What does a judicial auction vehicle mean?

[DeNora]

Judicial auction vehicle refers to a vehicle auctioned by the court with a mortgage notice. Below is an introduction to judicial auction vehicles: Introduction to judicial auction vehicles: When a court auctions a vehicle, if it is marked as having a mortgage, it informs bidders that the vehicle has a mortgage right set on it. After the auction is completed, the mortgagee's claims must be prioritized for repayment. The buyer of the vehicle is not significantly affected by this; they only need to present the legal documents issued by the court to the vehicle management office to lift the mortgage and then proceed with the transfer of ownership. Significance of judicial auction vehicles: The significance of judicial auctions lies in converting specific items with high use value but low circulation value into corresponding monetary value through auction sales. The proceeds from the auction are then used to resolve disputes, thereby freeing the specific item to re-enter society cleanly and realize its value. According to China's motor vehicle registration regulations, the transfer of motor vehicle ownership requires registration, and judicial auctions of motor vehicles also necessitate the transfer of ownership.