What are the “Sales Status” types?
Sales Status indicates the type of auction for a given lot and you can found it in the “Bid Information”.
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 8 pm Central Time and 1 business day 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 8 pm Central Time on the following business day after the auction Sale Date to approve the “High Bid” or decline the sale.