CayMark Marketplace
GLOSSARY
Learn the terms, definitions, and auction language used across the CayMark marketplace.
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As-Is
A vehicle sold in its current condition without any warranties or guarantees. All sales are final.
Auction
A public sale in which vehicles are offered for bidding to the highest bidder.
Bid
The amount a buyer is willing to pay for a vehicle during an auction.
Bid Increment
The minimum amount by which a bid must be increased each time a new bid is placed.
Buyer Premium
An additional percentage added to the winning bid amount, paid by the buyer on top of the hammer price.
Buy Now
A fixed-price option that allows a buyer to purchase a vehicle immediately without participating in bidding.
Closing Time
The scheduled time when an auction officially ends. Bids placed in the final seconds may trigger an automatic time extension.
Consignment
A vehicle submitted by the seller and listed by CayMark to market and sell on their behalf.
Deposit
An upfront amount required from buyers to participate in auctions, held securely and refunded if the buyer does not win.
Dealership License
A valid government-issued license allowing dealers to buy and sell vehicles at auction.
Hammer Price
The final bid amount accepted when the auction closes — this is the agreed sale price before fees are applied.
Hold
A temporary restriction placed on a vehicle listing that pauses bidding while an issue is reviewed.
Invoice
A document issued to the winning bidder that outlines the vehicle purchase price, fees, and total amount due.
Inspection Report
A detailed report documenting the condition, mileage, and key details of the vehicle prior to listing.
Listing
A vehicle or asset posted for sale on the CayMark marketplace, either for auction or fixed-price purchase.
Lot
An individual item entered into an auction. Each lot has a unique identifier.
Maximum Bid
The highest amount you are willing to pay for a vehicle. CayMark will bid on your behalf up to this limit.
Minimum Bid
The lowest amount accepted to open bidding on a vehicle, set by the seller.
Payment Deadline
The date by which full payment must be completed after winning an auction. Failure to pay may result in account suspension.
Proxy Bid
An automated bid placed on your behalf up to your stated maximum bid limit, so you do not need to monitor the auction live.
Reserve Price
The minimum price set by the seller that must be met for the vehicle to be sold. If bids do not reach this price, the vehicle remains unsold.
Relist
The action of reposting a vehicle in a future auction after it did not sell or the previous auction was cancelled.
Security Deposit
A refundable deposit required before a buyer can place bids. Returned after the auction unless the buyer defaults on payment.
Starting Bid
The opening bid amount set to begin auction activity on a vehicle.
Seller
An individual or business listing a vehicle or asset for sale through the CayMark platform.
Title
The legal document proving ownership of a vehicle. A clear title indicates no liens or encumbrances against the vehicle.
Transfer Fee
A fee charged to process and complete the transfer of vehicle ownership from seller to buyer.
Vehicle History Report
A document showing a vehicle's recorded ownership history, accident records, mileage, and maintenance events.
VIN
Vehicle Identification Number — a unique 17-character code used to identify a specific vehicle globally.
Winning Bid
The highest bid accepted when an auction closes, establishing the agreed sale price of the vehicle.
Watchlist
A saved list of vehicles you are monitoring on CayMark, allowing you to track bids and closing times easily.