Yankee Auctions are generally open for bidding for a day or two and offer a wide selection of products. Express Auctions Express Auctions are offered throughout the day, but each lasts for only one hour and offers a limited assortment of special merchandise. The newest addition to our auction family, 10-Minute Auctions are available throughout the day. They offer you an exciting bidding experience of assorted products within a 10-minute bidding timeframe. The traditional auction format is where the seller lists an item and an opening bid.
Buyers can start bidding on the item at or above the opening bid.
The seller will also specify a bid increment. If the seller lists quantity 10 for sale, the highest 10 bids take the quantity at their bid price. The traditional format is by far the most common auction format because there are few rules and it is simple to understand. The reserve price is the lowest price at which a seller is willing to sell an item. The reserve price is never disclosed to bidders.