Understanding the English Forward mechanism for your actions
In an English Forward auction, the seller or auctioneer sets a starting price and potential buyers compete against each other by submitting incrementally increasing bids. The auction ends when no more bids are placed and the item, product or commodity being auctioned (called a "lot") is sold to the highest bidder for the value of the highest bid.
Auction set up
The auctioneer sets the starting price, bid increment, auction duration, & other parameters. The auction is then listed on the auction platform or marketplace.
Interested buyers place their bids by submitting an amount that is higher than the current bid. Bids can be submitted manually or through an automated bidding system.
As more bids are placed, the price of the item being auctioned increases in increments according to the set bid increment.
When the auction duration ends, the auctioneer declares the item sold to the highest bidder. The buyer pays the final price, and the auctioneer completes the transaction.
After the auction is over, the auction platform or marketplace may provide additional services, such as payment processing and shipping coordination.
Why might you choose an English Forward Auction?
Online English Forward auctions offer a transparent, competitive and efficient means of price discovery for buyers and sellers. This is ideal in nascent or highly volatile markets, or where the potential value is unknown.
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Clients where we have applied an English Forward auction
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