Car Auction Terms
From M to Z
Auto Auction Terms -- From M to
Z
These are Used Car
Auction Terms with Definitions that you are likely to find at a
wholesale used car auction.
Major Damage Incident: A
vehicle with a major damage incident reported.
Manufacturer Buyback: The car manufacturer has bought
the vehicle back.
Mileage Discrepancy: An error in odometer reading.
Motor Change: Vehicles original engine was replaced
before the auto auction.
Municipal Use: A vehicle previously owned or at least
used by a government agency.
National Automobile Dealers Association (NADA): An
organization that represents almost 20,000 franchised car
dealers.
National Association of Fleet Administrators (NAFA): An
organization established for car fleet managers.
National lndependent Automobile Dealers Association
(NIADA): An organization that represents independent car
dealers.
NHTSA Crash Test Vehicle: A vehicle used for crash
testing to measure the safety of a vehicle.
Non Compliance: A vehicle that does not meet government
environmental or safety standards.
Non Profit: A vehicle that was registered with a non
profit organization.
No Sale Fee: A fee charged to the seller by the car
auction for a vehicle that goes through the process but is not
sold.
Not Actual Miles: The actual mileage on the vehicle is
different than the odometer reading.
Odometer Problem: A vehicle with odometer problems such
as the fact that it might be broken, odometer exceeds limits,
suspect miles and or Not Actual Miles.
Odometer Reading From Independent Source: Odometer
mileage reading was provided by an independent source.
Odometer Rollback Evidence: The vehicles mileage is less
than was reported to the DMV at an earlier date. This is an
obvious indication that the odometer has been tampered
with.
Online Auction: A vehicle car auction that is held on
the internet.
Open Auction: A wholesale car auction that is open to
both franchised and independent licensed car dealers.
Passed Emission Inspection: A vehicle that has passed a
state required smog check for exhaust emissions.
Passed Safety Inspection: A vehicle that has passed a
state required safety inspection.
Police Use: A vehicle that was used previously by the
police.
Post-Sale Inspection: A service that inspects a vehicle
after it was purchased from an auction to make sure it meets
the condition as announced before the auction. This includes an
inspection of the mechanical condition and frame and also
includes a test drive.
Previous Damage: A vehicle that was reported as
damaged.
Private Transaction: A vehicle sold from one private
party to another private party.
Rebuilt (Rebuildable): A vehicle that was rebuilt as a
former salvage vehicle. These vehicles must pass a state safety
inspection before being allowed on the road and an affidavit
from the mechanic stating parts replaced and repairs
made.
Reconditioned: A
vehicle where the repairs made has restored the vehicle.
Reconditioning (Recon): A process where a vehicles
cosmetic and mechanical defects are corrected to prepare it re
resale.
Reconstructed: A vehicle that was reconstructed from
numerous other vehicles and no longer carries the original VIN,
year or
make.
Recycled: A vehicle that was reported as having
components removed by recyclers or was scrapped.
Red Light: In a car auction the Red Light which is on
during the auction shows that the vehicle is being sold "As
Is".
Registration Renewal: A vehicle with a registration
renewal being reported by the DMV.
Remarketing: A car term which encompasses all services
done by the auction from the sale of the vehicle to the
transfer to the
buyer.
Rental: A vehicle that was operated as a rental
vehicle.
Reported At Auto Auction: The odometer mileage has been
reported from the auction.
Repossessed: A vehicle legally seized by the lender
because the loan or lease is in default.
Resale (Remarket, Dispose): A term that describes selling a
titled vehicle at an auction.
Reserve Price (Reserve): The minimum price the seller is
willing to accept. If the bidding does not go higher than the
Reserve Price then the vehicle will not be sold at the car
auction.
Residual (Value): The projected price a vehicle is
expected to be worth at the end of the lease.
Retail Car Dealer: Any person licensed by the state to
buy and sell cars at wholesale car auctions and other car
dealers and they can also sell retail to the general
public.
Retail Car Dealer License: The license issued by the
state to engage in the business of being a retail car dealer.
See above definition.
Retail Transaction: When a private party buys a car from
a licensed car dealer.
Ring (Arena): The place where the vehicles are offered
for sale at the car auction and where auctioneer works.
