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06 Dec 2024 Kategori : Auction Guide

Terms and Meanings Used in Auctions

Auctions offer an exciting shopping experience but can be confusing for first-time participants due to their unique terminology. By learning the auction terminology, you can make the process much more understandable and enjoyable. Here are some of the essential terms you may encounter in the world of auctions and their meanings:

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 Starting Price

The minimum bid level set for an item in an auction. The starting price indicates the point where bids begin to increase and often reflects the lowest price the seller is willing to accept for the item.

 Bid

The price offered by buyers participating in the auction to purchase an item. Each new bid must be higher than the current highest bid, and the auction proceeds in this way.

 Increment

The minimum amount by which bids must increase. This ensures bids rise in an orderly and predictable manner. For instance, if the increment is set at 100 TL, a new bid must be at least 100 TL higher than the current bid.

 Reserve Price

The hidden minimum price at which the seller agrees to sell the item. Even if bids fall below the reserve price, the seller is not obligated to sell. If the reserve price is not met, the item may remain unsold at auction.

 Highest Bid

The highest bid at a given point in the auction. This is updated with each new bid, requiring other buyers to offer a higher bid to stay in the competition.

 Buy Now

In some auctions, the "Buy Now" option allows buyers to purchase the item immediately at a set price, bypassing the auction process and securing the item instantly.

 Lot

Each item or group of items sold in an auction is referred to as a "lot." When multiple items are sold together, they are grouped as a single lot, and bids are placed on this collective lot.

 Sealed Bid

In a sealed-bid auction, bids are not visible to other participants. Each participant submits their highest bid privately, and the highest bidder wins the item at the end of the auction.

 Withdrawal

The act of a seller withdrawing an item from the auction. For various reasons, such as deciding not to sell, the seller can pull the item from the auction, and it will no longer be available for bidding.

 Winning Bid

At the end of the auction, the highest bid submitted is accepted as the "winning bid." The owner of this bid earns the right to purchase the item, and transaction steps are initiated.

By understanding these basic auction terms, you can gain a better grasp of the auction process and make the most of this experience. Familiarity with these terms allows you to place more informed bids and increases your chances of success in auctions. Remember, with a good strategy, profitable purchases can be achieved in auctions.