Lowest Unique Bid Auction
Red2 Auction supports this model, but to call it an auction is a slight misrepresentation. This is a seal blind bid process, where the auction has an end time (or in some cases it has a number of bids, instead of a time, for the closing, for example, 100 bids received and the lot will close). The bidder submits a bid at any value. The winner of the auction is bidder at the lowest value when no other bidder has selected this value. For example, multiple bids at £10, multiple bids at £20, a single bid at £30, and multiple bids at £40. In this instance the winner would be the lowest unique bidder at £30. This auction model is typically used for Consumer based auctions, or auctions which are promotional in nature.