An ideal auction method for selling produce. Used in a number of markets: Fish and flowers are leading examples.
Each lot has a quantity of boxes or bins all of which are identical. Bidders bid by selecting the quantity they want
when the price drops to an acceptable amount. Once a bidder buys the remaining quantity is auctioned.
The price rises and then falls this allows other bidders to buy close to the last price. This method suits a market
where the bidders are in the trade and understand the process.
Bidsonline’s reverse auction is running at Australian Fish Auctions: www.australianfishauctions.com.au
and www.Freshbids.com.au .
Bidsonline will shortly be releasing the reverse auction to clear car dealer’s slow moving stock.
How reverse auctions work
Everybody pays the lowest price.
The same reverse auction method, however, all buyers pay the lowest price reached. Ideal for the retail market especially when coupled with a live presentation.
Bidsonline developed an internet shopping channel using this method : Shop Window www.shopwindow.com.au