Auction Phrases

If you don’t know your V5 from your CAP Clean, have a read of our helpful auction phrase guide – you too can talk the language of the auctioneers!

If you’re still unsure, just email us your question to [email protected] or give us a call on 0845 190 6363 and we’ll be sure to have the answer!

Common Auction Phrases (A-L)

Auction

A method of selling property in a public forum through open and competitive bidding. At G3 we hold up to 4 auctions a week. We offer both online and physical auctions.

Appraisals (Grading/Conditions)

Appraisals – Estimating the value and provides details of the vehicle condition ahead of an Auction.

Assured

This is a vehicle that has been processed through our rigorous 30-point vehicle check and comes with a G3 Assured promise – read more here

Bidder Number (Bidding Card)

This is an individual number issued to each bidder who registers at one of our auctions – it enables the auctioneers to log who bids and purchases the vehicles.

Bidding Platform

The term ‘bidding platform’ is the software used for purchasing vehicles through our auction.  It used simultaneously online and in the hall.

Buy It Now

The vehicle must be offered through 1 or more sales prior to a customers being able to Buy It Now.

Buyers Premium

A service charge added to the hammer price of the vehicle, to total the final price of your vehicle. This will be indicated on your catalogues and varies according to to the hammer value.

BVRLA

BVRLA stands for British Vehicle Rental and Leasing Association. It is the UK trade body for companies engaged in fleet, rental and lease management.  G3 work with many of the Uk’s major BVRLA members.

CAP / HPI (Cap Clean, Cap Average)

HPI is a historical vehicle check that also provides information about any outstanding payments on the vehicle.

The CAP clean value indicates the top value of the vehicle if it is ready to retail, has a current MOT, full service history, all documents and spare keys. CAP offers a guide price.

The CAP average value means the vehicle is in reasonable condition given age and mileage but is not in its best condition. CAP offers a guide price.

Catalogue

These are produced for every G3 auction showing each vehicle available at the sale and includes important information for buyers such as the lot number, registration, MOT and more.

Deposit

Deposit – is an amount of money that private or non account holders must deposit to G3 before bidding on a vehicle.

DVLA

DVLA stands for Driver and Vehicle Licencing Agency. It is an exectutive agency of the Department of Transport and part of the Motoring Services Group.  The DVLA are the authority responsible for the registrations of all the vehicles we offer.

E - Auction

This is an auction that occurs online rather than a physical sale at our site. At G3 you can bid online at any of our auctions, but we do hold dedicated online only E-Auctions too.

FCA

This stands for the Financial Conduct Authority, whom strictly regulate G3 for our asset management and allow us to work on behalf of our finance house vendors.  G3 Remarketing Limited is fully authorised and regulated by the Financial Conduct Authority reference number 704309

Fleet

Fleet vehicles are a group of vehicles that are leased or owned by a business or another organisation rather than an individual.

Gavel

Another name for the auctioneers hammer used to close the bidding on each vehicle.  The action of hitting the gavel is the confirmation of a legally binding purchase agreement for the highest bidder in the hall or online during a sale.  Read the auction terms for the implications of winning a bid.

Hammer Price

The hammer price is the amount when the gavel is brought down and may be provisional or sold.

Lot Number

The number allocated to the vehicle (and marked on the vehicle) going through auction, listed in the catalogue.

LCV

This is a Light Commercial Vehicle such as a van with a gross vehicle weight of no more than 3.5 tonnes.

Common Auction Phrases (M-Z)

MOT Status

MOT, is a standard test carried out annually on a vehicle. However, even though the vehicle has an MOT certificate it does not mean that the vehicle is roadworthy at the time of purchase as it may have developed issues since the test was carried out.

Non Runner

These are vehicles that will not start.  We offer a number of non-runners, which are sold as seen.

NAMA

NAMA stands for the National Association of Motor Auctions, who are a body that regulates UK auctions. All of G3’s vehicle gradings are carried out to NAMA approved and defined standards from which our inspectors are tested regularly to achieve their standards.

Online Bidder

These are bidders that are not in the auction hall at the time of the auction, but instead place their bids online.  Online bids are fed into our Bidding Platform alongside bids in the hall for all of our physical auctions.

Previous Owners

Previous owners are people who have been registered as an owner by the DVLA.

Private Buyer

These buyers tend to be members of the general public who are not from the motor trade.  Private bidders are restricted from bidding on some vehicles in our sales due to vendor requirements.

Provisional

Provisional means that the vendor has stated a reserve price and that, provisionally, your bid will be submitted by the auctioneer but is still to be confirmed by the vendor.

Proxy Bid

Proxy Bids are bids that are placed before the vehicle is offered at Auction. This is the maximum bid you are willing to put on a vehicle. Proxy Bids will be managed by the system and are usually placed by buyers who are unable to bid at the time of the auction.

Remarketing

This is the term used to describe the entire process for the re-sale of used vehicles. This refers to the wholesale not retail process.

Reserve

The reserve price is the minimun set by the seller for the sale of their vehicle. This price is kept confidential and if, when the vehicle has been auctioned, the reserve price isn’t met, the auctioneer may look to sell the vehicle provisionally.

Rostrum

This is the podium where G3’s auctioneers will stand to conduct the sale.

Service History

A vehicles service history is the collection of paperwork or digital records that shows a potential buyer a log of work performed, usually inline with the manufacturers recommendations.

Sold as Seen

These vehicles are offered for sale with no guarantee or promise about the mechanical condition or its quality. Please refer to our Terms and Conditions.

Stocking Plan

A stocking plan is a financial agreement with a third-party to arrange the payment of one or many vehicles purchased at a sale.  We partner with a number of funding companies – read more here

V5

The V5C is a paper document that shows who the registered keeper of a vehicle is and can be used to inform the DVLA of a change of ownership, update your name and address or tell them a vehicle has been modified, scrapped or written-off.

VAT Status

The VAT status of a vehicle determines if VAT (Value Added Tax) is to be paid on top of the vehicle hammer price or not.  It usually depends if the vehicle has been registered for personal or trade use. This could include VAT Marginal and VAT Qualifying status.

VCAR

VCAR stands for Vehicle Condition and Alert Register. If a vehicle has had extensive repairs which are registered on a vehicle database, or has been Subject to a Total Loss (insurance Write Off) this will be highlighted as VCAR.

Vendor

These are the companies who own the vehicles we offer at G3 auctions; for example a finance house or fleet provider.

VRM

VRM stands for Vehicle Registration Mark (or number) which is the registered alphanumeric ID on the number plate of the car.

Warranted (Unwarranted) Mileage

Where the seller confirms (or not) the mileage of the vehicle they are selling is correct.