Goals: Explore an Auction Experience

Part 1: Before the Auction

Bidding on Items

By bidding, you are stating that you are ready and willing to purchase or sell that item for your bid amount. If you are outbid, or your bid does not meet the seller's reserve price, you are under no obligation to buy. But in all other cases, you are entering a contract with the seller to buy the item.

Listing Items for Auction

You are obligated to sell your item at the high bid price

You must describe the item in a truthful, accurate, and complete manner, to the best of your knowledge.

Part 2: Time to Bid!

Ready to bid some really cool stuff?

Let’s start with the rules.

Winner:

The group that sold off the highest bid

The group that got most items

Loser:

The group that didn’t buy any items

The groupthat didn’t sell any items

In the Auction

During the Auction

Rule 1: Each group member should describe your item in a truthful, accurate, and complete manner, to the best of your knowledge in ENGLISH ONLY. NO CHINESE. Item promotion should be more than 50 seconds and no longer than 1 minute.

Rule 2: Group bid for the items

If no group bids for any item in 10 seconds, the time is DEAD which means unsold.

Rule 3: Whenever you raise your group number card and it is called by the auctioneer, the bid will be automatically added US 20 dollars.

Rule 4: After calling for three times, the bid goes to the bidder.

When the auctioneer announces the bidder, the bid is close.

The bidder must pay the bid right after they get the item.

Definitions

High Bid Auction - Auctions where only one unit is being auctioned. The first highest bid wins the auction.
Dutch Auction - An auction for two or more units of the same item. All units sell for the lowest winning bid. Winners are determined by a calculation that determines the combination of all bidders that produces the highest overall revenue.
Proxy Bidding - All bids placed in auctions on AudioWeb are proxy bids. Proxy bids allow the bidder to enter a maximum amount they wish to purchase an item for. AudioWeb will only bid high enough to make you the high bidder in an auction. As other bidders bid, AudioWeb will automatically increment your bid to make you the winner or until your proxy bid amount is reached.
Minimum Bid - The lowest opening bid the seller will accept for the item being auctioned.
Reserve Price - The lowest bid the seller will sell the item for. This value is optional and hidden from bidders.
Increment - The amount a bidder must bid over the current highest bid.
Bid - The highest amount you are committing to pay (in US Dollars) for each unit of the item being auctioned.
Qty - The quantity of units you are bidding on. Dutch auctions require a quantity. You can make your bid contingent upon winning all of the the units (all or none).
First Highest Bid - In high bid auctions, the first bidder to bid the highest amount. In dutch auctions, the first bidder(s) that produces the highest overall revenue as determined by determined by a calculation of all bidders who bid above the minimum bid and reserve amount.
Winning Bidder(s) - In high bid auctions, the first highest bidder. In dutch auctions, the first highest bidder(s) that produces the highest overall revenue as determined by determined by a calculation of all bidders who bid above the minimum bid and reserve amount.
Lowest Winning Bid - (dutch auctions only) The lowest bid among winning bidders.
Start and End Times - All start and end times are in______
Auction Duration - Auctions run for up to a maximum of 5 minutes.
Extended Auctions - Auctions that receive bids in the final fifteen (15) seconds will be extended for an additional ______to allow all bidders to counter bid. This allows bidders to counter bids placed in the closing seconds of an auction.

MR Alice