| Buyer’s premium: The sales commission paid by the purchaser, usually
8 percent.
|
| Color change: A car that is no longer painted its original color. |
| Cut or cut car: A coupe that has been converted to a convertible. |
| Estimate: A term used in auction catalogs to indicate the expected
hammer price. |
| Field walk: A tour of the consignments hosted by one or more market or marque experts, where selected cars are critiqued and participants are given useful information on both buying and selling. Offered most often through Sports Car Market magazine, www.sportscarmarket.com. |
Letter of Guarantee, also known as an Irrevocable Bank Letter of Guarantee: A document, required by most auction companies and completed by
the buyer’s bank, that will guarantee the buyer’s personal or
corporate check up to the limit stated in the letter. |
| Hammer price: The high bid on a car that has successfully sold. |
| Marque: The make or brand name of a car. |
Matching numbers: A car that retains the major mechanical components (sometimes including the original paint) with which it was originally
fitted at the factory. |
| No excuses: See "No stories." |
No reserve: A car that will be sold for the highest bid. It is possible for the consignor to bid on his own car. The bidder, in this case, will be
responsible for both buyer’s and seller’s premiums. |
| No stories: A car that is correct and original, sometimes called no excuses. |
Prime time: The middle portion of the auction, typically when the most
people are in attendance and the spaces are reserved for the most
expensive cars. |
| Restamp: A serial number or other code number that has been stamped onto the engine or other major component to give the appearance of originality. |
| Reserve price: The minimum that the consignor will accept for the car. |
Seller’s premium: The sales commission paid by the consignor, usually
8 to 10 percent. |
Stories: A car that has some elaborate excuse for not appearing original
or correct. |
