Box 726. MadBid was a Gamified eCommerce and online auction website registered under Marcandi Ltd. Online auctions can last longer so more time and effort is necessary if you want to win and especially if you wish to emerge victorious time and again. First, choose your state:. Victoria, V8V 3K2. The online U. It was founded in 2008 by Juha Koski, Madhur Srivastava and Daniel Rovira. Value for Money. English auction. As you correctly noted such sites are not gaming or gambling sites. apkAuction fraud is defined by the Internet Crime Complaint Center as “fraud attributable to the misrepresentation of a product advertised for sale through an Internet auction site or the non- delivery of products purchased through an Internet auction site. A Guide to the important penny auction info you should know before placing your 1st bid!DealDash was founded in 2009 by William Wolfram, a 16-year-old Finnish entrepreneur, who had lost $20 bidding unsuccessfully for a MacBook on an earlier penny auction site. Clear. QuiBids ranks 2nd among Penny Auction sites. Penny auction puts an item up for sale at $0. The penny auction method of marketing has players purchase bids with the hope of winning a prize. Brown 1959 No Mint mark MS 65 Lincoln penny that was paid $1,880 in 2017 at Heritage. . In 1971, a new penny would have been worth 9. Fred Meyer: 10% First Tuesday of The Month. Swoopo and Eunibids are among the most. If you have ever been out bid, outplayed and bullied by the power bidders - then this book is for you!. By ABC News. So I guess some people don’t know how “penny auctions work”. 74 on QuiBids. In a traditional auction, if you don't "win", you don't lose either; if someone outbids you, you don't pay anything. 7 million by Legend Numismatics of Lincroft, New Jersey. Visit Website (855) 455-3325. A penny auction is a relatively new auction mechanism run by multiple online com-panies. Gold and Silver. Diversity & Inclusion. In the simplest form of this dynamic auction, players repeatedly choose to pay a non-refundable –xed bid cost ($0. The final buyer would then return the property to the destitute farmer. The requirements for a local auctioneer's license vary from town to town and I do not see this information posted about Tenafly, NJ. Penny Auctions Fight Foreclosures during the Depression. Overview. They run pretty close to being illegal but one of the issues is they are advertised as auctions when they are not really auctions. A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller are reversed. Win Now Or Get A Refund!09/29/08 Ebay's HKDLLOVE reports that there are 15 or more new coins at Hong Kong Disneyland. 00 or more, and you still may not win. At the end of the auction, the”winner” has not won the item, but rather has won the right to buy the item. consumers have lost tens of millions of dollars in their fraud-induced pursuit of sham merchandise,” the DealDash. Penny auction sites are a great way to grab a bargain on top brand products. Please keep in. In any case, if the opening bid of an. The Penny Auctions during the Great Depression were where farmers got together, preformed satanic rituals, and then got really drunk. What are the legal aspects of a penny auction? Some beat up these programmes, claiming it is a fraud way to scam people on the web. Irrespective of type, the critical functionality. The site announces that an article is up for auction at a specified time. Scams are common in this industry,. The willingness to win one dollar for a few cents drives participants to raise the stakes. The best penny auction sites couple the risk-free, Buy-it-Now option with an intense bidding experience with an unmatchable entertainment value. The article shows how Swoopo was able to auction a $1000 check and collect $2452 in total fees. Unlike traditional e-Bay style auctions, penny auctions work with a 20-second timer and on a pay-per-bid basis. The Federal Trade Commission has issued a consumer alert about penny auctions, also advising you to beware that some sites charge a substantial registration fee. Community Fair. Beckham & Mandel filed a class action lawsuit against QuiBids LLC in the U. 31, 2012 /PRNewswire/ -- Penny auction websites continued to gain momentum in 2012, so the Penny Auction List went a step further to help consumers win more often and save more. Free Auction Appraisal View Past Sale Prices. March 12, 2012, 9:57 AM. The final buyer would then return the property to the destitute farmer. A penny auction is a special kind of online auction that allows sellers of expensive items to offer them for pennies on the dollar and still make a profit. Here’s why: One in four people who reported losing money to fraud since 2021 said it started on social media. Locate and compare Lawyers in Penny BC, Yellow Pages Local Listings. 