Article > Auction Glossary
There is a lot of jargon used on auction sites, so below is a glossary to help guide you through it all.
As Is
This indicates that the item is sold with no warranty and you should ensure you check it properly as you're unlikely to be able to return it.
Bid Cancellation
During some online auctions it is possible for a buyer or seller to cancel a bid.
Bid History
An historical list of previous bids for a particular auction. You can see how the previous bidding has progressed if a bid history is available.
Bid Increment
The bid increment is the amount by which a bid will be raised each time the current bid is outdone. It is predetermined based on the current high bid. The amount this is depends (on eBay and many other auction sites) on the current bid. E.g. if the current bid is low (e.g. a few pounds) then it may be as little as 5p, or if the current bid is high (e.g. over £3,000) it could be as much as £100.
Caveat Emptor
"Let the buyer beware" - Latin
EOA Notice
Most online auctions will send you and End Of Auction Notice if you have won the auction.
Escrow
An escrow service will hold the buyer's payment until they've received, inspected and approved the item. Only then does the escrow service pay the seller. This provides a level of safety when buying/selling online as the money is held by a trusted third party until both the buyer and seller are satisfied.
Feedback
Every time you are the winning buyer or seller in an auction at sites like eBay, you can give feedback to your trading partner. These comments can be positive, negative, or neutral, depending on your experience. This record can be used by future buyers to decide whether they trust the seller.
Final Value Fee
When your listing ends, you will be charged a Final Value Fee based on the final value of your item.
Initial Listing Price
There is usually a non-refundable Initial Listing Fee for listing your item in an auction, the value of which will depend on factors like the price you start the bidding at or the reserve price you place on the item.
Lot
An individual auction listing. This may be several items if sold together.
Minimum Opening Bid
The starting bid for an auction, decided by the seller when setting up the auction.
No Reserve
Indicates there is no Minimum Opening Bid for that auction.
Proxy Bidding
Some auctions allow you to enter a proxy bid, which is the highest you are willing to pay. They will then automatically increment your current bid by the minimum amount each time somebody outbids you, until your proxy bid is exceeded.
Relisting
If your item doesn't sell the first time you list it, you can usually re-list with special pricing. Sites like eBay allow you to do this once if certain terms are met, such as your auction having recieved no bids that exceeded your reserve price or you're relisting within 30 days.
Sniping
The process of placing a bid in the final minutes or seconds of an auction so that other bidders don't have time to place a higher bid.
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