The terms “reserve” and “minimum bid” are interchangeable. The reserve price is the lowest price that the seller wishes to accept for the item. Auctions will often start with bids below the reserve price, but once the bid price exceeds it, the auctioneer will have the authority to declare the equipment officially sold. If the highest bid is less than the reserve, it will be up to the seller whether they wish to accept or reject the bid.

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