What types of auction formats are supported?
The All Cruise Auction supports Single Item, Reserve Price and Dutch Auction, auction formats. For more detailed information, please see below. Single Item Auctions Single item auctions are the simplest to operate. Under this format, a seller submits a single item to the auction. The auction will begin on a specified date and time, and at a specified price and bid increment. Once the auction closes and a winning bid has been submitted, both buyer and seller will be notified via e-mail. Reserve Price Auctions Auctions may be run with reserve prices. The reserve price is the lowest the seller is willing to accept for the item. The reserve price is not disclosed to bidders. A seller might specify a lower minimum opening bid price on a reserve price auction to entice bidding activity and interest in the item. When a bidders maximum price meets or exceeds the reserve price, the item’s current bid is raised to the reserve price, and an indication is added to show the reserve price has been m
