Exactly how do reverse auctions work?
A. Registered users place bids on selected items offered by Lobid through a “sealed bid” process. Bidders pay an administration fee to enter the auction. Their aim is to place the lowest unique bid. Every auction is limited to a specified number of bids (e.g. maximum 150) or a time limit. As soon as that limit is reached, the auction automatically closes. After the auction has closed, the winning bidder then purchases the item from Lobid for the lowest unique amount they have bid. .
