Reverse auctions

[AngloScot]

What are they, and how do they work?

[rja211077]

From www.price-drop.tv

 

Each sale is called a 'price-drop' and features a limited number of quality products to buy.  When the price-drop begins products are offered at the starting "Guide" price - but as the price-drop progresses the price comes down.

As buyers come in, the number of products available comes down too - remember, there are only a limited quantity on offer in each price-drop, and the price will keep falling until they are all sold out.

Viewers must use their skill and judgment on when to enter the price-drop - so they don't leave it too late and miss out!  At the end of the price-drop, everyone pays the lowest price, with the last buyer in setting the price for everyone else.

[Octavius]

Also a Reverse auction can be described thus....

The twist is that the LOWEST UNIQUE BID wins. That means that your bid, as well as being the lowest, has to be the only one at that price when the auction closes.