With the help of the internet, participating in online auctions has become easier. People love it from the day it was started, well, it’s true to say that traditional auctions were actually very time-consuming and you need to physically visit the store to buy anything. But with the introduction of online auctions, everything has become easier, not people can place their bids from anywhere across the world for the item they want. Also, the payment process is much safer and faster.
Well, there are different types of auctions and each auction has its own rules. DealDash is a successful online auction site established in 2009 that offers a large variety of items to choose from. DealDash has also launched a new ‘Royalty Program’ to reward loyal customers.
Here are different types of auction sites:
English auction:
English auction is the main introduction of the traditional method of the auction that is still followed by both the traditional and online auctions. This auction uses the old and the most common method for bidding, which is one is presented and multiple bidders place their bids on the item, whoever places the highest bid wins the item.
Reverse auction:
Reverse auction as it is named is completely reverse of the English auction. As we know that in the English auction there is only one item and multiple buyers, and the highest bidder wins the item.
But in the reverse auction, there is a single buyer and multiple sellers try to sell their items by presenting their lowest amount. The seller who offers the lowest price wins the deal.
Penny auction:
Penny auction is somehow similar to most of the online auctions; just one thing that makes the Penny auction different from others is that it offers its buyers the freedom to buy the rights of bidding before the auction starts. No other auction does this to their buyers. The auction has a time limit and every bid is increased by a penny, thus named Penny auction. At the end of the auction whoever bids, the highest amount wins the item.
Dutch auction:
The process of Dutch auction may look a bit similar to the Reverse auction but it is quite different. Like other auction sites in a Dutch auction, there is only one seller but also the buyer is one. The seller sells their item to a single buyer and if the buyer is satisfied with the price then the auction is closed.
