What do the different auction sale status types really mean to you?

As you search for vehicles and place bids, it’s helpful if you’re familiar with the sale status types that are assigned to each lot, this may or may not affect your bidding decision.

Pure Sale –  The seller has not set a reserve price. This lot will be awarded to the highest bidder at the close of live auction. The highest bid wins!

On Minimum – The seller has placed a reserve price on the lot. If the minimum bid is not met during the live auction, the seller has until 6:00 pm PST one business day after the sale to accept the current high bid or decline the sale.

On Approval – The seller has reserved the right to approve the final high bid achieved during the live auction. The seller has until 6:00 pm PST two business days after the sale to approve the bid. The high bidder is obligated to purchase the vehicle if their bid is approved by the seller within the approval period.

https://www.facebook.com/AutoBidMaster/videos/1596750843735042/

 

The best way to get a great deal at auction is to self-educate yourself on the process by knowing what each term means and conduct an inspection. Once you have done your homework and you are ready to bid, enjoy the experience of participating in auction bidding and buying.