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What type of auction will the smartnumbers™ public auctions be?

April 26, 2017auction auctions public smartnumbers™ type

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What type of auction will the smartnumbers™ public auctions be?

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The smartnumbers™ public auctions will be online, ascending bid auctions. Any person with a valid application for a smartnumber™ can nominate the number for auction by submitting a participation notice. The lodgement of a single participation notice will trigger the scheduling of an auction for that number. The auction will take place at least 10 working days after the participation notice is lodged. Lodging a participation notice constitutes a bid at the reserve price or a higher amount if one is specified in the participation notice. Any person with a valid allocation application for that number will be able to bid on the scheduled auction day.