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

1. Seller lists an item with a starting price and auction duration
2. Buyers place bids above the current highest bid
3. System updates bid history and notifies participants of new bids
4. 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

<aside> 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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Related Topics

Proxy Bid Auction Format