Auction Terminology & Asset Evaluation

At The Auction Yard, we provide a comprehensive guide to understanding auction processes and asset evaluation. Our goal is to help buyers and sellers navigate auctions confidently.

Core Auction Terminology

• Absentee Bid: A bid placed remotely when unable to attend the auction live
• Buyer’s Premium: An additional percentage fee added to the hammer price
• Hammer Price: The final sale price of an item before additional fees
• Lot: An individual item or group of items sold together
• Reserve Price: The minimum price a seller will accept for an item

Asset Evaluation Categories

1. Automobiles & Commercial Vehicles

• VIN verification
• Service history review
• Title brand assessment
• Emissions compliance check

2. Equipment & Machinery

• Hours of use analysis
• OSHA compliance verification
• Operational status inspection

3. Surplus Assets

• Assumed non-functional unless specified
• Sold “as-is” with no guarantees

Special Considerations

• Locked devices sold without unlocking guarantees
• Salvage vehicles priced 20-40% below market value
• Importance of thorough pre-bid inspections