1 Answer. Definition: Penny auctions involve participants placing incremental bids within a countdown timer. Plbid penny auction is just not like others penny auctions in UK because they offering more free bids all the time and. In Part II. what license need to run an onilne penny auction: Licensing for Online Penny Auction Business . of the penny auction format and high revenues are inconsistent with rational risk-neutral participants. Outcomes of real-life penny auctions are often surprising. Usually it costs one dollar to place a bid -- sometimes this is obfuscated by making you purchase bids (or bidding credits) before you participate. So the debate. com. It advertises the price products are. This auction house accepts all U. March 12, 2012 -- A 4-bedroom, 2-bath Arizona home with wood-burning fireplace, appraised at $125,000, is being auctioned for bids of a penny each, in what. These stories have generated much negative press in academia, newspapers and blogs, and critics have basically labeled penny auctions as online gambling (Robinson, Giebelhausen, & Cotte, 2013; USA Today, 2011; NY Times, 2009a, 2009b; Guina, 2009). Notice: Financing terms available may vary depending on applicant and/or guarantor credit profile (s) and additional approval conditions. But what truly defines a penny auction is that each bid placed costs the bidder a small fee. com is a penny auction site whose URL has been registered for over 6 years. The auction starts. QuiBids. Imagine the opportunity to buy a guitar worth thousands of dollars for under 20 bucks, a new digital camera for under $5. “You’ll need to spend $50 to. Walmart Pharmacy: Seniors with AARP cards save an average of 61%. Service 111. The idea of a penny auction seems very tempting at first - you can get items for pennies on the dollar - but the reality of the hype is far more dangerous than it appears. Seasonal Sales and events. 19,243 satisfied customers. Pro tip: Never take legal advice from someone who can't spell "witness". Penny auctions were described by Richard Thaler in the New York Times as a “diabolically inventive” adaptation of the dollar auction. Reset *This company may be headquartered in or have additional locations in another country. They seemed to pop up here in Australia about 5 years ago but I think word got around. 7 million by GreatCollections. Of course, if you are an avid gambler and have money to spare, Penny Auction sites can be an exciting game to play. Because of those fees, auction sites are able to. Define the Project Goal. Typically, we auction 13-week and 26-week bills on Monday, the 17-week on Wednesday, and 4-week and 8-week bills on Thursday. In the last years, what most of us know as traditional auctions have branched out and evolved to create a vast variety of auctions, one of those being online penny auctions. In recent years, the world of e-commerce has witnessed a surge in innovative business models. Owners of. 2015 Toro TX427 Mini Skid Steer. . Below is a small (but growing) list of discounts that will help you save. 01. Well-known gambling lawyer, Anthony Cabot of Las Vegas law firm of Lewis and Roca to the NY Times stated “Lotteries are games of chance, and an auction does not have what you would call any systematic chance, a random event that. Online Only Auction, Exira IA 11/25/23 @ 2PM Ends 11/25/2023. com. But, it’s always recommended to check the laws and regulations of the country where you will deploy the website. 1 Swoopo was an auction house, albeit not of the eBay type. Bid now. If you have decided that DealDash is worth your time and don’t mind playing the penny auction game, we have a few tips and tricks to help you out. m. Penny Auctions are in the nickel-and-dime section of the internet-commerce department store. At the end of the auction, the emcee will draw a random ticket from each basket, and the winners will be. Penny Auctions Features: ★ Up to 95% off retail prices on your favourite deals! ★ Responsive customer support, coupled with 24/7 Live chat. “You’re not going to win anything with those free bids,” Bernstein said. The value of a 1964-D SMS penny can vary widely depending on its condition and rarity, so it is recommended. There’s also a time limit in which bids must be placed, and after that time limit is up, the highest bidder pays the final bid price and wins the. Email I still feel as excited now as I was when Amanda first suggested writing a guest article for Penny Auction Watch. It opens up far too much risk for there to be any decent payout. Maxsold is a leading estate sale marketplace, an auction eco system that can help families and businesses alike sell or even buy valued goods. I mean, you do actually get merch from them, but the whole money saving aspect is awful. Marketing lead generation services Sale of ads for any products or services deemed illegal in Singapore; sales of products that facilitate payments to any of these products or. Bidders increase by 5 cents. Penny Auctions. . Penny Auctions are gambling sites, but they are not illegal. What you can do is to contact Tenafly city hall on Monday and they will be able to inform you whether you will be required to have a certificate or some formal training in order to obtain local auctioneer's license. Dustin@HA. To date penny auctions have not been regulated or formerly considered to fall under the same category. BizIPEsq. 