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Knocks the agreed amount off the price. The winning bid stays on file exactly as the platform reported it, and every chip is logged to the car's own timeline.
The car comes off the working list for good. It stays viewable under Cancelled, with the reason on file for when the platform asks for proof.
For a car bought outside the platforms, a local trader for instance. Nothing ever overwrites what you type here, there is no platform behind it to sync from.