What is an online auction?

An online auction is a service in which auction users or participants sell or bid for products or services via the Internet. Virtual auctions facilitate online activities between buyers and sellers in different locations or geographical areas. Various auction sites provide users with platforms powered by different types of auction software.

How do auctions work?

Auctions can be live, or they can be conducted on an online platform. The asset or service in question is sold to the party that places the highest bid in an open auction and usually to the highest bidder in a closed auction. In an open auction, parties come together at a physical venue or online exchange to bid on assets.

What is a virtual auction?

Virtual auctions facilitate online activities between buyers and sellers in different locations or geographical areas. Various auction sites provide users with platforms powered by different types of auction software. An online auction is also known as a virtual auction.