Some basic terms applied in many countries, dealing with car and vehicle auctions:
• Auction: This is the process by which items are sold to the uppermost bidder within a competitive environment.
• Auctioneer: The person who is responsible for controlling the sale or auction. To know all the auction terms, you may click on ridewhisk.
• Bid: It is an amount of money presented by a bidder for a particular lot.
• Bidder: is a person or company contending to buy a particular lot.
• Cashier: is a member of Auction staff who is responsible for taking payment from buyer and releasing car credentials and Pass Outs.
• Catalogue: is a list of the items for deal in any auction.
• Date of First Registration: It is the time at which a vehicle is assigned the Registration Number.
• English Auction: It is the most widely used and recognizable system of auctioneering.
• Entry Fee: It is the cost to enter ones cars into any given auction.
• Fee: is the charge added to the cost of selling or buying a vehicle at any auction.
• Inspection Report: It is a document that is created by an engineer or an auction employee highlighting any damage or issues with a vehicle or a car.
• Key Room: It is the office within an auction site where vehicle keys are kept and are released to a buyer upon the presentation of a Pass Out.
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