Auction Listing

A method of selling an item by collecting bids for a pre-determined amount of time.  The item is sold to the highest bidder at the time the bidding term has expired.

Bid Cancellation

The permanent withdrawal of a bid during an auction.  There are very few cases in which a seller may legitimately cancel a bid.  One valid reason for canceling a bid is the inability to contact a seller or a factually inaccurate listing that substantially misrepresents the item.  Please see the Terms and Conditions for more information.

Bid Increment 

An amount set by the seller that controls the amount a bid price may be raised.  For example, if the seller has set the bid increment for $10 and the current bid is $20, the next acceptable bid amount is $30. 

Bid Retraction 

A temporary cancellation of a bid during an auction to be replaced by another bid.  There are very few situations in which a retraction is permitted.  One reason for retracting a bid is entering a wrong bid amount that is substantially different than intended.  For example, placing a bid of $10,000 instead of $1,000 would be an acceptable reason for a bid retraction.  A bid retraction must be done immediately after entering the bid, so please be very careful, and review the bid confirmation closely.  Please see the Terms and Conditions for more information.

Bidder

A GoFastAuction member who enters a binding offer to buy an auction item. 

Buyer

A GoFastAuction member who has purchased an item during an auction or from the classifieds section of the site. 

Category Listings

The organizing principle for sale items at GoFastAuction permitting an efficient way to locate desired merchandise.  Sellers choose the best category for bidders to find their items when browsing the site.

Dispute 

The formal submission of details regarding an unsuccessful transaction for the purpose of arriving at an equitable resolution.  Two examples are the failure to pay or when an item is not received.

Dutch Auction 

An auction type chosen when a seller has multiple identical items for sale and in which there may be several winners.  Bidders must offer a bid price and a purchase quantity.  The top winning bid is determined by the overall value of the bid (unit bid price times the quantity desired).  All winning bidders pay the same price per item, which in some instances, can be lower than the bid you placed.  The highest bidders are most likely to receive the number of items requested, but any bidder may refuse partial quantities without further obligation to complete the transaction.  A Dutch Auction is sometimes called a Multiple Item Auction.

Escrow 

A recommended method of completing a transaction involving purchases of $500 or more.  A licensed and regulated third party, normally an escrow service, collects and holds a buyer’s money until all previously agreed upon terms of sale are met.  Once a buyer accepts an item from the seller, payment to the seller is made by the escrow service.  GoFastAuction recommends using Escrow.com, but buyers are encouraged to ensure any escrow service used is properly licensed and bonded. 

Member

A person who has registered at GoFastAuction.  Members are permitted to bid and sell items or use any of the other features of the site as long as they remain in good standing. 

Multiple Item Auction

An alternative name for a Dutch Auction in which multiple items are placed for sale, and bidders are required to offer both a price and a quantity to purchase.  For more information, please see Dutch Auction.

PayPal 

A third party intermediary offering secure payment for auction items.  Payment is made to the seller without divulging any of the personal account information of the buyer.  All of the buyer’s account information is held on PayPal’s secure servers for the purpose of maintaining confidentiality while enabling the transaction to be completed.

Privacy Policy

The policy GoFastAuction personnel observe with regard to member’s personal information.  A summary of the policy can be found here. 

Registered Member

A person who has completed the GoFastAuction registration process and is capable of selling or bidding on items.

Relisting 

Listing an item again after it failed to sell on a previous attempt.  There are no relisting fees at GoFastAuction.

Reserve Price

The price a seller has stipulated as the minimum bid acceptable for an item.  Bidders must meet or exceed the reserve value before the seller is obligated to complete the transaction.  There is no further obligation for any parties to complete a transaction when the reserve price is not met.

Seller

A GoFastAuction member who offers an item for sale in the classifieds section or for bidding in the auction area. 

Seller’s Return Policy – A policy set by the seller at the time of listing for the return of an item.  Sellers are under no obligation to offer a return policy, and GoFastAuction has no return policy as a disinterested intermediary only providing a venue for transactions.

Users Agreement 

The terms and conditions under which all members of GoFastAuction must operate in order to participate at the site.  All members are legally bound at the time of registration to honor the GoFastAuction terms and conditions.  Review the GoFastAuction terms and conditions here.

User ID 

The name chosen by a member during registration for identification among the GoFastAuction community.  User IDs are important, because your interactions with other site members result in feedback that affect your reputation and acceptability as a trading partner.