In a Dutch auction, all winning bidders pay the lowest successful winning bid price. Dutch auctions favor buyers, since higher bidders pay less than the price they bid. Yankee auctions resemble Dutch auctions, but in Yankees the winning bidders pay the amount they offered. Yankee auctions favor the seller, who moves more items out the door at higher prices. In both Dutch and Yankee auctions, sellers benefit from lower costs and reduced maintenance, mainly because of the volume of merchandise they can off-load quickly.
Localized auctions target local buyers rather than a global audience.
EBay, for example, hosts local auctions in more than 50 cities, while Yahoo runs overseas-specific auctions in 17 countries. You may be able to find local buyers for goods that would be hard to sell to long-distance customers, perhaps because of high shipping costs. Featured auctions deliver a high-visibility position on the site's home page or at the top of a category. Stewart Mitchell, an insurance broker who moonlights as a CD and LP seller in Hamilton, Ontario, sometimes arranges to get featured positioning on EBay, but only when he's selling a big-ticket item. Fixed-price auctions allow buyers, who don't want to wait for the bidding to close, to purchase goods immediately.