Know Your eBay Auction Terms
Part of the eBay For Dummies Cheat Sheet
An eBay auction is unique and exciting because the value of the item up for bid is unknown. Here are eBay auction terms to keep in mind if you are considering bidding on something:
BIN (Buy It Now): You can purchase an auction item with the BIN option if the seller has posted a Buy It Now price. If you feel the BIN price is a bit more than you want to pay, place a bid at the minimum bid level (or the most you’d like to pay). The BIN may disappear, and you may just win the item at a lower bid price.
Fixed-price listing: On the eBay core site, some items are Buy It Now items but have no opening bid to begin the auction. These items are up for sale for the price shown. Just click and purchase!
Proxy bid: You can decide the most you’re willing to pay for an item and allow eBay’s bidding program to place bids for you while you go on with your life. The proxy bidder ups the ante incrementally to beat out your competition until you’re outbid or win the auction.
Reserve price: The minimum price a seller is willing to accept for an item up for auction. Setting a reserve is optional, and only the seller knows the reserve price. If the bidding doesn’t exceed the reserve, the seller has the option to keep the item. eBay charges the seller a small fee for this option.