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An English auction is a process in which an asset is sold through a suggested opening bid reserve or a starting price that is set by the seller. Increasingly higher bids are accepted from the gamut of buyers. Ultimately, the price is adjusted in a direction that's unfavorable to the bidders

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then buying the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today.

When the final bid is reached and the seller is happy with the price, the auctioneer will announce going once, twice, three times and if no more bids are offered he will then call, SOLD. Show me the money: An immediate deposit usually 10% of the purchase price is required after the auction.

A system where potential buyers place competitive bids on assets and services. The asset or service in question will sell to the party that places the highest bid.

There are many types of auctions.? Some of the most common are Charity, Estate, Liquidation, Consignment, Auto mobile, Antiques, Coins, Storage units, Foreclosures, real estate, and many more.