Jargon Buster

Buyer’s fee – the fee payable on each vehicle (or lot) purchased.
Catalogue – the listing of all vehicles to be offered for sale at a given auction.
Closed auction – the sale can only be attended by invited buyers (usually trade).
Commercial vehicle – vans, trucks, trailers and plant.
Contract hire – longer-term rental agreement offered by leasing companies.
Dealer group – a type of business seller at auction. These vehicles are dealer part exchanges from car dealerships.
Engineer’s report – a document detailing vehicle description and visible damage.
Fall of the hammer – signifies that the vehicle has been sold. No further bids will be accepted after this time.
Finance house – a type of business seller at auction. Vehicles offered are ex-lease/finance vehicles, used by businesses for company fleet vehicles or private individuals.
Hammer price – the price the vehicle is sold for, when the auctioneer states the vehicle is “sold” and brings down the hammer.
Key office – the office where keys for any purchase will be held and released upon sight of the Pass out slip.
Leasing company – a type of business seller at auction. Vehicles offered are ex-lease/finance vehicles most likely used by businesses for company fleet vehicles.
Lot number – the number allocated to the vehicle (and marked on the vehicle) going through auction, listed in the catalogue.
Manufacturer – a type of business seller at auction. These vehicles will come directly from the vehicle manufacturers.
Non-runner – a vehicle that won’t start.
Open auction – a sale that can be attended by all buyers.
Pass out – the slip given upon vehicle purchase needed for exiting the auction site.
Plant – the broad term used for all miscellaneous items sold at auction such as grass cutting and landscaping, golf buggies, down to electric drills.
Private buyer – a non-trade buyer (i.e. the general public).
Private treaty sale – a concluded provisional sale.
Provisional sale – if a vehicle has not met the reserve price, we contact the seller to ask if they are willing to accept the highest bid.
Remarketing – the sale of used vehicles at auction.
Reserve price – the minimum price specified by the seller for which they are willing to sell the vehicle. This information is confidential to the auction. If the reserve price is not met, the vehicle will be put forward for provisional sale.
Rostrum – the podium where the auctioneer stands.
Rostrum clerk – the assistant to the auctioneer who takes deposits and assists with any queries.
Sold as seen – applies when a vehicle is offered without a guarantee.
Sure Sell – the sale section for buying or selling privately owned vehicles.
The sale – the auction.
Trade – motor trade customers.
Vehicle Registration Document – V5C, also known as the log book.
Vendor – people or companies who are selling vehicles at auction.
Warranted mileage – the vendor confirms the vehicle’s mileage is correct.