1982 Penny Value Chart (Rarest & Most Valuable Sold For $18,000) By James Wilson February 13, 2023 November 8, 2023. Does the vary name of this legal form of gambling have a potential to damage the real auction industry? The auction method of marketing means selling to the highest bidder. In a penny auction players pay a fee to place small bids on items they want. Start-up Costs. With each bid, the price of the item increases by a penny (hence the name) and the countdown starts up again. The penny auction method of marketing has players purchase bids with the hope of winning a prize. QuiBids has a rating of 3. Covering entertainment auction site news, finding and highlighting the good, along with uncovering and educating consumers of the dangers of bad penny auction sites. Online Penny Auction: Q: Hi, my name is LeJustinman. In Part II. A ‘penny auction’ (the popular name for bidding fee auction) is an online shopping method where everyone taking part pays a small, non-refundable fee eachCiting witness testimony, defense attorneys for Daniel Penny asked a New York judge to dismiss the case against the former marine accused of killing a homeless street artist on a New York City subway. - The eBay Community. Reverse auction. Join us for the Penny Auction on Saturday, June 4th from 9am to 2pm at the New Elm Church Hall. 02 starting bid. As opposed to traditional auctions which often use hidden fees to even out the seemingly low price, auction winners can save up to 90% with penny auctions. 99, you would lose the $0. You’ll also find thousands of 100% real customer written reviews at sites such as SiteJabber or Truspilot. Look up coin prices and values to see how much your collection is worth. exactly how to win big at your first bid with. The discussion has key implications on the scope of consumer protection law as sale by auctions are, for example, excluded. A penny auction is an auction where bidders pay-per-bid for an item and the time increases with each bid. Consumers Reports says online "penny auctions," in which bidders have to pay to bid, are a bad deal for most participants. In penny auctions, bids go up a penny at a time—at least at face value. QuiBids is an online auction site that launched in October of 2009. Most bidding sites require a membership and fee to participate. Ballpark Range. A law firm has sued the operators of a so-called penny auction site that charges shoppers to bid on auction for high-end items at greatly reduced prices. The platform may support various auction formats: classic auctions, reverse auctions, penny auctions, etc. Harris Teeter: 5% off every Thursday. 4. suggests that penny auction websites cannot sustain excessive pro–ts without attracting a revolving door of new customers who will lose money. Then, using two large data sets covering 166,000 auctions, I calculate that average profit margins actually exceed 50%. In fact, bidders also pay a small non-refundable fee to place bids. LOS ANGELES, April 11, 2013 /PRNewswire-iReach/ -- Penny Auction websites have been in the news a lot lately. com. 9. 00 for a high price item like a television, iPad, or Kindle. Bid on online auctions and save. I ended up selling both items to a psuedo name "John Buddy" given the address to ship to Deal Dash legal department with "RE: Unauthorized Reselling. Find the best ones near you. Raffles that are not legal in Wisconsin include Progressive Raffles (commonly known as a Queen of Hearts raffles, or anything similar, in which a pot rolls over if a specific card is not drawn at the time of the drawing), Square Boards, Penny Raffles, Quarter Auctions, Sports Boards, Paddles, Golf Ball Drops, etc. The fascinating model of penny auctions is currently piquing interest in Nigeria. Each bid costs money. military exchange, where veterans get discounts and shop tax-free. 3. Gambling is illegal because there are statutes against them. ”. The auctioneer-of-record is principally responsible for the conduct of the auctions of the auction company in accordance with this act. HDTV’s. 378 Followers. Therefore, a price floor is the lowest legal price a good, service, or commodity can sell. Penny auctions may not seem important because they really aren’t but if you want to know why. Unique bid auctions are often used as a form of competition and strategy game where bidders pay a fee to make. – High bidding costs and skepticism from users. You may want to think twice before tossing out your loose change — one of your pennies could be worth $7,000. When time expires, the last participant to have placed a bid wins the item and also pays the final bid price, which is purportedly significantly lower. It is particularly notable for its differing composition types – some composed of 95% copper and 5% zinc, and the rest zinc with. Some claim that it is a form of illegal gambling if that is the case, then it would be illegal. This note is meant to outline the danger of penny auction sites and prevent a potentially dangerous rise of these sites in the region. In 2021, a 1964-D SMS penny graded MS-67 sold for $13,500 at auction. Most penny auction sites offer free bids to new members, which can be very enticing. Live and Online Commercial Real Estate Auction, Panora IA Ends 11/28/2023. Below is a small (but growing) list of discounts that will help you save. No Reserve. 