ACV, current bid and final bid: auction price terms explained
What ACV, current bid, buy now and final bid mean at car auctions, what sold, not sold and on approval generally mean, and how Bidpier shows each price.
An auction lot can show several prices at once: ACV, a current bid, sometimes a buy now price, and later a final bid. Each one means something different, and mixing them up is an easy way to misjudge a car. Here are the auction price terms in plain words.
ACV: actual cash value
ACV, or actual cash value, is the insurer's estimate of what the car was worth before the damage. Insurers use it to settle a claim and decide whether a car is a total loss.
What ACV is not:
- it is not what the car will sell for at auction
- it is not the value of the car after repair
- it is not a price the auction or the seller promises
Damaged cars usually sell well below their ACV, because the buyer still has to pay for repairs, fees and transport. ACV is most useful as context: it tells you roughly what a similar undamaged car was worth. Not every lot has one, since it depends on the seller and the auction.
Current bid and buy now
The current bid is the highest bid placed so far. Before the live sale it often reflects preliminary bids only, and it can rise a lot in the final minutes. A low current bid days before the sale says little about where the price will end.
A buy now price, when a lot has one, is a fixed amount set by the seller. Accepting it takes the car before the live auction. The rules differ between auctions, so check the auction's terms or ask your broker.
Final bid and the sale result
The final bid is the amount the bidding ended on. It is the best evidence of what buyers were willing to pay, which is why price statistics are built on final bids. It does not include auction fees, broker fees, transport or taxes, which are paid on top and vary.
A final bid does not always mean a sale. In general terms:
- Sold: the bid met the seller's requirements and the car goes to the winning bidder.
- Not sold: the bid did not reach what the seller wanted. The car may be relisted later.
- On approval: the high bid is held while the seller decides whether to accept it. The seller can accept, reject or counter.
The exact terms and steps differ by auction, so read the auction's own definitions.
How Bidpier shows auction prices
On Bidpier, each card in the catalog shows the current bid, the buy now price when there is one, and a countdown to the sale. A lot that has no bids yet shows $0: that means nobody has bid so far, not that the car is free.
The lot page adds the ACV when the auction gives it, and the sale history of the same VIN with the bid each earlier sale ended on. For the wider market, the auction prices statistics show average, lowest and highest final bids by make, model, generation, year and engine.
Compare prices on Bidpier
Use the terms together: ACV for context, the current bid for where things stand, and past final bids for what the car is likely to sell for. Search a VIN to see one lot, or browse the catalog and compare cards side by side.