Understanding Auction Terms In Online Liquidation Sales

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Understanding Auction Terms In Online Liquidation
Sales
STARTING BID
The starting bid is the minimum amount set by the
seller or MN auction platform for an item. It
serves as the baseline price, and bids begin at
this amount.
RESERVE PRICE
A reserve price is the minimum price the seller
is willing to accept for an item. If the bidding
doesnt meet or exceed the reserve price, the
item may not be sold.
BID INCREMENT
The bid increment refers to the minimum amount
that a bid must increase to outbid the previous
bid. Auction platforms set bid increments based
on the items value.
BUYER'S PREMIUM
The buyer's premium is an additional fee added to
the final bid price. It is a percentage of the
final bid amount and is charged by the auction
platform or seller.