Penny Auction - Reverse Auction - Lowest Unique Bid Auction - Confused?

Aug. 29, 2009 - PRLog -- All of these auction work out a winner by bids that are unique.

For a bid to be the winning bid no other bid can have made for the same amount.

Bidders are generally able to place multiple bids.

There are three major variants of these auctions, but the terms used to describe them are still very inter-changeable dependant on country.


Type 1

Every bid resets the clock back to a set amount of time, it then continues to count down to zero, if no one bids the auction ends and the last bidder wins the Penny Auction.



Type 2

Auction has an end date, the auction generally has no maximum number of bids

Better than Timer Auctions but difficult to win.

You may have the winning bid right up to the last moment then someone can overwrite it with a large number of bids in the last second.

Have to ensure you are watching the auction in the last few minutes and ensure you have a lot of credit stored up on the site.



Type 3

Set amount of bids accepted to close the auction. Also sometimes tied into timed auction.

Normally show % of bids left or number of bids left

Best ones show total number of other bidders who have bid same amount as you. You will be able to view 3 statuses
1.Bid is not Unique (6) other bids
2.Unique Bid but not the lowest
3.Lowest Unique Bid

http://www.prizebid.co.uk

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Lowest Unique Bid Website, where members can win brand name products for pennies. Members can collect hundreds of bonus credits every day for free bids.