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•Bid Shielding: Posting extremely high bids to protect
lower bid of an earlier bidder, usually in cahoots with
bidder who placed
shielding bid.
•Bid Siphoning: The practice of contacting bidders and offering to sell them
same item they are currently bidding on, thus drawing bidders away from
legitimate seller's auction.
•Bulk Loading: Listing a group of different items in separate lots all at once using an online auction site's bulk loading tool.
•Buying Up Lots: The practice of buying all quantities of an item during a Dutch auction. This is typically done for resale purposes.
•Caveat Emptor: The Latin phrase meaning "let
buyer beware."
•Cookie: A piece of information sent from a web server to a web browser that
browser software saves and then sends back to
server whenever
browser makes additional requests from
server.
•Deadbeats: High bidders who fail to pay for
item they won.
•Dutch Auction: The seller is offering multiple, identical items for sale.
•Escrow: Money held in trust by a third party until
seller makes delivery of merchandise to
buyer.
•fdbk/fk: Feedback. One user's public comments about another user in regard to their auction dealings. Feedback comments cannot be removed or changed once submitted to an auction service.
•Featured Auctions: Auction listings placed prominently on
home page and category pages of an auction service. Sellers pay for this prime placement.
•Feedback Padding: One user posting fraudulent positive feedback about another user and his or her auctions.
•Final Value Fee: The commission charge
seller pays to
auction service after his or her item sells.
•FVF Request: Final value fee request.
•Grading: The process for determining
physical condition of an item. Different items have different grading systems.
•Initial Listing Price: The opening bid price a seller attaches to his or her auction.
•Insertion Fee: A fee paid by
seller to
auction site in order to list an item for auction, calculated as a percentage of
opening bid or reserve price.
•Lot: A single auction listing.
•Market Value: The highest price a property will bring in
open market.
•Maximum Bid: The highest price a buyer will pay for an item, submitted in confidence to an online auction service's automated bidding system to facilitate proxy bidding.
•Minimum Opening Bid: The mandatory starting bid for a given auction, set by
seller at
time of listing.
•NARU'd: A auction user term to describe users whose memberships have been discontinued. NARU is
acronym for "not a registered user."
•Neg: Short for "negative user feedback."
•Net Cops: Auction users who actively attempt to report instances of fraud, such as shilling or bid shielding, to online auction sites.
•NR: Short for "no reserve." This indicates in
item description line that
auction has no reserve price specified.
•Opening Bid: The seller's opening bid, which sets
opening price.
•Outbid: To submit a maximum bid that is higher than another buyer's maximum bid.
•Proxy Bidding: Decide
maximum you're willing to pay and enter this amount. eBay will confidentially bid up to your maximum amount. In this way, you don't have to keep an eye on your auction as it unfolds. If other bidders outbid your maximum at
end of
auction, you don't get
item. But otherwise, you're
winner--and
final price might even be less than
maximum you had been willing to spend!
•Registered User: A person who has registered as a member of an online auction service. All online auction services require registration prior to buying and selling.
•Relisting: The relisting of an item by a seller after it has not received any bids or met its reserve price. Typically,
first relisting is free.
•Reserve Price: The minimum price a seller will accept for an item to be sold at auction. This amount is never formally disclosed.
•Retaliatory: The user term for retaliatory negative feedback, posted by one user in response to another user's negative feedback.
•S&H Charges: Shipping and handling charges.
•Secondary Market: The buyer market for second-hand goods. Online auctions serve
secondary market.
•Shilling: Fraudulent bidding by
seller (using an alternate registration) or an associate of
seller in order to inflate
price of an item. Also known as bid rigging and collusion.
•Sniping: Outbidding other buyers in
closing minutes or seconds of an auction.
•Starting Price: The mandatory starting bid for a given auction, set by
seller at
time of listing.
•Terms of Service: A legally binding agreement that outlines an auction site's operating policies. All registered users must agree to a site's terms before using
service.
•User Info Request: A request for a user's background information, which provides personal information, such as a phone number.

About the Author Gillian Tarawhiti, is Founder and CEO of Community Training Centre, an Australian-based Internet Marketing firm that works with individuals and organisations © 2004 Permission is granted to reprint this article in print or on your web site so long as the paragraph above is included and contact information is provided to www.millionairerippleeffect.com.