100 bids times sixty cents per bids is $60. Publish Your App On Google Play. Visit. Bidding on products online can be a great way to get a discount you wouldn't find in-store. Then got an email from the seller stating that he had started the auction in penny mode by mistake and "of course I'm not selling you my Glock 29 for $100". history — the Farmer's Holiday Association. Hundreds of Complaints Filed with the FTC– As it stands today, the FTC has received roughly 350 filed complaints from consumers this year about the penny. 926 Fort Street. Hilfer says the ongoing legal debate regarding penny auction sites centers on whether skill or chance is the predominant factor in determining a consumer’s success. Does the vary name of this legal form of gambling have a potential to damage the real auction industry? The auction method of marketing means selling to the highest bidder. #1 · Oct 2, 2023. You can do a facebook live auction or a facebook Buy it now sale. Avoid the temptation to be sucked into bidding wars, and never pay for the mere hope of getting a bargain. March 12, 2012, 9:57 AM. 01 (dubbed the “penny auction”) will encourage early and frequent bidding by shoppers hoping to snag a deal, and they’ll stay engaged. NFTs have been predominantly used for digital art, collectibles. Mind you, I do have a sellers permit and Business tax ID #. Using penny auction websites is fun but could be compared to gambling, so you should keep a close eye on how much money you spend on bids. Bid4Assets is one of the most successful real estate online auction sites operating today. Terri Miller. Focus your attention on low-priced items. but most are fraud! Most promise you everything from laptops to gaming systems, but in the end you lose. Avvo has 97% of all lawyers in the US. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury. At $0. But on rare occasions the opposite happens when a penny start auction slips by the masses. Since 2009, we have been the best place to learn about penny auctions. According to their terms & conditions it’s owned by Kalgra Holdings Ltd, a business registered in Canada. To explain this deviation, I incorporate a sunk-cost fallacy into the theoretical model to generate a set of predictions about hazard rates and player behaviour, which I confirm empirically. According to The Sunday Times on September 19, 2009 in an article called “Bidding boom on the penny auction sites” by Laura Whateley “penny auction sites have been described as ‘the crack cocaine of online. Bidders increase by 5 cents. You are ASSUMING that the game of chance and skill are apparent in both but if your assumption were correct, then penny auctions would be gambling. A 1964D penny can be worth from $2 to nearly $5,000. View Bio. The highest bidder at the end of the auction wins the item, and each bid placed typically increases the price by one penny. Resources: You may wish to use NARA analysis sheet to lead class discussions of photos. Skip to content. VIEW all alternatives. 76 sold at auction for $7. Phone Number 44 1332 242 880. Each bid increases the price by 1pence (plural: pennies). Penny auctions are also referred to as “entertainment auctions” stated in a poltically correct and accurate way. To some, a penny auction is a way to gain an unbeatable deal, after sufferring numerous minor losses. Since 2009, we have been the best place to learn about penny auctions. net, an up to date directory of the best online penny auction sites. The FTC enters complaints into. So you could buy $200 worth of points to bid on something that costs $100 and win it for $50. The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents foreclosure by. John "Duffy" Conley is the man behind Bid66. Its mission is to redefine shopping by providing the best deals possible for its customers with a unique, fun and exciting online experience. Dustin Johnston. A while back I won an auction for a Glock 29 for around $100. “You’ll need to spend $50 to. Like. The New York Times called Swoopo’s bidding auctions, “devilish” noting how the process allows for a business school professor to sell a $20 bill to educated college students and make $50 in bids. In this article, we will go over the basics of how a penny auction and an auction merchant account function and highlight some of the best and the. Penny Auctions Penny auctions during The Great Depression was an institutional event. I am going to file a legal complaint against them and see if that helps. 00 on March 22, 2019. Penny auction. 