General Terms
Auto Auction - A place where vehicles are sold to the highest bidder.
Types of Auctions:
- Premier Auction - The typical auction where people people bid on location, going back and forth till the highest bidder is determined.
- Tender Auction - Bidders look at a vehicle in advance a places one bid on what they would pay. The bidder that ends up with the highest bid wins.
- Parade Auction - Similar to premier auctions, but instead of being indoors looking at screens, you watch each vehicle drive by in parade style.
- Internet Auction - Any kind of auction perfomed over the internet.
- Satelite TV Auction - An auction performed on the TV via satelite and special controls.
- Unreserved Auction - When there are no minimum bid limits and all cars will be sold to the highest bidder.
Auction Stock - A collection of vehicles being auctioned at a particular auction or throughout Japan.
Dealer Stock - Vehicles available directly from a dealer or exporter. There is no auction date and the vehicles usually come with more detailed inspections, notes, and photos.
Bid - The price offered on an auction vehicle during an auction.
Proxy Bid - The maximum bid price for a vehicle that a customer is willing to pay. The bidding agent will bid up to this point.
Deregistration Certificate - A certificate proving among other things: End of previous ownership, proper mileage, and the car's history. This certificate is necessary to export/import a used vehicle.
Fixed Price - A term used when a used vehicle is bought at a flat rate, rather than winning a bid.
Kei-class (K-class) - Refers to a vehicle that has an engine less than 700cc.
Shaken - (Safety Inspection) A inspection for vehicles when purchased new, and after the first 3 years, every two years for the time it is registered. It also includes doing all necessary repairs and paying all taxes and fee related to car registration.
Hoken - (Insurance) there are two insurances:
- Kyosei Hoken - Mandatory Insurance
- Jibaiseki Hoken - Additional Insurance