Auction Ads: glossary of auction terms

One important instrument that many people give importance is Terminology glossary. This is so because the glossary guides people in understanding certain subjects, situations, and events. Many fields of studies or working environment have created their own unique terms. The same can be said for people interested in auctions as there is a list of auction glossary created to further understands what goes around in an auction event and also understands about the people attending it.

Auction Ads is an online website that is a one-stop source for auction and equipment. The website is created to help auctioneers and bidders connect. Every day, the site receives thousands of visitors through combined online and offline marketing efforts. The goal of auction glossary is to help buyers find the equipment that needs and help auctioneers acquire targeted bidder to the auctions. This online website also helps its clients to have more knowledge about the action world and this means educating them on the different auction terms.

The auction glossary of terms explains terms such as the Bank Letter of Credit, Benefit Auction Specialist (BAS). Bank Letter of Credit refers to a letter from a bank that shows that a specific person or organization can receive a specific amount of credit. A bank letter of credit is normally given to a potential buyer who is not going to pay with currency at the auction. Most auctions will require seeing this at the registration before bidders can participate and bid at the auction.

The Benefit Auction Specialist (BAS) is given by the NAA Education Institute for professional auctioneers who are skilled at benefit auctions. The term buyer’s premium is a percentage of the flat fee or high bid that is added on to the highest bidder’s cost. This premium determines the total contract price that the buyer ends up paying.

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