Explaination of Auction terms
Auction Formats
Please note these are general, not all auctions will have all of these types. If an auction does support a format they may have thier own spin on the rules that you should check out.
Yankee Auction - A number of identical items are offered for sale at the same time. When the auction closes, the highest bidders win the available inventory at their actual bid price.
Dutch Auction - A number of identical items are offered for sale at the same time. When the auction closes, the highest bidders win the available inventory at the lowest successful bidder's price.
Standard Auction - The item goes to the highest bidder. The minimum bid, bid increment, current high bidder, current high bid, and closing time are displayed.
Straight Sale - Not really an auction the item is available for sale at a fixed price. If you place an order, it is immediately accepted at the price listed.
- If bids are for the same price, larger quantities win over smaller quantities.
- If bids are for the same price and quantity, earlier bids win over later bids.
- You can specify whether you will accept only the exact number you bid on, or are willing to accept fewer if necessary.
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