A silent bid auction, also known as a sealed bid auction, is a type of auction where all bidders simultaneously submit their bids without knowing what others are bidding. Each participant submits their bid through Selling Lane’s confidential electronic bidding system.
Confidentiality: Bidders cannot see other participants' bids until after the auction closes, even then they never see who bid, only the winning bid amount.
Best Bid First: Typically, bidders submit their best offer once. However, with Selling Lane, they can modify or increase their offer until the bidding period ends.
No price escalation: Unlike traditional auctions, there is no competitive back-and-forth bidding since participants cannot see other bids.
Faster: The process is typically faster than traditional open-cry or open-bid style auctions because once the time runs out, the auction is over and winners are immediately notified.
Silent bid auctions are frequently used in: