Sales Status indicates the type of auction for a given lot and can be found in the “Bid Information” section of the lot page.
Pure Sale: The seller has not set a “Minimum Bid” price and the lot will be awarded to the highest bidder.
On Approval: The seller has reserved the right to approve the final “High Bid” of the Live Auction. The seller has until 6pm two business after the auction Sale Date to approve the bid. If the seller approves the High Bid within this time frame, the High Bidder is then obligated to purchase the vehicle.
On Minimum Bid: The seller has set a Minimum Bid on the auction. If the Minimum Bid isn’t met during the Live Auction, the seller has until 6pm on the following business day after the auction Sale Date to approve the “High Bid” or decline the sale.
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Articles in this section
- What is preliminary bidding?
- What is a Live Auction?
- What is Bid4U?
- What are the “Sales Status” types?
- Why can’t I place bids in Live Auctions for vehicles in California, Kansas, Wisconsin, or on an item with Biohazard damage?
- What is a “Future Sale”?
- What does "You have exceeded your Buyer Power" mean?
- What does the Bid Increment option do?
- I had the high bid, how did I lose?
- Why is there no “Sales Date” on the lot page?