Learn Auction Terminology, Be a Step Ahead
June 7, 2011
Posted by Barrett-Jackson
Aftermarket:
1.A product that is added to a vehicle after the vehicle was manufactured. The product can be added at the dealership or long after the vehicle has left the dealership.
2. A blanket term for the companies that manufacture, sell and install these products
Announcer:
The auction employee on stage who reads the vehicle’s description
Auctioneer:
The auction employee who keeps track of and solicits bids via a chant; a second auctioneer is used on stage at Barrett-Jackson as an additional set of eyes, to make sure all bids and bidders are recognized
Automobilia:
Automotive-oriented collectibles, including porcelain and neon signs, banners, clocks and other items from car dealerships, as well as petroliana and pedal cars
Bidder:
Someone who has registered to be able to buy vehicles, memorabilia or automobilia at an auction. Bidders have to prove that they have the financial wherewithal to make a purchase
Bidder Assistant:
An auction company employee who stands near bidders and makes sure they’re spotted by the auctioneer. AKA ring person, or spotter
Big Block:
A large V8 engine. For example, a factory big block Chevrolet engine that displaces from 396 to 502 cubic inches
Billet:
A solid piece of metal, or a part that has been machined from a solid piece of metal. Billet parts usually are stronger than cast-metal parts
Bill of Lading:
A receipt that proves you have contracted with a shipping company to transport your car out of state. A bill of lading ensures you won’t have to pay sales tax in Arizona, California, Florida or Nevada, depending on the auction venue.
Bill of Sale:
A document that verifies the sale of a vehicle to a buyer. Typically includes information such as the type of vehicle and any particular terms of the sale, including whether any warranty is offered with the vehicle or whether any special conditions apply to the sale of the vehicle. If a vehicle is sold on a Bill of Sale only, it may not have a valid title. A buyer should review the terms of any Bill of Sale carefully to determine what particular conditions apply to the vehicle
Build Sheet:
A piece of paper that accompanies a vehicle as it progresses down the assembly line at the time of manufacture. It spells out for the assembly line workers exactly which parts to install on the car. Considered a vital piece of documentation that certifies the car’s originality or helps people use the proper components to restore a vehicle. AKA a Broadcast Sheet for MOPAR vehicles
Buyer’s Premium:
A premium charged to the buyer, over and above the winning bid amount, usually calculated as a percentage of the hammer price
Car Card:
A card displayed in the front window of each vehicle at an auction that features the vehicle’s Lot number, year/make/model and owner-provided description
Clerk:
An auction employee who handles the paperwork for each sale and ensures that each winning bidder signs the appropriate clerk ticket or contract of sale to complete the transaction
Clerk Ticket: A contract of sale that each successful bidder must sign immediately after winning the auction. It lists the Lot number of the vehicle purchased and the final hammer price
Concept Car:
A vehicle created by an automaker or other company to generate excitement and often to gauge consumers’ interest in the design or other features
Concours:
A car show that features classic and high quality vintage automobiles that are restored to new or better than new condition
Consignor:
An individual or company who contracts to sell a vehicle or other piece of property at an auction
Consignment Fee:
A fee paid by the consignor to the auction house that usually covers promotional and marketing costs. Fees vary depending on the time and day the vehicle is scheduled to cross the Auction Block
Continental Kit:
An enclosed carrier designed to hold the spare wheel and tire on the rear exterior of an automobile
COPO:
Central Office Production Order. A special order that was required for the build of ultra high-performance GM vehicles during the muscle car era
Coupe:
A body style that has two doors and a fixed roof
Crate Engine:
A new or freshly rebuilt engine sold as a complete package, ready to be dropped into a vehicle
Displacement:
The volumetric engine size, measured in cubic inches, liters, or cubic centimeters
Docket: The roster of vehicles (or other products) that will be sold at an auction
Documentation:
A Window Sticker, a Build Sheet, Broadcast Sheet, a Protect-O-Plate, service records or other items that prove a vehicle came from the factory with certain equipment, that it was owned by certain parties, that it shows actual mileage, or that it is desirable or as advertised in any number of ways
Dyno:
Short for dynamometer. A machine used to measure such things as horsepower and torque. An engine can be run alone on an engine dyno, while an entire vehicle can be run on a chassis dyno
Exotic:
A very exclusive type of sports car, usually with an attention-getting design. For example, a Ferrari or Lamborghini
Fascia:
The lower panel on the front or rear of a vehicle, either below the bumper or sometimes including the bumper
Firewall:
The metal wall that separates a vehicle’s engine compartment from the passenger compartment
Frame-off Restoration:
A vehicle that has had the body removed from the frame so that components can be refurbished or replaced
Frame-on Restoration:
A vehicle that has been restored without removing the body from the frame
Hammer Price:
The winning bid
Heater Delete:
A vehicle that came from the factory without a heater. Usually an option or a special order, often done to save weight on race cars
HEMI:
An engine with a hemispherical combustion chamber design. Used most often to refer to a Chrysler, Plymouth or Dodge engine with this design
Late Model:
A vehicle made in recent years
Limited Edition:
An item produced in limited numbers, increasing its potential collectibility
Lot:
A single item or several items being sold together at auction
Mod-Rod:
An older car with modern mechanical and cosmetic upgrades
MOPAR:
An abbreviation for Motor Parts, the performance products arm of Chrysler Group. Often is used to refer to Chrysler, Dodge and Plymouth vehicles and parts
Muscle car:
A high performance car, typically with a large engine and an intermediate-size body. Muscle cars were the hot cars of the ’60s and early ’70s, though some contemporary vehicles are considered late-model muscle cars
NCRS:
National Corvette Restorers Society
No Reserve:
A vehicle sold without reserve, meaning it will sell to the highest bidder, regardless of the hammer price
NOM:
Non Original Motor
NOS:
New Old Stock. An unused, pristine item, usually a car part made at the time a vehicle was new
OE:
Original Equipment. A part that came on a vehicle from the factory
OEM:
An original equipment manufacturer, or OEM, manufactures products or components which are purchased by a purchasing company and retailed under the purchasing company’s brand name. OEM refers to the company that originally manufactured the product
Original:
As it came from the factory. Unrestored and unmodified. Also can be used to indicate that mileage on the vehicle is “original” from the factory not after the vehicle was restored
Posi-traction:
General Motors’ term for a limited-slip differential
Prime Time:
Peak hours on all the days of a Barrett-Jackson auction, and typically when the highest priced vehicles cross the block
Pro-Street:
A street legal drag race car, track ready. Typically used for short runs and show only
Pro-Touring:
A vehicle that can be drag raced or used as a touring car. Typically has modern power accessories and amenities including air, etc.
