HOW AUCTIONS WORK
| Bidders Paddle | Individually numbered card with your unique bidder number. This will identify you to the auctioneer as the successful bidder. |
| Bidders Registration | The process of registering your identity and ability to pay for successful bids. This is essential before bidding. |
| Buyer's Premium | A fee paid by the buyer to Coys which is a percentage added on to the hammer price |
| Hammer Price | The highest bid which is accepted by the auctioneer |
| Lot | A car or other item for sale by auction |
| No Reserve | A lot which will sell for the highest bid, irrespective of how much this is, i.e. the vendor has not set a minimum sale price. Usually a cause for some interest. |
| Post Auction Sale | A lot which did not sell during the auction, but for which a price and sale is agreed through Coys afterwards |
| Reserve Price | The lowest hammer price which the vendor will accept for his car |
| Rostrum | Centre stage! The auctioneer sits behind the rostrum |
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