What is a reverse auction?

In traditional auctions, the price of an item rises as the punters bid. But with a Reverse Auction it's the other way round, with a twist.

The punter's have to try and guess the lowest unique bid for a product. So there is some skill involved in trying to pick the ideal amount from 1p to thousands of pounds

What is a Unique Bid

If you place a bid that nobody else has placed before, then you have placed a unique bid. It's as simple as that. However, if somebody else comes along and places the same bid, your bid is no longer unique.

In this circumstance, you would have to try again.

How much will I have to pay?

Each auction will have it's own terms and conditions which you are advised to read carefully before you participate.

By way of example, you may be charged a flat fee for any bid amount that you put forward. And, if you win, you wouldn't pay anything more. So, in a way the actual bid amount is virtual money entered in a game/competition.

• Reverse Auction Strategy
• Auction Reverse UK - home page