01. Penny auctions are legal, so long as they are not done fraudulently, both in Florida and throughout the country. This paper studies penny auctions, a novel auction format in which every bid increases the price by a small amount, but placing a bid is costly. When you enter other nations, beware — coin elongating may not be legal in certain circumstances. So a package of 100 bids might cost about $50 to $100. Helping you navigate the penny auction world. Grant Pstikyan filed the complaint against DealDash in Thursday with a federal. and 4:00 p. That’s if you have a 1983 Lincoln penny, says Blake Alma, whose “CoinHub. If you found a double-headed quarter or a two-tailed coin, you may be wondering whether it's worth anything. A typical bid costs 50-cents to a dollar and the site keeps your money. We hope to have pictures of these new coins shortly. It incorporates a spectrum of features that helps to automate auction with the utmost efficiency. Bid-Ninja BidBuddy ® places penny auction bids automatically for you. Red 1959 No Mint mark MS 67+ Lincoln penny that was paid $5,887 in 2016 at Heritage Auctions. com CEO Nicolas Darveau-Garneau said, "The founding of the association is an important step in strengthening the industry by weeding out those. A ‘penny auction’ (the popular name for bidding fee auction) is an online shopping method where everyone taking part pays a small, non-refundable fee each time they place a bid on an item. In fact these bidding fee auctions may be. Dutch auction. Smart bidding saves money. Timeline: Add drought years of the 1931-1937, with1935 being the worst year of dust storms. The operation of a penny auction requires substantial attention to legal detail. 1 new pence). 01 = $1. The company has been sued under allegations that it is a form of illegal gambling and that its advertising is misleading. 11670 Fountains Dr Ste 200. That means that, in some cases, even after 100 bids, you could only be paying $1. You should not read this response to propose specific action or. It is particularly notable for its differing composition types – some composed of 95% copper and 5% zinc, and the rest zinc with. In an industry such as the internet and entertainment shopping, it seems almost too. Once the time expires, the auction ends and the last person to bid wins the right to buy the item for the final price. List of Best 10 Penny Bid Auction 1. In an all pay auction bids are submitted in full regardless of the eventual winner. GovDeals, a government auction site that sells everything from heavy equipment and real estate to fine art. We are a fully licensed FFL (Federal Firearms Licensee) and offer the safest, most convenient way to sell your gun hassle. view all. See what bargains are available and Biloxi, MS in classified ads in the Biloxi Sun Herald newspaper and SunHerald. Penny Auctions vs. Penny Auctions Fight Foreclosures during the Depression. Nov. Any webmaster can set up a similar site by including a script from bpowerhouse. 00 USD. Bukh Law Firm, PLLC has provided legal representation to clients in shill bidding cases on the federal and state level. If another user bids before the timer expires, the timer restarts – thus keeping the auction alive. Conducting the Sale. The NutBid site is located on a UK server. in the United Kingdom. 4. In the event a. It is an excellent tool for every type of organization and every purpose too. g. Penny auctions are currently legal because there is no law against them and no court of law has issued a ruling declaring them illegal. Lawyer directory . By penny auction here we means sites which ask the people to bid pennies and in return they can shop in very small budget. S. Not all auction websites are the same so make sure you read the rules carefully. Activists demanded that state legislators halt foreclosure sales. Build a team of people you trust who can add value to your millionaire goal and spend quality time with them. All in all, they got $2,500 on bids and $100 from the winner, which basically means they sold a $2,000 TV for $2,600. A penny auction on GunBroker is a type of online auction where participants place small increments of bids on firearms and accessories listed for sale. ”. (100 x $. The laws can vary from state to state, and federal law can play a role as well. For example, if the sale of an iPhone results in 10,000 bids at a fee of $0. [1] Thus, there is one buyer and many potential sellers. In an online penny auction, participants purchase bids for a fee, with each bid placed on a particular item increasing the price of. Here’s how penny auction sites typically work: Before you can begin bidding, you have to register and buy a package of “bids,” ranging from 50 cents to $1 per bid (the bid prices vary from. Comprehensive List of Active Penny Auctions Updated for 2020 | DealDash, QuiBids, OrangeBidz, NutBid, Outdoorsman Auctions, & CentBids Top Penny Auctions. At present the operation of a penny auction website in the United States is legal. John "Duffy" Conley is the man behind Bid66. Hundreds of thousands of farm-owning families had their