Resources

Absolute auction

An auction where there is no minimum, maximum, or reserve price.

Auctions

A marketplace in which a product, service, or set of objects, is exchanged on the basis of bids submitted by buyers.

Reverse Auction

A marketplace in which a product, service, or set of objects, is exchanged on the basis of bids submitted by sellers.

Bid

A bid is an indication by a potential seller of the price the seller is willing to receive to offer the auctioned goods or services.

Bid Cancellation

The cancellation of a bid by a seller. During online auction, sellers can cancel a bid if they feel uncomfortable about completing a transaction with a particular buyer.

Bid History

A historical list of all the bids made on a particular auction during or after it took place.

Bid Siphoning

The practice of contacting bidders and offering to sell them the same item they are currently bidding on, thus drawing bidders away from the legitimate seller's auction.

Category Listing

A list of online auction categories.

Closed Bid Reverse Auction

An auction in which bidders simultaneously submit bids to the buyer without knowledge of the amount bid by other participants. The lowest bidder is declared the winner. This type of bidding is also called a Sealed Bid Reverse Auction.

First Price Auction

A procurement auction in which the winner is the bidder who submits the lowest bid, and is paid an amount equal to his or her bid.

E-procurement

Any electronic communication that facilitates the exchange of goods, services or other assets between suppliers and buyers.

Escrow

Money held in trust by a third party until the seller makes delivery of merchandise to the buyer.

Featured Auctions

Online auction listings placed prominently on the home page and category pages of an auction service. Sellers pay for this prime placement.

Feedback

Good and bad comments left by one user for another.

Feedback Padding

One user posting fraudulent positive feedback about another user and his or her auctions.

Final Value Fee

The commission charge the buyer pays to the auction service at the end of reverse auction.

Live Auctions

An auction, which takes place in "real time".

Market Value

The prevailing price of an item on the open market.

Merchant-To-Person Auction

An auction in which a business owner sells to a private buyer.

Opening Bid

The buyer's opening bid, which sets the opening price.

Outbid

To submit a minimum bid that is lower than another seller's minimum bid.

Participating member

An registered member of Oltiby.com who has completed the shipping and payments information.

Person-To-Person Auction

An auction in which an individual sells to another individual.

Private Auction

An online auction in which both the identity of the seller and the buyer is secret.

Procurement Auction

is the one in which the bid is an indication of the price a seller is willing to receive for selling the auctioned goods or services.

Proxy Reverse Bidding

The computer system automatically places bids on your behalf at the lowest possible increments. You enter the lowest amount you are willing to accept as a seller, then the computer monitors the auction. Your minimum bid amount is placed only when another bidder has actually bid down to that amount. Also called Automatic Bidding.

Registered User

A person who has registered as a member of Oltiby.com

Private Auction

An online auction in which both the identity of the seller and the buyer is secret.

Relisting

The relisting of an item by a buyer after it has not received any bids or met its opening price. In this case the first relisting is free.

Sealed Bid Reverse Auction

An online auction in which bidders simultaneously submit bids to the buyer without knowledge of the amount bid by other participants. The low bidder is declared the winner. This type of bid is also called a Closed Bid Reverse Auction.