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 price 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, is pending.
Yellow Light – Caution. Pay attention to auction announcements.