Entry Fee, Insertion Fee, Registration Fee

Seller Fee

A fee charged by the auction platform to the vehicle seller, typically calculated as a percentage of the sale price or as a flat amount per vehicle listed or sold.

Also: Selling Fee, Vendor Fee, Consignment Fee

Storage Fee

A daily or weekly charge applied when purchased vehicles are not collected within the specified collection window, covering the cost of keeping the vehicle on platform premises.

Also: Holding Fee, Compound Fee, Parking Charge

Transport Fee

The cost charged for moving a purchased vehicle from the auction location or seller's premises to the buyer's designated destination.

Also: Delivery Fee, Shipping Cost, Logistics Fee

Vehicle Types (6 terms)

Ex-Fleet Vehicle

A vehicle previously owned and operated as part of a corporate or commercial fleet, now being remarketed through B2B channels after reaching the end of its fleet lifecycle.

Also: Former Fleet Vehicle, De-Fleeted Vehicle, Corporate Vehicle

Ex-Lease Vehicle

A vehicle returning to the market at the end of a personal or business lease contract, typically with documented service history and mileage within contracted limits.

Also: Lease Return, Off-Lease Vehicle, End-of-Lease

Ex-Rental Vehicle

A vehicle previously used in a car rental fleet, typically characterised by higher-than-average mileage accumulation but regular professional maintenance.

Also: Rental Return, Former Rental, De-Fleeted Rental

LCV

Light Commercial Vehicle - a goods-carrying vehicle with a maximum laden weight typically under 3.5 tonnes, including vans, pickup trucks, and small chassis cabs.

Also: Light Commercial, Van, Commercial Vehicle

Salvage Vehicle

A vehicle that has been declared a total loss by an insurance company due to damage, theft recovery, or other factors, but retains value for parts, repair, or export.

Also: Total Loss Vehicle, Insurance Write-Off, Damaged Vehicle

Trade-In Vehicle

A vehicle accepted by a dealer as partial payment towards the purchase of another vehicle, subsequently offered for wholesale or auction sale.

Also: Part Exchange, PX Vehicle, Traded Vehicle

Industry Terms (6 terms)

CAP Valuation

A vehicle valuation provided by CAP HPI, a leading UK trade valuation service that provides benchmark prices for wholesale and retail markets based on market data analysis.

Also: CAP Value, CAP Price, CAP ID

Defleet

The process of removing vehicles from an active fleet and preparing them for disposal through wholesale channels, auctions, or direct sale.

Also: De-fleet, Fleet Disposal, Vehicle Disposition

No Sale

When a vehicle fails to sell at auction because bidding does not reach the seller's reserve price, resulting in the item being withdrawn or re-entered into a future sale.

Also: Unsold, Not Sold, Passed In

Provisional Sale

A sale status where the highest bid has not met the reserve price but is close enough that the seller may accept it after negotiation or consideration.

Also: Provisional Bid, Subject to Acceptance, Conditional Sale

Remarketing

The professional process of reselling vehicles, typically from fleet operators, leasing companies, or manufacturers, through organized B2B channels such as auctions or direct sales.

Also: Vehicle Remarketing, Auto Remarketing, Fleet Remarketing

Reserve Price

The minimum price a seller will accept for a vehicle at auction. If bidding does not reach this threshold, the vehicle remains unsold.

Also: Reserve, Minimum Price, Floor Price

Documentation (5 terms)

Condition Report

A detailed document describing a vehicle's physical state, mechanical condition, and any damage or defects, prepared by trained inspectors to inform potential buyers.

Also: Inspection Report, Vehicle Assessment, Appraisal Report

HPI Check

A comprehensive vehicle history check provided by HPI (now CAP HPI) that reveals outstanding finance, theft records, write-off status, mileage discrepancies, and previous keeper information.

Also: Vehicle History Check, Provenance Check, Data Check

MOT History

The complete record of a vehicle's MOT (Ministry of Transport) tests, including pass/fail results, recorded mileage, advisory notices, and failure reasons.

Also: MOT Record, Test History, MOT Certificate History

Service History

Documentation of maintenance and repairs performed on a vehicle throughout its life, typically recorded in a service book or digital service record system.

Also: Maintenance Record, Service Record, Service Book

V5C

The UK vehicle registration certificate issued by the DVLA, serving as the official record of the registered keeper and essential documentation for vehicle transfers.

Also: Logbook, Registration Document, V5

Condition & Grading (5 terms)

Category Write-Off

A classification system used by insurance companies in the UK to categorise vehicles damaged beyond economic repair or requiring specific handling due to structural damage.

Also: Write-Off Category, Salvage Category, Insurance Category

Condition Grade

A standardized rating assigned to a vehicle by professional inspectors to indicate its overall condition, typically using numerical scales or letter grades.

Also: Vehicle Grade, Condition Rating, Quality Grade

Paint Depth Reading

A measurement taken with an electronic gauge that indicates the thickness of a vehicle's paint layers, used to detect previous bodywork, repairs, or repainting.

Also: Paint Thickness Measurement, PDR Reading, Mil Gauge Reading

SMART Repair

Small to Medium Area Repair Technology - a cost-effective method for repairing localised damage such as minor dents, scratches, scuffs, and alloy wheel damage without full panel repainting.

Also: Cosmetic Repair, Minor Repair, Spot Repair

Tyre Tread Depth

The measurement of remaining tread on a vehicle's tyres, typically recorded in millimetres, indicating remaining tyre life and safety compliance.

Also: Tread Depth, Tyre Depth, Tread Wear

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