Online Timed Auction
The main difference between a traditional auction and an online auction is represented by the negotiations that take place virtually, in fact the telecommunication technology and the business systems integrated with these new realities, allow to access the auction anytime and anywhere, without any limitation. of place or time.
The operation is simple: the item is auctioned at a fixed minimum price, below which there will be no assignments. The raises take place on the basis of a figure calculated on the percentage of the "starting price" that accumulates at the starting price of the negotiations.
In the event that bids are made on a lot, whoever has made the highest bid is the winner and the good is assigned. In addition to a minimum value, there is also another constraint in the negotiations represented by a maximum time of duration of the auction, after which the negotiations stop and the conditions of assignment are evaluated.
For the entire duration of the auction, participants are constantly notified of price changes and any raises, so that they can intervene directly in negotiations.