Auction Terms and Jargon

ABOUT ME: An eBay page that tells other users about you.
BID INCREMENT: The amountby which a bid is increased each time the current bid is outdone.
BID RETRACTION: The withdrawal of a bid
BID SHIELDING: A high bid posted by one auction user to protect a low bid posted by another. The high bid is canceled just before auction close, leaving the low figure as the winning bid. A violation of terms of service on all major auction sites.
BID SHILLING: Fraudulent bidding by the seller using another auction ID or by their associate in order to artifically inflate the bids on an auction. A violation of terms of service on all major auction sites.
BIN: Acronym for "Buy It Now."
DEADBEAT BIDDER: A person who fails to actually purchase the item after posting the winning bid on an auction.
DUTCH AUCTION: An auction where the seller has multiple items to sell to multiple winners. For example, if I post a dutch auction offering 10 Snoopy PEZ dispensers - they will be sold (1 each) to the 10 highest bidders at auction close. If I receive only 8 bids, then I sold 8 Snoopy PEZ dispensers.
ESCROW SERVICE: The winning bidder sends payment to a third party - the escrow service - which, in turn, sends payment (minus escrow fees) to the seller after the item has been delivered to, and accepted by the buyer. Recommended for high-value auctions.
FEATURED LISTING: A marketing service provided by the auction site that gives seller's listings additional exposure in the "Featured" sections at the top of result pages.
FEEDBACK RATING: Public comments that buyers and sellers provide on each other regarding a completed auction. It provides other auction users an insight into an auction users' reputation as a buyer and/or seller.
FINAL VALUE FEE: The percentage of the final value that is paid by the seller to the auction site as part of the selling fees
FS: "Factory Sealed."
GU: "Gently Used."
GW: "Gently Worn."
INSERTION FEE: The nonrefundable fee charged by the auction site to post a listing. Insertion fees vary by type of listing and opening price.
MWT: "Mint With Tags."
NIB: "New In Box."
NR: "No Reserve" price.
POWERSELLER: An eBay designation for experienced, reputable eBay sellers who consistently sell a significant volume, maintain a 98 percent positive feedback rating, and provide a high level of service. Powersellers are designated with an icon next to their user ID.
PROXY BID: When placing a bid on most major auction sites, the bidder can specify the highest price you are willing to pay. As other bids on the item are received, the auction site will automatically place proxy bids in your name at specified bid increments, until you have either outbid you opponents or reached the limit that you preset.
RESERVE PRICE: Sellers have the option of setting a minimum price for which the item will sell - regardless of the high bid. Most auction sites and sellers will not disclose this amount.
REVERSE AUCTION: An auction where buyers post a listing for an item or service, and sellers bid their prices down to make a sale (conducted on sites like eWanted.com).
S/H: "Shipping and Handling"
SHILL BIDDING: The deliberate placing of bids to artificially raise the proce of an item. Shil bidding is not allowed on eBay or most other auction sites and is illegal in many places.
SNIPING: Placing a winning bid minutes or even seconds before an auction closes. This tactic severely limits the ability of competing bidders from out-bidding you or driving the price higher.
TERMS OF SERVICE: Legal agreement specifying the Auction Site's operating policy that users must accept before use.
TURBO LISTER: An eBay service that allows sellers to create and upload bulk items instead of manually entering information for each item.
USER ID: An eBay nickname or screen name chosen by the user.

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Auction Terms and Jargon