auction :
An auction is defined as the process of buying and selling products by submitting them to bidding and waiting for the offers of the bidders and then selling them at the highest price reached by the auction. A participant has a higher price than the other participants, and in this auction, the auctioneer is allowed to display prices in the public auction, or the bidders can be valued by discussion between them and some bids, or they request an agent to bid on their behalf, or can all of this be replaced by bidding through the Internet by displaying the goods On a website by publicly displaying the current highest price in auctions, the auctioneer also starts asking for the highest price for similar items so that the price is reduced so that the participants can accept the seller’s price for some of the quantities offered in the auction, down to the reserve price.
What mazadat are used for:
Many people believed that the auction was limited to selling antiques, antique paintings, rare collectibles, and also expensive old wines, but this belief is wrong, as auctions contain all the commodities that can come to your mind, such as used cars, livestock, homes, and various products.
Auction types:
There are many different types of auctions, and the following will display these types:
First auction:
It is the usual auction that takes place through a session in which all bidders participate and start the process of bidding on the price until reaching the highest price in a place known as Haraj.
Second, the online auction:
The electronic auction has spread in the recent period due to the preoccupation of individuals and the spread of social media. This auction is a public auction, but it takes place through the Internet and does not require the presence of participants to a specific place. Examples of sites that offer electronic auctions are the mazadat site.
Third highest single price auction:
This auction is based on the subscriber bidding only once, which encourages him to offer the highest price from the first time, so that he is not bid on it.
Fourth sealed envelope bid auction:
This type of auction differs from previous auctions in that it is conducted in secret, such as tenders, and this type is usually conducted in governmental and official trade.
