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What does a sales status of Pure Sale/On Minimum/On Approval mean?

The Sales Status listed in the Bid Information box indicates the type of auction:

In a Pure Sale auction, the seller has not set a reserve price. This lot will be awarded to the highest bidder at the close of live auction. Highest bid wins!

In an auction listed as On Approval the seller has reserved the right to approve the final high bid achieved during the live auction. The seller has until 6:00 pm PST two business days after the sale to approve the bid. The high bidder is obligated to purchase the vehicle if their bid is approved by the seller within the approval period.

If the auction is listed as On Minimum Bid the seller has placed a reserve price on the lot. If the minimum bid is not met during the live auction, the seller has until 6:00 pm PST one business day after the sale to accept the current high bid or decline the sale.

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