Auction glossary of terms: Meaning and explanation

Auction Ads is an online platform that was created for interested individuals who participates at auctions. In the site, they can navigate through the equipment catalogs as shown on the left or performing a keyword search option on the top of the website page. After that, if they don’t understand certain terms used for the auction, they can check the terms from the glossary. They can also contact the auctioneers in the auctioneer’s directory and submit the inquiry on the upcoming auctions and equipment.

In the auction terminology page of the auction glossary website, the terms such as the American Bankruptcy Institute (ABI), American Society of Appraisers (ASA), and the Appraisal are explained. The American Bankruptcy Institute (ABI) is the biggest non-partisan group dedicated to researching and educating about bankruptcies. It was started in the year 1982 to help the general public and the government to analyze bankruptcies in a non-biased way. On the other hand, the American Society of Appraisers (ASA) is an organization that operates internationally to help professionals in the appraisal industry.

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 website was created with the intent to encourage auctioneers to utilize this platform as one of the digital marketing efforts to promote their auctions. Although there are many advertising platforms and services out there, Auction Ads is one such website that should not be missed as it can potentially drive thousands of views to the auctioneer’s auction listing.

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