All vehicles, goods and chattels impounded under this subdivision shall be auctioned separately to the highest and best bidder who shall forthwith, at the time and place of such auction, pay to the City, in cash or by certified check, either the sum of $50.00 as a deposit on the bid or the total amount of the bid, whichever amount is less. Should such highest and best bidder fail to pay the deposit at such time, the bidder shall forfeit any right to purchase the article successfully bid upon. Should the highest and best bidder fail to pay the balance of the bid price to the city within 48 hours after the termination of the auction, the bidder shall be deemed to have forfeited all right to possession of the property bid upon and the amount paid by the bidder shall be retained by the City as liquidated damages for the expense, storage and administration of the auction. On receipt of payment of the total bid price, the city shall issue to the successful bidder a written bill of sale without warranty to the purchaser, and heirs or assigns, in such form as approved by the state motor vehicle department or such other legally sufficient form as appropriate to the nature of the article sold. Any unpurchased vehicles, goods, chattels or personal property may be included in any subsequent auction or destroyed at the discretion of the police chief or the chief's designee. A minimum bid price may be established for any item which is put up for auction sale in accordance with the terms of this section. (Code 1979, § 2-32)