hard-earned land seized from under them. Few other penny auction sites offer this post-auction purchase service. Penny Auctions Further Explained. Penny auctions are auctions in which agents pay to bid and the value of the item decreases after each bid. You are ASSUMING that the game of chance and skill are apparent in both but if your assumption were correct, then penny auctions would be gambling. Box 726, Fairfax, VA 22038. Uncirculated examples have sold for between $30,000 and $75,000, with most specimens selling for around $50,000. Penny auctions often give Internet users the opportunity to “buy” bids for items that appear to be priced very low. After your home is sold, you will also need to instruct a solicitor for the conveyancing of the property, which can cost anywhere from £450 to £750. ,/P> Instead, you have to buy bids. The. A PCGS AU-55 went for CAD 28,750. Remember the wry wisdom of experienced auction players: “The winner of an auction is the one who pays more than anyone else thinks something is worth. If the bids cost $0. Similarly, the old halfpenny and the half-crown were not converted in the UK either, having been withdrawn previously. Join our Penny Auction Forum today! Email; Unfortunately, not only do we have to watch for penny auction sites committing fraud (shill bidding, bots, not shipping, etc. Penny Auction Investigator among many others. And sometimes the bank would just suspend the foreclosures. Some exceptions to this definition exist and are described in the section about different types. Our store location is 10409 Main St. What you can do is to contact Tenafly city hall on Monday and they will be able to inform you whether you will be required to have a certificate or some formal training in order to obtain local auctioneer's license. Was probably a PS5 NFT. Prevents auction lockout. To participate, users must purchase bids which cost around $. Choose Your Custom Language. On that particular day I was using the holiday to do a. Each bid that's placed on an item raises the price by $0. If you auction a dollar-value item pennies at a time, given that all players lose the money they bid, and someone bids $0. 00). Few other penny auction sites offer this post-auction purchase service. As the above analysis demonstrates, penny auctions do not violate existing gambling laws, do not rely on gamblers to generate high revenues, and are predominantly skill‐ based. Build your network. The penny auction site also made some money. . Maybe it was a case where 90% of the time, the foreclosure auction went through, so eating the loss on the minority of penny auctions is a valid risk. Penny auctions are currently legal because there is no law against them and no court of law has issued a ruling declaring them illegal. Ipad Penny Auctions. Verified Rights Owner (VeRO) Program. If each bid cost $1 and bids were accepted for one penny at a time, the auction site makes $100 for every $1 increase in. Lolol, those penny auctions. Click the “Bid-Ninja mask” icon to the right of the URL bar to see a list of Quibids & Dealdash penny auctions. Below, we’ve compiled a list of different penny auctions which give away free bids on a regular basis. Bidding starts by placing a bid that is a certain increment higher than the. Proactively asks for customer feedback. com class action lawsuit states. The same advice applies to giveaways on social media sites like Facebook and Instagram. JEL: D11, D44, C73 Keywords: penny auctions, Internet auctions, bid fees, gambling 1 Introduction A typical penny auction sells a new brand-name gadget at a starting price of zero dollars, and sets a timer at one minute. A(n) Penny Auctions business doing business under an assumed business name in Bell County i. 329 Oxen Ct, Hartsel, CO 80449 Ends 11/29/2023. The company operates in ten European countries including the UK, Ireland, Spain, France, and Australia. DealDash, an auction website that puts items up for sale for pennies on the dollar. It should be legal to run a penny auction site, but they should be regulated and should have a way to prove. First-price sealed-bid. Shoppers use one each time they place a virtual bid on a product. ), we also have to be on the look out for dishonest bidders that are bidding in teams and colluding by telling bidders to not bid against them out of “respect,” this is indeed coconspiring to win auctions and defraud businesses. Please send any correspondence or consignments to P. wikipedia. If in doubt, you should seek legal advice. How to Bid in a DealDash Auction. Penny Auctions: Key Highlights. Many HKDLLOVE Hong Kong Disneyland "pressed penny" auctions are linked via the ParkPennies. Then there are a load of top sellers with great guns. S. An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Multiple auctions, simultaneously. If you want your website to be created and built to match the unique demands and objectives of your web development company or organization, you need to be very clear and explicit when expressing your purpose.