Timed Auctions

THE TIMED AUCTION OR INTERNET AUCTION

"Timed Auction" is a relatively new term for what is also known as an internet auction. The most popular example of a timed auction would be an eBay® auction.

      • Sales run for a set period of time (usually 2 weeks)
      • Bids ban be placed online 24/7
      • Hard close ends the sale at a precise time
      • Soft close allows the sale to remain open for 3 minutes after the posted close
        (which allows for maximum high bid competition)
      • Bids can be placed by proxy (bidder enters their bid and automated bidding takes place
        up to - but not exceeding - that amount)
      • When used, the optional Buy It Now feature allows bidders to simply pay the offering price