Glossary of Auction Terminology

This glossary explains common terms used in Grindstaff’s online auctions. If you are new to bidding, reviewing these definitions will help you understand how the process works and what to expect during an auction.

Absentee Bid

A bid placed before the auction closes. In online bidding, this functions similarly to a max bid and is executed automatically by the system.

As-Is, Where-Is

All items are sold in their current condition with no warranties or guarantees. Bidders are responsible for examining photos, descriptions, and attending preview when available.

Auction Close Time

The scheduled ending time for a lot. If the auction uses soft closing, the time may extend when bids are placed near the end.

Bid

The amount a bidder offers to pay for an item.

Bid Increment

The minimum amount by which the current bid must increase. Bid increments may change based on price levels set by the software.

Bidder Number

Your unique identification number used to track your bids. Issued after you register for an auction.

Buyer’s Premium

An additional percentage added to the winning bid amount. For most Grindstaff’s personal property auctions, the buyer’s premium is 15 percent unless otherwise noted.

Catalog

The full list of items offered in an auction, including descriptions, photos, and bidding information.

Credit Card Verification

Some auctions require a credit or debit card on file for identity verification. This does not necessarily mean the card will be charged unless you choose to pay with it at pickup.

Extend Time / Soft Close

If a bid is placed near the ending time of a lot, the auction system automatically extends the close time to allow competitive bidding. This prevents last-second “sniping” and ensures fairness.

High Bidder

The bidder who has placed the highest bid at a given moment. The high bidder is not the winner until the auction has officially closed.

Max Bid

The highest amount you are willing to pay for an item. The system automatically increases your bid only when necessary to keep you in the lead, up to your maximum amount.

Outbid Notice

An email or on-screen notification alerting you that another bidder has placed a higher bid.

Preview

An opportunity to inspect items in person before bidding. Not all auctions offer a preview; check the auction listing for details.

Reserve

A minimum price that must be met for an item to sell. Most Grindstaff’s personal property auctions do not use reserves unless stated.

Settlement

The process by which the auction company finalizes payments with buyers and releases proceeds to the seller after the auction.

Staggered Closing

Lots in an auction close in sequential groups rather than all at once. This helps bidders follow multiple items more easily.

Terms and Conditions

The legally binding rules for participating in an auction. These include payment requirements, pickup policies, buyer responsibilities, and bidding rules. See our full Online Bidder Terms & Conditions.