Auction Technology

Delivering auction expertise to power your marketplace.

Digital auctions provide a measure of convenience. Bidders can participate in a digital auction from anywhere across the globe, saving time and money for both buyers and sellers, expanding reach and driving better outcomes.

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Auction technology software solution NextGen

Why auction technology?

Increase efficiency

Save time and effort through investing in future-proof infrastructure that can scale effectively.

Global reach

Conduct multiple and simultaneous online auctions on a global scale, in multiple languages and currencies.

Flexibility

Online auctions allow you greater flexibility when setting bidding windows, the number of available lots and trading rules.

Price transparency

Auctions balance supply and demand to bring the right price to the forefront.
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Why choose NovaFori to design your auction platform?

We have every aspect of running an auction covered from understanding auction theory, to testing the market, and implementing your ideal trading model to unlock the maximum value for all parties.

Auction mechanisms we support

How does English Forward work?

Buyers compete for goods or services by bidding an incremental price. Bidding can be open or closed and the goods or services sell to the highest bidder at the conclusion of the auction if the bid is greater than the reserve price set.

Industries where we applied this auction model:

Christie's (fine arts and collectibles)

CarNext (automotive)

Hilco (IPv4)

Sealed Bid

Buyers place either an anonymous bid, or series of bids, for different quantities of inventory they wish to purchase, at the price they are willing to pay for that quantity. Winners are determined algorithmically to ensure the fairest outcomes for buyers and sellers at auction conclusion depending on rules that the marketplace operator sets for the auction.

Industries where we applied this auction model:

CarNext (automotive)

Tender

In the Tender model, also known as a Capacity Auction, both the sale price and the allocation of quantity between buyers is determined by a resolution algorithm. The design of this model was guided by three key objectives:

Maximise total value gain across buyers and sellers.
Simplify the decision processes faced by buyers.
Enable buyers and sellers to reflect their degree of flexibility over the quantities they want allocated.

Industries where we applied this auction model:

Climate Imapact X (carbon credits)

Global Dairy Trade (dairy)

A solution for your industry

NovaFori provides auction technology solutions across diverse industries around the world. We adopt a collaborative and hands-on approach, combining our auction expertise with your industry knowledge and business requirements to design the platform that's right for you.