Forward (English Auction)
This is the most common type of auction, predominately understood from the eBay model, where the bidder with the highest bid wins the lot at a predefined end time (see also auto extension). In this model bidders are aware of the current competing highest bid. There are a number of additional capabilities;
- - Auto bidding (or proxy bidding), where a bidder sets their upper limit and bids are placed automatically using the Bid Increments.
- o Take lead, this is a derivative of Auto Bidding, where the bidder can simply indicate that they wish to submit the highest next bid on a lot (similar to auto bidding, but doesn’t auto bid up-to a value).
- - Auto extension (popcorn bidding), where the lot end-time is set, but is dynamically extended (by a pre-set duration) by Red2 Auction based on bidding activity within a time window prior to the system closing. This can also be limited, a lot will continue to extend until bidding is no longer taking place, or the limit is reached.