Traditional Auction

Traditional Bidding Auction.

The Traditional Bidding method allows the Bidder to place an Absolute Bid for the exact amount he/she wishes to pay. Unlike Standard Bidding, Limit Bids are NOT allowed. Therefore, if successful, the High Bid is raised directly to the amount of the Absolute Bid placed. Traditional Listings may contain an optional Reserve Price. In addition, Traditional Listings may utilize Extended Bidding. Please check the associated Bid Form for details.

Example 1: (Assuming this auction was setup without Reserve Price option)

If the Starting Bid on an Item is $100 and Bidder A bids $150, the Current Bid goes directly to $150 regardless of the Bid Increment. If the Bid Increment at $150 is $10, then the Minimum Bid is $160. If Bidder B bids $175, then the Current Bid becomes $175 with Bidder B holding the High Bid. Meaning that the price jumped from point A to point B where B is the highest price offered. Unlike Limit Bids where the highest price shows is current price plus the increment.

Example 2: ((Assuming this auction was setup with a Reserve Price)

If the Starting Bid on an Item is $100 with a Reserve Price of $200 and Bidder A bids $150, the Current Bid goes directly to $150 (note the reserve is NOT yet met). If the Bid Increment at $150 is $10, then the Minimum Bid is $160. If Bidder B bids $175, then the Current Bid becomes $175 with Bidder B holding the High Bid (note that the reserve is still not met). If the Bid Increment at $175 is still $10, then the Minimum Bid is $185. If Bidder C bids $200, then the Current Bid becomes $200 with Bidder C holding the High Bid and the Reserve Price is now met.

This type of auction is the easiest to understand because it's very traditional way of auction.