Risk (At-Risk Vehicles): Vehicles owned by a daily
rental company that are sold at the end of their service. The
term Risk is used because the rental company takes the risk for
selling these vehicles and incurring any possible losses.
Whereas Program Cars are sold to the rental company with an end
of service price guaranteed by the vehicle manufacturer.
Run List: A list of the vehicles for sale at a specific
car auction.
Run Numbers: This is the position in the car auction
lane during the auction designated by numbers that are assigned
to a vehicle or consignors group of vehicles when lane
reservations are made.
Safety Inspection: A vehicle that has passed a state
safety check.
Salvage: A vehicle that has been considered "totaled" by
an insurance company due to major damage and the expense to
repair it would exceed what the vehicle is worth. Insurance
companies apply for a salvage certificate from the DMV.
Salvage Auction: The car auction has reported the
vehicle as a salvage vehicle.
Salvage Correction from DMV: The state DMV has corrected
a
title that was previously designated as a salvage
vehicle.
Scrapped (Destroyed): A vehicle used only for its metal
content.
Sellers Fee (Sale Fee): A fee paid by the seller to the
car auction after the vehicle is sold.
Sellers Market: A market where the demand of certain
vehicles is greater than the supply thus resulting in higher
selling prices.
Service Contract Issued: A service contract or extended
warranty has been issued on a vehicle by an independent
company.
Special Constructed: A vehicle that has been modified
from the original design.
Simulcast Auction: An live online auction that allows
bids from car dealers that are not physically present at the
car auction.
State Government: A vehicle previously used by a state
government agency.
Storm Area Registration Title: A vehicle that was
reported to be registered in an FEMA storm damaged area. This
does not necessarily mean that the vehicle incurred damage
because it may have been moved from the area before the storm
took place.
Suspect Miles: The vehicles odometer has been reported
as being tampered with.
Taxi Use: A vehicle that was used as a taxi cab.
Theft: A vehicle reported to have been stolen.
Theft Insurance Claim: An insurance claim filed for a
vehicle that was stolen.
Theft Recovered: A vehicle that was stolen and then
recovered.
Title: A state issued legal document showing the vehicle
owners name, make, model, year, license number and VIN. It is
sometimes referred to as the Certificate Of Ownership, Pink
Slip or just Pink.
Title Absent Transactions (Title Attached Transactions):
A vehicle sold at an auction without a title. The seller must
produce the title to the seller within a specified period of
time.
Unit: A single vehicle or a volume of vehicles being
sold from a fleet like a rental company, etc.
Unknown Odometer Reading: The odometer reading is
unknown.
Unrebuildable: A vehicle that
is not repairable.
Used Car Guidebooks: These show current retail and
wholesale values. Online versions are also available through
kbb.com, nada.com and edmunds.com. These are good to use as a
guide in determining what to sell a car for along with
comparing prices found in local classified ads.
Vehicle Imported From Canada to US: Self explanatory. A
vehicle imported from Canada to the U.S.
Vehicle Identification Number (VIN): A combination of
numbers used to identify a vehicle comprised of 17 digits of
both letters and numbers. It is found on the drivers side
dashboard.
Vehicle in Dealer Inventory: A vehicle that is or has
been in a car dealers inventory.
Vehicle Service Performed: A vehicle that has been
reported to have had some type of service or repair.
Water Damage: A title issued by the DMV to a car
insurance company for a vehicle that has sustained serious
water damage. If vehicle is sold to a rebuilder then a Salvage
Title will be issued.
Wholesale Auto Auction (Wholesale Car Auction): An
auction that sells cars to licensed car dealers. Vehicles are
supplied to the car auctions as trade-ins from car dealerships
and also wholesale car dealers.
Wholesale Car Dealer (Wholesaler): Any individual
licensed by the state that is allowed to buy or sell cars at a
wholesale used car auction. They are also allowed to sell cars
to other car dealers and car dealerships.
Wholesale Car Dealer License: The license issued by the
state to engage in the business of being a wholesale car
dealer. See above definition.
Wholesale Price: The price paid for a vehicle by a car
dealer at a car auction with the intentions of reselling it
later.
Yellow Light: A light that may be on during the bidding
at a wholesale car auction specifying certain conditions that
can not be taken to arbitration after the sale of the
vehicle.
Go To Car Auction Terms -- A to L

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