Anti-Snipe
A feature that extends the auction end time if a bid is placed near the close time.
As-Is, Where-Is
Indicates the item is sold without warranties or guarantees, and the buyer accepts it in its current condition.
Auctioneer
The person or entity conducting the auction and responsible for managing the sale process.
Bid
An offer to purchase a lot at a specified price.
Bid History
A record of all bids made on a lot.
Buy Now / Make Offer
Options that allow a buyer to purchase immediately or negotiate outside bidding.
Buyer's Premium
An additional fee paid by the buyer, usually a percentage of the hammer price.
Cataloguing
The detailed description of lots for marketing and listing purposes.
Clearance
The deadline and process for removing purchased lots from the site.
Consignment
The process of a seller placing goods in the care of an auctioneer to sell on their behalf.
Delivery/Shipping
Options available to transport purchased goods post-auction.
Dutch Auction
A type of auction where the price decreases until a buyer accepts it.
End of Life Disposal
Sales of assets that are no longer operational but still have resale or parts value.
Hammer Price
The final price at which the auctioneer declares a lot sold (before fees).
Invoice
A document issued post-sale showing the total amount due, including hammer price, premiums, VAT, and fees.
Live Simulcast Auction
A real-time auction broadcast online, allowing remote bidding alongside in-person bidders.
Lot
A single item or group of items being sold together in the auction.
Lot Views
The number of times a specific lot has been viewed online.
Lotting
Organising and grouping items into lots for auction.
Reserve Price
The minimum price the seller is willing to accept. If not met, the item may not sell.
Reverse Auction
The roles are flipped, buyers state what they're willing to pay and sellers compete to offer it.
Salvage Auction
Auctions selling items that are damaged, written off, or for parts.
Settlement
The process by which proceeds from sold lots are paid to the seller after fees are deducted.
Sniping
Placing a bid at the very last second before an online auction closes.
Soft Close
The process of extending a timed auction closing time when last-minute bids are made.
Starting Bid
The lowest price at which bidding on a lot will begin.
Terms & Conditions of Sale
The rules and contract that govern the auction transaction for all parties.
Timed Auction
An online-only auction where lots close automatically at set intervals.
Title Transfer
The legal process by which ownership is transferred to the buyer.
Vendor Commission
A percentage of the final sale price retained by the auctioneer as the seller's fee.
Watchlist
A feature allowing users to track lots they're interested in.
White-Label Auction Platform
A fully branded auction software product provided by a vendor but operated under the client's name.
