Published: 09/20/2019
Whether you’re a pro or a newcomer to the online auto auction world, there’s one thing that’s certain—new words, terms and phrases are always popping up.
Learning these terms and knowing the meanings will help you become a smarter and more experienced Buyer. These essential terms will get you up to speed, and make you a smarter and more effective Buyer!
Run and Drive
At the time the vehicle arrived at CrashedToys' location, CT verified that the vehicle started, could be put into gear and was capable of moving forward under its own power. There is no guarantee, representation or warranty that the vehicle is in roadworthy condition or can be driven lawfully upon the highways of any state. There is no guarantee, representation or warranty that the vehicle will start, drive or move forward under its own power at the time the vehicle is picked up at CrashedToys' location. It is the Member’s sole responsibility to ascertain, confirm, research, inspect and/or investigate the vehicle prior to bidding on it. Once the vehicle is removed from CrashedToys' premises, the Member accepts the vehicle “as is.”
Current Bid
The Current Bid is the highest price offered for this lot at this time. There may be a higher maximum bid being represented by VB3 BID4U. The Current Bid is always listed in the currency of the country of the location.
Pre-Bid
A bid placed during preliminary bidding, which takes place up to 1 hour before the Virtual “Live” Auction begins.
Pure Sale
No minimum bid or reserve price. Lot will be awarded to the highest bidder at the close of bidding during the virtual auction.
On Approval
Seller has reserved the right to approve the final high bid achieved during the Virtual Auction. Seller has until 5pm PT one business day after the sale to approve the bid. The high bidder is obligated to purchase the vehicle if released by the seller within the approval period.
Reserve Price
Seller has placed a reserve price on the lot. If the minimum bid is not surpassed during the Virtual Auction, Seller has until 5pm PT one business day after the sale to accept the high bid.
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