Sellers list their commodities for sal e by lot number on the database, with thorough and accurat e quality descriptions. Buyers search the database, and if they find something they want, they contact the seller and enter into private treaty sale negotiations. If the seller and buyer agree upon a price, delivery and settlement, a privat e treaty sale is made. The seller may pay a listing fee and a sale commission to the manager of the database marketing service. Buyers use the service for free.
Sellers list their commodity for sale on th e database.
There is an advertised sale period. Usually, a sal e manager conducts the auction, earns a commission from th e sellers, and pays the database service manager a negotiated fee. Buyers preregister before the auction starts. All conditions of sale are publicized prior to the auction and agreed upon by all participants. During the active auction, each lot number comes up for sal e on the computer and buyers compete to purchase it.