Sealed Bid

Sealed Bid auctions allows for private and discreet price discovery.

Power your marketplace with Sealed Bid Auction technology: Optimise the bidding process maximising the seller's revenue

Ensure a fair and competitive bidding process where each bidder submits  their best offer without knowing others' bids, potentially maximising  the seller's revenue

Listing creation

NovaFori platform supports a range of product types with flexible attributes, descriptions, and images for accurate representation. Sellers can customise auctions to fit their unique needs by setting product supply, price points, number and duration of rounds, and bidding rules.

Confidential bid submissions

Sealed bids offer a strategic and confidential approach to auction participation, with bidders able to submit their offers without revealing them to other bidders. Additionally, the flexibility to update or withdraw bids at any time further enhances the fairness of the auction process.

Watchlist functionality

The watchlist feature not only keeps track of your interests, providing multiple views to enhance browsing, but also offers live updates. Placing a bid automatically adds the listings to the watchlist, enabling bidders to effortlessly monitor the status of their listings.

Integration capabilities

Seamless integration with other enterprise systems, such as inventory management, customer relationship management (CRM), and payment processing, streamlines operations and ensures a cohesive ecosystem.

Data Science tools and analytics

Analytics reporting tools and analytics capabilities to analyse scoring trends and performance metrics.

Sealed Bid user interface (UI) in the NovaFori Platform.

Why choose Sealed Bid for your marketplace?

  • Reach broader audience

  • On demand auctions

  • Increase price transparency

  • Competitive environment

Understanding Sealed Bid Auction within a marketplace

Sealed Bid auctions are a type of auction where bidders submit their bids privately, and the highest bidder wins the auction. This auction model provides a private and discreet way for buyers to participate in an auction without revealing their bid to other participants. This can encourage buyers to submit their highest bids, which can lead to higher final prices for the item being sold.

The process:

Step 1

Auction set up

The auctioneer sets up the auction by defining the item being sold, the auction duration, and the terms and conditions of the auction. The auction is then listed on the auction platform marketplace.

Step 2

Bidding process

Interested buyers submit their bids privately to the auctioneer or through the auction platform or a marketplace. The bidders can only submit one bid and are unaware of the bids submitted by other participants.

Step 3

Price increase

When the auction duration ends, the auctioneer opens the bids and declares the highest bidder as the winner of the auction. The buyer pays the final price, and the auctioneer completes the transaction.

Step 4

Auction closure

After the auction is over, the auction platform or marketplace may provide additional services, such as payment processing and arranging shipping.

Clients where we have used a Sealed Bid or Capacity Auction models

CarNext Logo

A fully integrated global auction platform for CarNext's vehicle leasing.

Read Case Study