A reverse auction is similar to a unique bid auction as the basic principle remains the same; however, a unique bid auction follows the traditional auction format more closely as each bid is kept confidential and one clear winner is defined after the auction finishes.
Lowest Unique Bid Auction is one of the types of unique bids. Unlike the Highest Unique Bid, the winner is usually the individual / bidder with the lowest unique bid when the bid closes. The maximum bid value is generally kept at a lower value than the actual value of the item.
Highest Unique Bid Auction is one of the types of unique bids. Unlike the Lowest Unique Bid, the winner is usually the individual / bidder with the highest unique bid when the bid closes. The maximum bid value is generally kept at a lower value than the actual value of the item.
Penny Auction is an auction game, where participants pays a non-refundable fee to place a small incremental bid – the auction price increases by a small amount such as 0.01 or 0.06 cents.