The first time you browse a liquidation auction, it can feel like everyone else is speaking a different language. Manifests, proxy bids, uninspected returns, buyer's premium, salvage, extended bidding... none of it is complicated once someone explains it, but nobody likes guessing when real money is on the line.

This glossary covers the terms you'll run into most often on liquidationsatx.hibid.com and at liquidation auctions in general. Bookmark it, keep it open in another tab during your first few auctions, and you'll be reading lot descriptions like a regular in no time.

Where the Merchandise Comes From

Liquidation

Selling off surplus, returned, or unwanted merchandise in bulk, usually well below retail. Retailers liquidate because processing every returned or overstocked item one by one costs more than it's worth to them. That's where buyers like you come in.

Customer Returns

Items a shopper bought and sent back. Some were never opened, some were used, and some came back because something was wrong with them. Returns make up a big share of what we auction at Liquidation SA, sourced from major retailers like Amazon, Walmart, Target, and Home Depot.

Overstock (or Shelf Pulls)

New merchandise a store ordered too much of, or pulled off the shelf to make room for new products or the next season. Overstock is often new in the box, which is why it tends to draw strong bids.

Closeouts

Discontinued products a retailer or manufacturer wants gone for good. Great for bargain hunters, but check whether parts and accessories are still easy to find before you buy.

How Lots Are Packaged

Lot

Whatever is being sold as one unit in the auction. A lot can be a single item, a box of mixed goods, a full pallet, or more. Always read the lot description so you know exactly what's included.

Pallet

A load of merchandise stacked and wrapped on a wooden pallet, typically sold as one lot. Want the inside scoop? Our guide to what's really inside a returns pallet walks through what to expect.

Gaylord

A large, pallet-sized cardboard box filled with loose merchandise. Gaylords often hold smaller items like housewares, toys, or accessories.

Truckload

A full trailer of pallets, usually 20 to 26 or more depending on the load, sold together. Truckloads are for resellers and store owners buying at volume.

Manifest

A list of the items in a pallet or truckload, often with item names, quantities, and original retail prices. A manifested load gives you a good idea of what you're getting. An unmanifested load is more of a mystery, which usually means a lower price and more risk.

MSRP / Retail Value

The manufacturer's suggested retail price, or what the item sold for new in stores. It's a useful reference, but it is not what you'll resell an item for. Real-world value is usually much lower, especially for returns.

Condition Terms

Condition labels tell you how much you know (and don't know) about an item before you bid. For the full breakdown, read Liquidation Item Conditions Explained. Here's the short version:

New

Unused, typically in original packaging. The safest bet in any auction.

Open Box

The package has been opened, but the item may be unused or only lightly handled. Accessories or manuals could be missing.

Uninspected Returns

Returned items that haven't been tested or checked. Some will be like new, some will be missing parts, and some may not work. You're paying a lower price in exchange for taking on that uncertainty.

Salvage

Items that are damaged, incomplete, or not working, sold for parts or repair. Salvage can be a great deal for fixers, but plan on it not working as-is.

As-Is, Where-Is

You get the item in whatever condition it's in, at the location it's in, with no warranty and no returns. Nearly all liquidation auction sales are as-is, so do your homework before you bid.

Bidding Terms

Opening Bid (Starting Bid)

The lowest amount the auction will accept as the first bid on a lot.

Bid Increment

The minimum amount the next bid must go up by. Increments usually grow as the price climbs, so a $10 lot may go up a dollar at a time, while a $500 lot jumps in bigger steps.

Max Bid (Proxy Bid)

The highest amount you're willing to pay. You enter it once, and the system bids for you only as much as needed to stay in the lead, up to your limit. Other bidders can't see your max. It's the single best tool for avoiding bidding wars, and the beginner's guide to bidding on HiBid shows how to set one.

Reserve

A hidden minimum price a seller sets. If bidding doesn't reach the reserve, the lot doesn't sell. Not every auction uses reserves, and the lot page will usually tell you if one hasn't been met.

Soft Close (Extended Bidding)

If someone bids in the final minutes, the lot's closing time gets pushed back a little, giving others a chance to respond. That means sniping at the last second doesn't work the way it does on some sites. Set your max ahead of time instead.

Staggered Close

Lots close one after another, often a minute or so apart, instead of all at once. Keep an eye on when your specific lots end, not just when the auction starts closing.

Outbid

Someone's bid or max bid beat yours. You'll usually get a notification, and you can decide whether to raise your max or let it go.

Winning Bid (Hammer Price)

The final high bid when a lot closes. It's the starting point of what you owe, not always the total.

Paying and Picking Up

Buyer's Premium

A percentage added on top of the winning bid, common at most auction houses. Fees vary by auction, so check the terms on each catalog before you bid and build any premium and sales tax into your max bid.

Invoice

The bill you receive after the auction ends, listing every lot you won plus any premium, taxes, and fees. Pay it promptly so your items are ready when you arrive.

Pickup Window

The days and times you can collect what you won. At Liquidation SA, pickup is Monday through Wednesday from 2 to 6 PM at 7325 Reindeer Trail Ste 118 in San Antonio.

Forfeiture

What happens when paid items aren't picked up in time. At Liquidation SA, you have 3 days after the auction ends to pick up. Paid items left after that cutoff are forfeited, with no refund. Our pickup, payment, and auction rules spell out the details.

Reseller Terms

Flip

Buying an item and reselling it for more. Lots of our regular bidders flip items on Facebook Marketplace, eBay, or at local flea markets around San Antonio.

Comps (Sold Comps)

Recent sold prices for the same or a similar item. Check sold listings, not asking prices, to see what something actually sells for.

Cost Per Unit

Your total cost divided by the number of sellable items. If a pallet costs $300 all-in and you get 60 sellable items, your cost per unit is $5. It's the number that tells you whether a lot makes sense.

ROI (Return on Investment)

How much profit you make compared to what you spent. Spend $300, sell everything for $750, and you made $450, a 150% return, before your time and listing fees. Our tips on reselling liquidation pallets for profit go deeper.

Frequently Asked Questions

What's the difference between a manifest and a lot description?

A lot description is the seller's summary of what's in a lot. A manifest is an itemized list, usually for pallets or truckloads. When both are available, read both.

Is a max bid the same as what I'll pay?

Not always. The system only bids as much as needed to beat the next bidder, so you'll often win for less than your max. Just remember to add any buyer's premium and tax to the winning bid.

Can I return an item that doesn't work?

Liquidation auction items are sold as-is, so returns aren't offered. That's why condition labels, photos, and descriptions matter so much.

Who can I ask about a term or a lot I don't understand?

Call Liquidation SA at (210) 934-8919 before the auction closes. We'd rather answer a question up front than have you guess.

Put Your New Vocabulary to Work

Now that you know the lingo, the best way to learn is to jump in. New auctions go up every week at liquidationsatx.hibid.com. Start with a couple of lots you understand, set your max bids, and see how it goes. Questions? Call us at (210) 934-8919, or come see us during pickup hours, Monday through Wednesday from 2 to 6 PM at 7325 Reindeer Trail Ste 118, San Antonio.