Hi shoppingnetty,
Nope - I regret to inform you that Auctiva does not currently support the "custom label" option you are referring to. We do have that feature on our list of possible enhancements to be considered when planning future site updates, so you may see this option added down the road.
If you have any additional questions or concerns, please feel free to contact our customer support team using the web form on the following page:
http://www.auctiva.com/help/requesthelp.aspx-Mike