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What types of auctions does XcAuction support?
Is XcAuction capable of Reverse or Dutch auctions?
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The current version of XcAuction supports a number of auction types. Each auction type has some unique features of its own. These auction types are described below:
A Standard auction is where a bidder starts an auction with an opening bid amount and the bidders increase the selling price of an auction over time. The auctioneer can also specify a Reserve price in a Standard auction. A Reserve price is a secret minimum amount the auctioneer is willing to accept as the final bid. If the Reserve price is not met when the auction closes, then the auctioneer is not obligated to sell the item at the closing price.
A Reverse auction works in the opposite direction of a Standard auction. It is usually used when you want to get bids for having a service performed. For example, if you need a house built, you can post a Reverse auction to get the lowest bidder to build your house.
A Multiple Item or Dutch auction works just like a Standard auction, but the auctioneer can now auction off multiple identical items at the same time to one or more bidders. This allows the bidders to request only the quantity of items they want or need. The price of the auction is driven upwards as in a Standard auction, but the current bid is determined by the lowest successful bid made by a bidder with an allocated quantity of items. As individual items are allocated to the successful bidders, bidders that bidder lower amounts may loose their allocated items to higher bidders.
A Blind auction works like a Standard auction in that the winning bid is determined by the highest bidder. However, in a Blind Auction, none of the bidders know the status of their bid until the closing of the auction. At auction closing, the highest bid is automatically chosen as the winning bid. Also can be known as a Silent Auction.
A Barter auction works very differently from other auction types in that the winning bid is not automatically chosen by the auction system. In a Barter Auction, the auctioneer determines which bid, if any, are acceptable in exchange for the item being auctioned. This also allows the auctioneer to accept various other products and services in lieu of a cash payment. Also can be known as a Trade Auction, or Exchange Auction.
An RFQ auction works in a manner similar to the Barter Auction in that the system does not automatically determine the winning bidder. The auctioneer must accept the bids in an RFQ auction and can provide counter offers. This is also known as a Request For Quote or Request For Quotation Auction.
A Turbo Auction is just like a Standard Auction with a few limitations. The
Turbo Auction is meant to encourage bidding activity by interested bidders, since
it is forced to a low starting bid ($1), and does not allow a Reserve price.
A Fixed Price Auction is really not an auction at all, but rather an item for sale.
The fixed price auction differs in that the first bidder to place a bid will win the
item and the auction closes immediately.
A Linked Auction is a special type of auction item that links to another site or URL
for a bidder to place a bid or outright purchase the item. It allows you to enter a URL that the
bidder or buyer will be taken to when they attempt to place a bid on the item.
XcAuction v2.x supported Standard, Reverse and Dutch auctions.
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