Normal Auctions
- In this type of auction, the Auction starts with a small price and bidders will have to bid a higher price than the last bid.
- At the end of the auction, the bidder with the highest price will be considered as the winner.
Reverse Auctions
- In this type of auction, the Auction starts with a higher price and bidders will have to bid a lower price than the last bid.
- At the end of the auction, the bidder with the lowest price will be considered as the winner.
Proxy Auctions
- In this type of auction, the price bid will not be directly visible to other users. Instead only a part of the original bid amount will be visible to other users. Every time a user places a bid which is less than the current highest bid, the system will automatically place a bid on behalf of the highest bidder. This process will continue until the highest bidder has been outbid. Both Regular and Reverse Auctions can be configured as Proxy Auctions. Once the auction has ended, the winner has to pay only the second highest/lowest bid amount (Decided based on Regular/Reverse Auction).