Common Auction Terms Every Buyer Should Know
How to Review Past Auction Results for Better Decisions? Stepping into the world of auctions can feel a bit overwhelming at first. There’s excitement, competition, and plenty of opportunities to land great deals—but it also comes with a language of its own. Whether you’re participating casually or buying more often, understanding the common terms used in the auction space helps you bid with far more confidence. And when you’re dealing with liquidation auctions , having the right vocabulary can make all the difference between feeling lost and feeling ready. Below is a clear, friendly guide to the essential terms every buyer should know, explained in a way that feels natural and grounded rather than overly formal. 1. Bid This one seems obvious, but it’s worth starting here. A bid is simply the amount of money you’re offering for an item in an auction. Every time you place a bid, you’re essentially saying, “I’m willing to pay this much.” Bids increase as more buyers join the ...