Glossary of Terms

Auction Terms

Classic Auctions: Basic Auction where the item(s) can be sold for the amount of money the Seller lists the item(s) at or for the highest bid at the close of the auction. It is also called a Non-Reserve Auction.

Reserve Auctions: Auction where the Seller has set the least amount of money they are willing to sell the item for.

Dutch Auctions: Dutch Auctions are a different auction format where the Seller has more than one identical item for auction. Each Item Must be identical, the Bidder can bid from one item up to the available quantity of items in the auction. At the close of the Auction, all winning bidders win their item(s) for the lowest winning bid price.

BIN (Buy It Now): Some items will may have a BIN (Buy It Now) price. The BIN price is publicly available in the item listing. You have the option to use the BIN to immediately purchase the item for the BIN (Buy It Now) price without placing bids and waiting for the auction to close.

BID: The amount of money that you have submitted as an offer in any auction.

BID Increment: The amount of money the seller specifies that the Bid is increased every time someone bids on the item.

Minimum BID: The minimum amount of money you can BID on an item. Usually it is the current high bid plus the bid Increment.

Reserve Price: The minimum amount of money the Seller is willing to take for the item in a Reserve Auction. The Seller has the option of choosing the least amount of money the item will sell for. Reserve amounts are always set for more that the Starting Price.

Starting Price: The amount of money the Seller would like the bidding to start at in an auction. You cannot place a BID lower than the Starting Price.

FFL: Federal Firearms License. An FFL license holder is needed in the transfer of ownership of many types of firearms inside and across state lines. If a Seller states that a “FFL's required” the Seller will not transfer ownership of that firearm to the Buyer without a current and valid FFL holder on the Buyer’s side to transfer the weapon to. Most all FFL license holders will manage the transfer of the firearm to a qualified Buyer for a small fee.

Feedback: Feedback is a very useful tool for evaluating the honor and trustworthiness of a Seller of Buyer. The feedback system only works if it is used as intended.

Gun Condition

Standards:

The following standards were set forth by GunzMart.com for describing the condition of

any item sold on our web site. It is up to you to describe in detail in your description the

actual condition of the firearm.

Factory New (1) - not previously sold at retail, in the exact same condition as current

year factory production.

New Old Stock (2) - brand new condition, never used or resold, but has been in

stock for a while, sometimes for years. This usually also means it is not the same as the

current year production model, but read the auction description to determine the actual

condition.

Used (3) - Everything else. If the item has ever been previously owned, it should be

listed as Used, this also includes collectibles.