PonyIsland

As many have asked about certain terms commonly used in this forum, this thread serves to define what they are.

Please note that this is just an explanation of terms. Be sure to read the rules that apply for how some of these terms can and cannot be used before posting an auction in this forum:
index.php?src=forum&sub=replies&forum=99&tp=1&topic=2190891

auction - a public sale where goods are sold to the highest bidder. Public bids are made on the item and at the end of the auction the item is sold to the highest bidder.

AB - stands for Auto Buy. Please see BIN for definition.

BIN - stands for Buy It Now. A BIN price is the amount the seller is willing to accept to end the auction immediately without taking further bids.

ladder auction - A ladder auction contains incentives for bidding which adds additional items to the sale if bidding reaches a certain amount(s).

Minimum Bid Increment - a minimum bid increment refers to the minimum amount a new bid must exceed a previous bid to be considered legitimate. For example, if the minimum bid increment is 1000pg, and the previous bid was 2000pg. The next person must bid at least 3000pg for their bid to be accepted.

public bid - bids that are made on the forums and can be viewed by the general public.

private bid - bids that are made via PM or directly on the pony that only the seller can view.

reserve - this refers to the minimum bid amount the seller must receive at the end of the auction if the item is to be sold. Reserves are NOT allowed on Pi auctions.

starting bid - Sometimes abbreviated as "SB", this is the minimum amount of PG you want people to offer for your item

snipe - this refers to a bid that is made in the final minutes of the auction.

snipe guard - this is done to prevent snipe bids. Some sellers do not wish to accept snipe bids and will therefore state that the auction will be extended by a certain amount of time if a snipe bid is made on their auction.


Hopefully I have defined them so they are easy to understand. If any definitions need to be added, please let me know.

fankies

What is OBO? I think its Or Bid Offer ..... or was it Or Best Offer? XD;

thank you your a great mod

OBO = Or Best Offer

good advice poohgirl
thank you

Thankyou,Poohgirl.

Verry helpful thanks phoogirl

There's one term that's not listed that I'm curious about: speed auction. I'm pretty positive that it's an auction that doesn't last very long, but just how short does it have to be to be an official speed auction? Does that make sense?

thank u PoohGirl! But how does the bidder recieve that auctioned off item? Maybe automatically? Or do the auctioner have to send it?

Awsome!