The following auction types can be created and displayed on the auctioneer's website:
Live/Absentee Auction
A Live/Absentee usually takes place at one time, with items being sold in sequential order by Lot Number. A single auction may be a multi-day or multi-session auction, but all the items are sold one-at-a-time. The auction generally takes place with a live auctioneer officiating and may have a live audience component. The possibilities for bidder types are:
Live Floor Bidders
Live Phone Bidders
Absentee Bidders (“left” bids)
Live 3rd Party bidders (e.g. Liveauctioneers)
All active bidders are in contention for auction items and the auction company “clerks” the item to the highest bidder.
Timed Auction
A Timed auction takes place on the auctioneer’s website. Every item has a starting time and a starting price. Only company website customers can register for the auction and place bids on items during the period of time they are open for bidding. Each item has a time clock associated with it. The auctioneer can select the time each item closes, (usually all-at-once or with a 1 minute space between items: “Closing Times”). The auctioneer sets required bidding increments for the auction items and may choose to offer “extended bidding” to avoid snipers: for example, if a bidder places a bid within 1 minute of the time expiration for an item, the item’s time clock will reset for an additional 5 minutes until no further bids are placed. The website bidder may place a high bid on any item and the system will automatically execute those bids incrementally until the customer’s high bid is exhausted. When time expires, the Fair Warning system will automatically “clerk” the item to the winning bidder and invoices can then be generated.
Buy-It-Now Auction
A Buy-It-Now auction takes place on the auctioneer’s website.Every item has a buy-it-now price set by the auctioneer. Only company website customers can register and purchase items during the period of time they are available. Once purchased, the Fair Warning system will automatically “clerk” the item to the winning bidder and invoices can then be generated.
Timed with Buy-It-Now Option
A Timed with Buy-It-Now auction takes place on the auctioneer’s website. Every item has a starting time, starting price and buy-it-now price. Only company website customers can register for the auction and place bids or purchase items during the period of time they are open for bidding. Items are available for immediate purchase at the buy-it-now price, but once a bidder places a timed bid the buy-it-now option disappears. Each item has a time clock associated with it. The auctioneer can select the time each item closes, (usually all-at-once or with a 1 minute space between items: “Closing Times”). The auctioneer sets required bidding increments for the auction items and may choose to offer “extended bidding” to avoid snipers: for example, if a bidder places a bid within 1 minute of the time expiration for an item, the item’s time clock will reset for an additional 5 minutes until no further bids are placed. The website bidder may place a high bid on any item and the system will automatically execute those bids incrementally until the customer’s high bid is exhausted. When time expires, or when someone chooses to purchase an item, the Fair Warning system will automatically “clerk” the item to the winning bidder and invoices can then be generated.
Continuous Buy-It-Now Auction
Display-Only Auction