Penny Bids
This method of bidding is largely a user interface implementation. Bidders buy bids which represent the bid increment (typically one penny). Bidders place their bid which raises the highest bid by the increment, one penny. When there are no other bidders the lot is sold at the end price. This is not time limited and has no end date, the lot closes when all bidding completes. Typically the window for bidding is around 30 seconds, where the lot extends by 30 seconds on each bid. Red2 Auction supports this model, largely for Consumer auctions, but this capability requires some work to make it a feature.