Reverse Auction... how does it work?

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posted on Aug, 31 2012 @ 08:40 PM
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Hello ATS! I have a chance to go to a reverse auction tomorrow, but have no clue how it works. Im trying to google, but I need someone to really dumb this down for me... I am a blonde


Seriously though, should i not even waste my time? Or any tips from someone who's been to one?

Can't find the flyer atm, but they are claiming to sell cars on the hour for $5. Even if i junk it, thats profit.

Thanks in advance, going to try and find the flyer, incase anyone needs more info.





posted on Aug, 31 2012 @ 09:17 PM
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I have never been to one and know nothing about them, but I found this info:


Wikipedia - Reverse Auction

A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In an ordinary auction (also known as a forward auction), buyers compete to obtain a good or service by offering increasingly higher prices. In a reverse auction, the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers undercut each other.

A reverse auction is similar to a unique bid auction as the basic principle remains the same, however a unique bid auction follows the traditional auction format more closely as each bid is kept confidential and one clear winner is defined after the auction finishes.

In business, the term most commonly refers to a specific type of auction process (also called procurement auction, e-auction, sourcing event, e-sourcing or eRA, eRFP, e-RFO, e-procurement, B2B Auction) used in government or private sector procurement.

In consumer auctions, the term is often used to refer to sales processes that share some characteristics with auctions, but are not necessarily auctions.



Wikipedia - Unique Bid Auction

A unique bid auction is a type of strategy game related to traditional auctions where the winner is usually the individual with the lowest unique bid, although less commonly the auction rules may specify that the highest unique bid is the winner. Unique bid auctions are often used as a form of competition and strategy game where bidders pay a fee to make a bid, or may have to pay a subscription fee in order to be able to participate.


Does your brochure say anything about paying a fee to participate?



posted on Aug, 31 2012 @ 09:24 PM
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That's pretty much all i found as well, but your effort is still greatley appreciated!

Noone i know, has any idea either. Maybe ill go just to see.



posted on Aug, 31 2012 @ 09:30 PM
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If you do go, let us know what you find out. It sounds interesting.



posted on Aug, 31 2012 @ 10:28 PM
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reply to post by N3k9Ni
 


I sure will! I grew up with cars, have contacted the people i know and they dont know, lol.

I think i will at least go, so as to be prepared if they have another.

And it's being hosted at a used car lot that is a branch off the big ford company here.

Here is a few tidbits from the flier...

-no wholesalers allowed, only general public
-this includes repossesions,lease returns, retired, rentals,one owner certified pre owned trades
-no mention of registration fees
-10 financial institutionson hand to procure on the spot financing (fishy to me, lol)

Thats about it. Let you know if i went or not





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