How it Works
Our platform offers a streamlined and transparent auction system that enables both buyers and sellers to engage effectively through three distinct auction formats. Here's a detailed explanation of each auction type and the roles involved.
Sprint Auction
In a Sprint Auction, the price increases automatically at fixed intervals by a defined Increment Price. Participants monitor the price in real time, and at any point, a seller can accept the current price to win the auction. This format encourages quick decision-making and fair competition.
Reverse Auction
In the Reverse Auction, multiple sellers compete to offer the lowest price. Each new bid must be lower than the previous one by at least the Minimum Decrement Price. The seller with the lowest bid at the close of the auction secures the deal.
Forward Auction
A Forward Auction allows sellers to place increasingly higher bids. Each bid must exceed the last one by a Minimum Increment Price. The seller with the highest offer at the end of the auction wins. This format is ideal for competitive, value-driven selling.
User Roles
Buyer
Buyers are the initiators of the auction process. They have the ability to:
- Create and manage auctions
- View live, upcoming, and closed auctions
- Monitor seller participation and choose the best offers based on the auction type
Seller
Sellers participate in auctions created by buyers. They can:
- View and join live and upcoming auctions
- Submit bids in accordance with the auction format
- Confirm or decline participation in specific auctions
- Review the results of completed auctions they’ve participated in