Serious Auction Solutions That You Have Now

There are two types of online auction sites to be distinguished: the sites of physical auction houses which have opened a website to relay their auctions, on the one hand, the auction sites which have been designed for sale online as an auction, and that do just that on the other.

The sites of the first category are not very fancy and are instead reserved for people broken in auctions which cannot come to attend a sale that to all comers, it is only possible to see catalogs and place an online auction. Therefore, the second category includes sites specializing in online auctions like auction.io, some of which allow both buying and selling objects between individuals and for others to bid on cultural products (leisure, travel).

Operation and Different Types of Auctions:

The standard operation of an auction for a particular buyer is that a product is put up for sale with a base price, and multiple buyers bid upwards until no one outbids the last bid offered, the sale to him is awarded, and it wins the auction. But there are other types of auctions.

This operation is slightly modified on the internet by adding an end date and time to the auction. The web running 24/7 a sale could never end since when Europeans go to sleep, the Americans and Asians are wide awake and ready to bid and vice versa Online Auctions.

There are three kinds of auctions, each with its mechanism:

English auctions: in traditional auctions, the price is ascending and rising until the last bidder wins the sale either because no one wishes to overbid or because the time limit has elapsed.

Reverse auctions: these are the English auctions but backward since it is not a seller who offers a product for sale but a buyer who makes his need known, the sellers make an offer (equivalent to a quote), scaling down until no one bids a lower price. This type of auction is generally used for public procurement tenders.

Blind auctions: the last type of auction developing for certain specific auctions and particularly in charity auctions, bidders offer a price at their discretion which is not communicated to other potential buyers and at the end of the auction. In the sale, instead of an examination of the bids, the highest bid wins the sale. Follow auction.io for more information.