Penny & Reverse Auction The New Rage On The Internet ?
specific amount of time, e.g. 15 seconds. Should this countdown elapse with nobody else placing a bid, the last bidder gets to buy the product at the current price. The current price is determined by number of bids on that products, meaning it increases marginally with every bid that has been placed.
A ficticious example to illustrate the concept: A brand new car is offered by telebid at a starting price of 1 GBP. Approx. 500 visitors decide that they are interested in buying a car at that price. Visitor 1 places a bid – the price of the car goes up by 10 pence. The timer for this product starts counting down from 15 seconds. Within these 15 seconds visitor 2 decides that the car is still worth buying at 1,10 GBP and places a bid when the counter shows 5 seconds to go. Again the price goes up by 10p. The timer restarts its counting from 15 seconds. Now
