Auction announcements are usually displayed on a screen behind the auction block, or for online auctions, on top of the auction listings. This applies to wholesale to wholesale transactions only.
Branded title – The title is stamped. Usually marked “salvage” “rebuilt” “TMU” or “buy back”
Buy Back – Vehicle at one time was bought back by manufacturer.
Buy Sheet – A sheet a winning bidder receives, either digital or physical. Proves winning bid amount, has seller, buyer and vehicle information.
Gate Pass – Physical auctions issue a gate pass after the vehicle has been paid. A gate pass allows the purchased vehicle to be released from the auction premises.
Green Light – The seller represents that the vehicle is sound with no Major Mechanical issues and clean paperwork.
INOP – (Inoperable) A vehicle that cannot be driven, cannot start, or does not include keys.
Lien Letter – A Lien release letter comes with title.
Major Mechanical Issues (MMI) – Bad Automatic Transmissions, Internal engine damage, Bad Transfer Case, Frame Rot or Cracks.
- TMU – True Mileage Unknown
- Exempt – By Federal Law, no odometer code is required to be displayed.
- Exceeds Mechanical Limits – The true mileage of the vehicle cannot be expressed because it has exceeded the capacity of the odometer to measure it.
- Mileage Discrepancy – AutoCheck or CarFax shows a mileage discrepancy.
Red Light – AS IS
Reg Only – Some states don’t create titles for vehicles past certain years.
Reserve – A seller can place a minimum on a vehicle, and unless bidding reaches or exceeds that price, it won’t be sold.
Runs and Drives – The vehicle starts and moves.
Sell Sheet – A sheet the seller receives, either digital or physical, similar to buy sheet.
Title Absent or Title Attached – Title is absent, or is pending. “Attached” can be confusing to new dealers as it means the title is in possession of the selling dealer, but not currently available at time of sale.
Yellow Light – Caution. Pay attention to auction announcements.