What is online auction?

behalf of a government body generally at a general sale. Here one may find a vast range of materials that have to be sold by various government bodies, for

example: HM Customs & Excise, the Official Receiver, the Ministry of Defence, local councils and authorities, liquidators, as well as material put up for auction by

companies and members of the public. Also in this group you will find auctions ordered by executors who are entering the assets of individuals who have perhaps

died in testate (those who have died without leaving a will), or in debt. One of the most interesting bodies to look out for at auction is HM Customs & Excise who

may be entering at auction various items seized from smugglers, fraudsters and racketeers.

Motor vehicle and car auctions – Here one can buy anything from an accident-damaged car to a brand new top-of-the-range model; from a run-of-the-mill family saloon to a rare collector's item.

Police auctions are generally held at general auctions although some forces use online sites including eBay to dispose of lost and found and seized goods.

Land and property auctions – Here one can buy anything from an ancient castle to a brand new commercial premises

Antiques and collectibles auctions hold the opportunity for viewing a huge array of items.

Internet auctions – With a potential audience of millions the Internet is the most exciting part of the auction world at the moment. Led by sites in the United States

Online auctions are auctions conducted on a website that enable users to buy and sell goods with other users

but closely followed by UK auction houses, specialist Internet auctions are springing up all over the place, selling everything from antiques and collectibles to

Auctions have become one of the most visited web pages on the Internet and often contain and sell anything you can imagine.

holidays, air travel, brand new computers, and household equipment.

Titles – One can buy a manorial title at auction. Every year several of these specialist auctions take place. However, it is important to note that manorial titles are

Online auction sees individual properties offered with eBay style bidding on a web based platform. Marketing of the Online Auction lots includes extensive promotion, open house viewings, sometimes with legal packs in place

not the same thing as peerages, and have been described as "meaningless" in the modern world.[52]

Insurance policies – Auctions are held for second-hand endowment policies. The attraction is that someone else has already paid substantially to set up the policy

Bidders will register their interest, provide ID and then gain access to the bidding system.

in the first place, and one will be able (with the help of a financial calculator) to calculate its real worth and decide whether it is worth taking on.

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.

On-site auctions – Sometimes when the stock or assets of a company are simply too vast or too bulky for an auction house to transport to their own premises and

The whole scenario of business has changed drastically, be it shopping, selling, or buying. And, the reason behind all these changes comes straight from the word ‘Internet.’

store, they will hold an auction within the confines of the bankrupt company itself. Bidders could find themselves bidding for items which are still plugged in, and the

It is quite certain that with the advent of online portals, people have increasingly adopted the digital means of almost all the processes