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An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [ 1 ] [ 2 ] [ 3 ] Similar to in-person auctions, online auctions come in a variety of types , with different bidding and selling rules.
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However, online auction sites, unlike live auctions, usually have an automatic bidding system which allows a bidder to enter their maximum acceptable bid. This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if ...
In August 2016, the company announced its plan to acquire IronPlanet, Inc., an online auction company. The deal was approved by the DOJ and closed in May 2017. [ 9 ] In 2016, Ritchie Bros. also acquired Petrowsky Auctioneers [ 10 ] based in North Franklin, CT and Kramer Auctions, [ 11 ] a Canadian agricultural auction company based in North ...
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A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]
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