Types of lots

The types of lots that can go under sale on this platform.

Incremental Lot

This is what you might call a normal auction lot. This is a item that will start with an opening bid, with each bid taking the price higher.

Each lot will have an increment determining the amount between each bid. Bidder will have to bid at least the incremental value to place a bid; although they may place higher bids.

The final selling price is the price reached through the process of bidders placing their bids until the clock reaches zero.

Buy Now Lot

This is where a single item is sold for a fixed price. The lot is sold on a first come, first served basis. When a buyer agrees to pay the asking prices for the item, the lot is sold and taken off the market.

Multiple Buy Now Lot

This is where an item of list of indentical items are listed with multiple stock availble. So for exmaple you may have some trollies where you have 5 to sell. Buyers can choose whether to buy all of them, or part of the availble stock. Once every items is sold, the lot will close.

You could end up with one bidder buying all 5 items in our example, or 5 bidders all buying one item eah from the availble stock.