Accessories- Term used to reference personal items, such as handbags, purses, belts, hats, hosiery and other items. This term is fairly standard in the industry, but it would be wise to get clarification if interested in a load of merchandise.

Close Dated- Refers to perishable merchandise such as food or over the counter drugs. If a product has been sitting around past its expiration date…it would be considered “Close Dated”.

Closeout- Merchandise that is being sold below original wholesale cost. Can be Overstock, Shelf Pull or Discontinued merchandise.

Customer Return- Merchandise that has been purchased at a retail level and then returned to the original store for various reasons. Some returns are defective, broken or simply returned for no apparent reason at all. A consumer might return merchandise because it was bought in haste or by impulse. In this scenario if the original packaging is not intact or missing a component the retailer will deem it Salvaged. Defective or broken merchandise is a tricky area, often products can be repaired if you have the skill required.

Domestics- Term used to refer to bedding (sheets, comforters etc), towels, linens and other “soft goods”. Term might have a different meaning company to company so always inquire definition before purchasing.

FOB- “Freight On Board” This refers to the location of the merchandise being represented and shipped from. This can be some indication that the merchandise is being “Brokered”, obviously if the company you are dealing with is located in Texas and lists merchandise FOB Florida you can almost assume your broker has never seen the merchandise offered. Be careful as this is not the case in all situations. A company may have multiple warehouse locations. This is a grey area and very hard to determine. You will notice many companies stating, “We have many FOB or warehouse points all over the US”. This should not be construed as company owned facilities.

IMASD- Internet Marketing Association of Surplus Dealers (TheImasd.com). The site links Surplus and Closeout Companies from around the world. Users can search by relevant term to access merchandise currently for sale or wanted. Each IMASD member maintains a webpage displaying merchandise available. Referred to as “Hot Sheet”. IMASD is an advertising network.

Manifest- term used for a written inventory of goods in question. A manifest can list the following information; Item model numbers, quantity of items, wholesale value & retail value of individual items. A manifest usually does not list actual item conditions. Manifests can be emailed or faxed if they are available…ask when you call your dealer.

Pallet- Wood or plastic base for securing large quantities of merchandise during shipping.

Retail- Price set for items sold to the general public. The last mark-up in the cost to bring an item to a particular consumer store. Please note, many items will have a suggested retail price set by a manufacturer. This price does in no way constitute a products’ value as “suggested retail prices” are often overlooked by retailers and priced according to market and/or trends.

Salvage- Salvaged merchandise refers to products that can no longer be sold “as new”. There is a large percentage of merchandise that is damaged while in transit to retail stores. For instance, a pallet of toys may have packaging damage. The retailer cannot sell the toys as new because the individual boxes show wear or tear. This merchandise gets set to the side and labeled “Salvage”. Salvage can also refer to merchandise that has been returned to the store for any number of reasons.

Stock Lot- Term used to describe multiples of the same item. Example: a Stock lot of apparel would be one garment in various sizes(Same style). Ask for clarification when inquiring.

Store Codes- Store codes are numbers, one or two digits, that represent actual retail stores. Most companies will refer to merchandise as being from Store Code (fill in the blank) to give you an idea of quality and contents of lot or pallet. Store codes are not usually posted on websites so you must request a listing breakdown. There are roughly 12-15 codes you will see all the time ,as they are the most popular. They are standard codes used in the industry, however some companies may have their own coding system. Ask for clarification when you call your company/agent.

Tracking- The information given to monitor progress of a particular shipment to its destination. UPS, FedEx and Most freight companies will assign a number to your shipment. This number will show various details of your delivery such as the date to expect arrival. Most of the time you will have the ability to insert the tracking number into the freight carriers website for detailed information. Click on link for example of a tracking page.

Wire Transfer- An electronic form of funds transfer initiated from your financial institution. Usually your financial institution will charge a small fee for this service (average $5-20.00).

Wholesale- Cost for goods before retail markup.