Protect-O-Plate:
A small, stamped metal plate that was provided to the original owner of many vintage GM vehicles at the time of purchase. It has information on that vehicle’s components, including engine, carburetor, transmission, rear axle ratios, and options; many car dealers stamped the buyer’s name on the plate as well
Prototype:
A car built as a one-off sample that is being considered for production
Provenance:
The proof of authenticity or previous ownership. Often used to refer to a significant history that increases a vehicle’s value
Radio Delete:
A vehicle that came from the factory without a radio. Usually an option or a special order, often done to save weight on race cars
Ram Air:
A type of intake system that draws outside air into the engine compartment or directly into the engine
Re-creation:
A vehicle that has been modified to appear like another car or truck entirely, or like a more desirable version of that same vehicle
Resto-Mod:
A nearly stock-appearing vehicle that has been fitted with late-model chassis, drivetrain and conveniences
Restored:
A vehicle that has been reconditioned from original condition in an effort to return it to like-new condition. A restored car can be refurbished using either original or reproduction parts and techniques
Rotisserie Restoration:
An especially meticulous restoration that involves putting a vehicle on a rotisserie so it can be spun and perfected from all angles
Salvage Title:
A title offered with a vehicle that has been modified and therefore is not compliant with motor vehicle laws. A vehicle with a salvage title may not be driven on public roads unless the owner ensures that it is restored to a standard that complies with all motor vehicle laws
Scrap Title:
A title offered with a vehicle that has been modified and therefore is not compliant with motor vehicle laws. A vehicle with a scrap title may not be driven on public roads and can be used as a static display only
Serial Number:
The sequential number identifying when a car was produced, relative to others of its year/make/model. For instance, serial No. 001 would be the first car produced, while serial No. 100 would be the 100th
Skybox:
A suite built into the upper area of the auction arena with a great view of the action below, much like a skybox at a sporting event; admission is by invitation only. Corporate sponsors usually rent skyboxes to entertain guests
Small Block:
A smaller V8 engine; for instance, factory small block Ford engines range in displacement from 221 to 351 cubic inches
Split Window:
A term commonly used to describe the rear window on 1963 Corvette coupes, though also used in reference to some other vehicles. A pillar runs down the center of the window area, with one piece of glass on either side
Staging Process:
The period right before a car crosses the Auction Block, when auction personnel line up and organize the vehicles in the staging lanes
Stock:
A vehicle that has not been modified and is in the same configuration as it came from
the factory
Street Rod:
In strictest use, an American car or truck that was built prior to 1949 and that has been modified extensively for use on the street or to appear at car shows
Survivor:
An unrestored, original vehicle and usually one in very good condition
Tag:
A metal tag attached to the firewall or cowl on many vintage GM, Ford and Chrysler vehicles that contains such information as body style, model year, assembly plant, build date, paint color, vinyl or convertible top color, and more. Examples include Body Tag, Fender Tag or Trim Tag
Tank Sticker:
A piece of documentation describing the optional equipment for a Corvette that was affixed to the gas tank during the assembly process starting in 1967
Top Flight:
An award provided by the National Corvette Restorers Society for restored or original Corvettes that are judged to be extremely correct
Traction-Lok:
Ford’s term for a limited-slip differential
Vehicle Identification Number:
A number that usually can be decoded to reveal the vehicle’s model, model year, place of manufacture and serial number. More commonly known as the VIN
Window Sticker: A paper in the window of a new vehicle at the dealership detailing the standard and optional equipment, as well as pricing for that particular vehicle
Woody:
A vehicle adorned with wood siding; manufacturers often used wood in place of metal on early vehicles. Often associated with
surf culture