Auctions are a fantastic way to support charitable causes, giving you the chance to bid on unique items and experiences while contributing to those in need. YourChoiceCharities.com offers a platform where you can do just that – bid on exciting lots, help fund impactful charity projects, and be part of a global movement for good. But if you’re new to the auction world, you might be a little confused by the terminology. Don’t worry! In this post, we’ll explain the most common auction bidding terms you’ll encounter on YourChoiceCharities.com and other charity auction sites, helping you confidently place your bids.
1. Starting Bid

The starting bid is the minimum amount required to begin bidding on an item or experience. It’s essentially the opening price set by the auction organizers. The starting bid is usually lower than the expected final selling price, encouraging more people to get involved and compete for the item. On YourChoiceCharities.com, you’ll notice that the starting bid is clearly displayed, making it easy to know where you should start your bidding journey.
2. Reserve Price

A reserve price is the hidden minimum price the seller is willing to accept for an item. If the bidding doesn’t meet the reserve price, the item will not be sold, even if the highest bid is placed. This ensures that the auction item does not go for a price that is too low. The reserve price is typically not disclosed to bidders, but rest assured that YourChoiceCharities.com handles this process with transparency, so you can feel confident that the auction runs fairly and with integrity.
3. Bid Increment

The bid increment refers to the minimum amount by which you must increase your bid in order to stay competitive. For example, if the current bid is €100 and the bid increment is €10, the next bid you place must be at least €110. The bid increment ensures that bids increase in reasonable steps and helps keep the auction moving efficiently. YourChoiceCharities.com clearly shows the bid increment as you place your bid, so you’ll always know how much to add to stay in the game.
4. Proxy Bidding

Proxy bidding is a feature that allows you to set a maximum bid ahead of time. This way, you don’t need to constantly monitor the auction. Instead, the system will automatically bid for you up to your maximum amount. If someone else places a higher bid, your proxy bid will continue bidding for you until your set limit is reached. Proxy bidding is especially helpful if you can’t be online to watch the auction in real-time but still want to participate. It’s a convenient feature on YourChoiceCharities.com for those who are busy but don’t want to miss out on a chance to win an item for a good cause.
5. Outbid

To be outbid means that someone has placed a higher bid than yours, making your current bid no longer the highest. If you’ve been outbid, the auction will notify you, giving you a chance to increase your bid if you still want to win the item. It’s part of the competitive nature of auctions – but don’t worry, it’s not over until the final gavel falls! Keep an eye on your favorite items, and be ready to raise your bid if needed.
6. Buy It Now (BIN)

Some charity auctions, including those hosted on YourChoiceCharities.com, offer the Buy It Now option. This allows you to bypass the bidding process entirely and purchase an item immediately at a set price. This is an ideal option if you’re eager to secure a coveted item without the hassle of bidding and waiting for the auction to end. It’s a great way to show your support for a charity while ensuring you don’t miss out on an item.
7. Winning Bid

The winning bid is the highest bid placed by the end of the auction. If you’re the one who placed the winning bid, congratulations! You’ve successfully won the item, and you’ll receive instructions on how to finalize your purchase. Your contribution through the winning bid goes directly to the charity, supporting meaningful causes and initiatives.
8. Auction End Time

Every auction has an end time – the moment when bidding closes and the item is officially sold. It’s essential to keep track of the auction end time so that you can place your final bid before the clock runs out. Some charity auctions, including those on YourChoiceCharities.com, may have extended bidding (also known as a “soft close”), which means that if someone places a bid in the final few minutes, the auction will be extended by a set period, allowing everyone a fair chance to place their final bids.
9. Sniping

Sniping is a strategy where a bidder places a bid in the final moments of the auction in an attempt to win the item just before the auction ends. While it’s a common tactic, it can also be risky, as someone else might use the same strategy. At YourChoiceCharities.com, the auction’s extended bidding feature can help prevent sniping by allowing more time for last-minute bids.
10. Final Hammer Price

The final hammer price is the final price at which the auctioned item is sold. It’s determined by the highest bid at the auction’s close (or after extended bidding has ended). This is the amount the winning bidder pays, and it’s the amount that will be donated to the charity.
11. Charity Donations

On YourChoiceCharities.com, every bid you make contributes to a good cause. Your bids help raise funds for various charitable initiatives, ensuring that every item purchased has a direct impact on communities in need. Whether you’re bidding on a luxury vacation package or a once-in-a-lifetime experience, your contribution through the auction goes toward a greater good.