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Auctions

Introduction 

An auction is a market mechanism by which sellers place offers and buyers make sequential bids. The primary characteristic of auctions, whether offline or online, is that prices are determined dynamically by competitive bidding. 

Auctions have been an established method of commerce for generations, and they are well-suited to deal with products and services for which conventional marketing channels are ineffective or inefficient. Auctions can expedite the disposal of items that need liquidation or a quick sale. 

The Internet provides an efficient infrastructure for executing electronic auctions (auctions conducted online) at lower administrative cost and with many more involved sellers and buyers. Individual consumers and corporations alike can participate in this rapidly growing form of e-commerce.

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