Glossary
Learn the terms, definitions, and auction language used across the CayMark marketplace.
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Active Bid
The highest valid bid currently placed on a listing.
As-Is
An item sold without guarantees or warranties. Buyers should inspect and review all available information before bidding.
Auction
A sale where buyers compete by placing bids until the auction closes.
Bid
An offer to purchase an item during an auction.
Bid Increment
The minimum amount a new bid must exceed the current bid.
Bidder
A registered user participating in an auction.
Buy Now
A fixed-price purchase option that allows immediate purchase.
Buyer Premium
A fee added to the winning bid amount and paid by the buyer.
Closed Auction
An auction that has ended and no longer accepts bids.
Commission
A fee charged by CayMark on completed sales.
Consignment
When an item is sold on behalf of the owner by another person or business.
Deposit
Funds that may be required before bidding or purchasing.
Dispute
A formal complaint regarding a transaction or listing.
Final Sale Price
The winning bid or Buy Now price before applicable fees.
Highest Bidder
The bidder with the highest valid bid.
HIN (Hull Identification Number)
A unique 12-character identification number assigned to a vessel.
Inspection
The review of a vehicle, vessel, or equipment item before purchase.
Invoice
A document showing amounts due and payment details.
Listing
An item offered for sale on CayMark.
Listing Fee
A fee charged for publishing a listing, where applicable.
Payment Deadline
The date by which payment must be completed.
Prohibited Item
An item that is not allowed to be listed on CayMark.
Qualified Bidder
A buyer who meets all bidding requirements.
Relisting
The process of listing an unsold item again.
Reserve Price
The minimum price a seller is willing to accept.
Seller
A registered user offering an item for sale.
Seller Fee
A fee charged to the seller after a successful sale.
Starting Bid
The opening bid amount for an auction.
Title
A legal document showing ownership of a vehicle.
Transaction
The completed purchase and sale of an item.
User Account
A registered account used to access CayMark.
Vehicle
A car, truck, SUV, motorcycle, ATV, trailer, or other approved vehicle.
VIN (Vehicle Identification Number)
A unique 17-character identification number assigned to a vehicle.
Verified Seller
A seller who has completed CayMark's verification process.
Watchlist
A saved list of listings a user wants to monitor.
Winning Bid
The highest valid bid when an auction closes.