Understanding Sealed Bid mechanism for your actions
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 participatein 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.
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 ormarketplace.
Interested buyers submit their bids privately to the auctioneer or through the auctionplatform or a marketplace. The bidders can only submit one bid and are unaware of the bids submitted byother participants.
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.
After the auction is over, the auction platform or marketplace may provide additional services, such as payment processing and arranging shipping.
Why Sealed Bid auction model?
The auction marketplace software and the Sealed Bid auction model work together to create a efficient and competitive environment for buyers and sellers to conduct online auctions.
Reach broader audience
On demand auctions
Increase price transparency
Clients where we have used a Sealed Bid or Capacity Auction models
A fully integrated global auction platform for CarNext's vehicle leasing.