Auto Auction Rules

Auto Auction Terms and Rules

• Reserve Price: The minimum price set by the seller, below which they are not obligated to sell the vehicle.
• Bid Increment: The minimum amount by which a bid must be raised.
• Buyer’s Premium: An additional fee paid by the winning bidder on top of the final bid price.
• As-Is: Most auto auctions sell vehicles “as-is,” which means there are no warranties or guarantees.
• No-Reserve Auction: In contrast to a reserve auction, a no-reserve auction has no minimum price set.
• Seller’s Disclosure: Sellers may be required to disclose certain information about the vehicle’s condition or history.
• Inspection Period: Some auctions allow for a brief inspection period before the auction begins.
• Proxy Bidding: Bidders can set a maximum bid in advance.
• Bidder Registration: Bidders often need to register with the auction house before participating.
• Payment Terms: Winning bidders are usually required to make a deposit or pay in full immediately after winning the auction.
• Title and Ownership Transfer: The auction house or seller may assist in transferring the title and ownership of the vehicle to the buyer.
• Auctioneer’s Discretion: The auctioneer may have the authority to resolve disputes and make decisions.
• Withdrawal of Items: The auction house may have the right to withdraw a vehicle from the auction if necessary.
• Closing Time Extension: Some auctions extend the auction for items with active bidding as the closing time approaches.
• Taxes and Fees: Buyers are responsible for paying any applicable taxes and fees.