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  9. How does the Auction work...

How does the Auction work?

When a Vendor lists an auction item for sale, they will choose a starting price and interested customers place bids. When the auction ends, the item will be sold to the winning party. The winner then needs to pay for the auction they won by clicking the pay now button in their notification email. An order will be created and it will be visible in the Customer Dashboard. There are 2 types of auctions: Normal and Reverse.

Normal Auctions

As you guessed, this is a normal style auction where you list an item for sale as an auction and interested customers place bids. At the end of the auction, the bidder with the highest price will be considered as the winner.

Reverse Auctions

A reverse auction is when you want to sell to the lowest bidder, to receive the lowest possible price for the product. The auction starts with the highest price (determined by the Vendor) and bidders will have to bid a lower price than the last bid. At the end of the auction, the bidder with the lowest price will be considered as the winner.

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