What is an Open Bid Auction?
An open bid auction, also known as an ascending-price auction, is a transparent bidding process where participants can see all bids placed by other buyers in real-time.
Other Names for Open Bid Auctions
- English auction - Named after the traditional auction format used in England
- Ascending-bid auction - Reflecting the upward movement of bid prices
- Traditional auction - Due to its widespread historical use
- Forward auction - Contrasting with reverse auctions where prices decrease
- Open outcry auction - When conducted in person with verbal bids, not used with online auctions such as Selling Lane
Key Features of Open Bid Auction Style
- Transparent Bidding: All participants can view current bids and bidding history
- Dynamic Pricing: Price increases as buyers compete with higher bids
- Time-Limited: Auctions run for a set period, typically 1-10 days
- Automatic Bidding: Buyers can set maximum bids and let the system bid automatically using Proxy Bidding
How It Works
- Seller lists an item with a starting price and auction duration
- Buyers place bids above the current highest bid
- System updates bid history and notifies participants of new bids
- Auction ends at predetermined time; highest bidder wins
Benefits
For Sellers
- Maximize item value through competitive bidding
- Reach multiple potential buyers simultaneously
- Real-time market price discovery
For Buyers
- Fair competition with transparent pricing
- Ability to see competing bids and market value
- Flexible automatic bidding options
Best Practices
To ensure successful auctions:
- Set reasonable starting prices to attract initial bids
- Provide clear item descriptions and photos
- Choose appropriate auction duration
- Monitor auction activity and respond to buyer questions
Technical Requirements
The Selling Lane auction software provides:
- Real-time bid updates and notifications
- Automated bidding system
- Secure payment processing
- Bid history tracking
- User authentication and verification
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Note: This auction format is ideal for sellers who want to maximize item value through competitive bidding and buyers who prefer transparent price discovery.
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Help with Selling Lane Auction Software
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Auction Category Directory: Finding Your Perfect Selling Lane Match
Top 10 Features of Selling Lane
Cool Features of Selling Lane
Selling Lane FAQ
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Related Topics
Proxy Bid Auction Format
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