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FAQ Area
| Q. What is a Dutch Auction? |
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| A. This auction format is perfect for Sellers with many identical items to sell. In order to use this auction format.
Sellers start by listing a minimum price (greater than $0.99), or a starting bid for one item and the number of items for sale.
Buyers specify both a bid price and the number of items they want to buy.
All winning Buyers pay the same price per item which is the lowest successful bid even though the winning bid may be less than what other individuals have bid! If there are more buyers than items, the earliest bids get the goods. Higher bidders are more likely to get the quantities they've asked for.
Winning bidders can refuse partial quantities. For example, if you place a bid for 10 items and only 8 are available after the auction, you don't have to buy any of them.
Here are some examples of how a Dutch Auction works:
A Seller has 10 pens for auction at $1 each.
10 Buyers bid $1.00 for one pen each. In this case, all 10 Buyers will win a pen for $1.00.
OR
Let's say that 5 Buyers bid $1.25 for one pen and
10 other Buyers bid $1.00 for each pen.
The minimum bid for the pen will then be raised to $1.25 because demand exceeds supply.
The five Buyers that bid $1.25 they will be guaranteed a pen. The other 5 pens will go to the earliest $1.00 Buyers AND the final sale price for each pen will be $1.00. Even though some Buyers had placed a high bid of $1.25 all winning bidders pay the same price which is the lowest successful bid.
It might sound complicated, but the majority of Dutch Auctions are simple: Most users win the items they bid on at the minimum asking price. However, there are some special instances you might want to know about:
If you are the lowest bidder in a Dutch Auction and you specify a multiple quantity, you may not get to purchase all that you specify.
Why? Because there may be little left over after the high bidders get their share. In other words, if the lowest bidder requests a quantity of 3 pens, he may only get one since the first 9 pens have already been allotted to the higher bidders. The only way to avoid this problem is to make sure you are not the lowest bidder!
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| What kind of listings can i post |
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| Hi just about anything, here will be found classifieds and auction from around the world and maybe things that are just dreamed about. Classifieds, Auctions, Flee Markets, Dutch and Yankee Auctions for the pro's. |
| Q. What is an English Auction |
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| A. English auctions are probably the most common type of auction. Registered members bid the highest price they are willing to pay for an item.
Park Place has been designed to stop auction activity at the default time of expiry or when the winning bidder is selected by the Seller.
English auctions also allow the seller to specify a "Buy Now" price below which the Seller may chose not to sell.
Park Place has gone a couple of steps futher:
Sellers must select a winning bidder.
Seller's are not forced to sell at a price they may not be satisfied with at the end of the acution term.
Seller's are not forced to sell to the highest bidder if he's not saisfied with negotiated terms and conditions.
Sellers have ability to extend or close auctions.
Sellers have the ability to specify bid increments.
Sellers have the ability to specify a minimum bid for items.
Note: If a Seller does not select a winning bidder the auction will just expire.
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| Q. What is a Yankee Auction |
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| Q. What is a Yankee Auction
A.Yankee Auctions are a variation of the Dutch Auction in which successful bidders pay what they bid, as opposed to paying the price determined by the lowest qualified bidder.
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