What is online auction?

Online auctions can offer properties Unconditionally (always with a legal pack provided) with the fall of the virtual gavel effecting an exchange of contracts between buyer and seller, or alternatively, lots can be offered on a Conditional basis with the winning bidder securing a period of exclusivity (usually four weeks) to arrange any mortgage funding before exchanging contracts.

Local: This type is a script which can be downloaded onto the users computer which is then activated and run locally.

Online auctions are sales transactions that result from a competitive bidding process conducted over the Internet.

Whether the sales take place between individuals, between consumers and merchants, or between businesses, online auctions have enjoyed rapid growth with the spread of Internet access

An auctioneer and her assistants scan the crowd for bidders
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An American auctioneer at a livestock auction, November 2010
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then

The value of goods and services traded through online auctions is not tracked but is estimated to have grown rapidly in the last five years, from under $10 billion in 2000 to well over three times that figure in 2005.

selling the item to the highest bidder. The open ascending price auction is arguably the most common form of

According to an Entrepreneur magazine article about online auction marketplace leader eBay, sales through that company's online auction space alone accounted for more than $32 billion in 2004.

auction in use today.[1] Participants bid openly against one another, with each subsequent bid required to be

Auctions have been a means of economic transaction for centuries.

higher than the previous bid.[2] An auctioneer may announce prices, bidders may call out their bids themselves

By moving onto the Internet, auctions have become accessible to a much larger number of participants, increasing the size of the marketplace dramatically.

Although transactions between individuals are an important driver of the online auction market,

(or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid

Although transactions between individuals are an important driver of the online auction market,

publicly displayed.[2] In a Dutch auction, the auctioneer begins with a high asking price for some quantity of like

Online auctions offer potential benefits to all types of businesses.

For example, since 2000 the firm SalvageSales has been helping insurance companies and their clients sell damaged shipments of commercial and industrial goods.

Items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the

goods in the lot or until the seller's reserve price is met.[2] While auctions are most associated in the public

In the past these salvage sale operations would have been handled locally, but the online auction option offered by SalvageSales

imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for

Many companies wonder when and why they should use online auctions as part of their business trading strategy," Lori Mitchell wrote in InfoWorld.

commodities, livestock, radio spectrum and used cars. In economic theory, an auction may refer to any

. Companies of practically any size and within any industry can benefit from them."