Online auctions provide an exciting, convenient, and affordable option for consumers. These auctions often include a large selection of merchandise including home furnishings, office supplies, and more. Although different types of auctions exist, timed auctions are one of the most common and exciting types of online auction.
What is a Timed Online Auction?
Timed online auctions run for a set period of time. During the auction, bidders compete against each other to win each item. Because bidding takes place entirely online, bidders can participate both day and night. Bidders receive notification as the auction nears its end. Depending on the auction platform, bidding times may get extended if someone places a bid in the last few minutes of the auction. Known as popcorn bidding, this type of system ensures all bidders have the opportunity to place their final bid.
Maximum Bid
Bidders in timed online auctions often have the opportunity to place a “maximum bid”. Once entered, the system automatically bids on the behalf of the bidder, up until the maximum bid amount is met. The system sends an email alert or other notification when the bidder gets outbid. Bidders then have the opportunity to increase their maximum bid or forfeit the auction.
Increased Control Over Spending
Many bidders get carried away during live auctions. Bidding in timed online auctions helps bidders better control their spending. Setting a maximum bid for each item helps keep bidders on budget. Knowing the end time of the auction limits the amount of bidding possible.
New Auctions Weekly
Perhaps one of the biggest benefits of timed online auctions is the availability of new auctions. When one auction closes, bidders have the opportunity to participate immediately in more online auctions. There’s always something new to bid on.
Online Auction Platform
Lots of Auctions offers timed online auctions in Denton, TX, Fort Worth, Texas, Dallas, TX, and Cape Girardeau, Missouri. New auctions start each week and bidders can choose from a wide range of categories. Bidding starts low and winning bidders can pick-up their items immediately after auction close.
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Understanding the Different Types of Online Auctions