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In auction theory, particularly Bayesian-optimal mechanism design, a virtual valuation of an agent is a function that measures the surplus that can be extracted from that agent. A typical application is a seller who wants to sell an item to a potential buyer and wants to decide on the optimal price.
The Surplus Record has been available online since 1986, [4] when buyers would use 2400-baud modems to access it. Currently, it is the largest online directory in the world for surplus capital equipment. [5] The company started its own online auctions in 1999, [1] [6] a year before it was acquired.
Copart, Inc. is a global provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies in 11 countries; the US, Canada, the UK, Germany, Ireland, Brazil, Spain, UAE, Bahrain, Oman and Finland.
Most companies from time to time end up with surplus goods, liquidated goods and bankrupt stock. This can be a costly problem. When customers are told that the reason for a price reduction is a stock clearance, they find this less attractive than other explanations such as a volume discount. [ 1 ]
Court auction: items sold to satisfy a court judgment, like storage contents of not-paying tenants; Insolvent companies where the government is the liquidator (e.g. official receiver) Unowned property; Often goods sold at government auctions will be unreserved, meaning that they will be sold to the highest bidder at the auction. [citation needed]
For business auctions, the term refers to a specific type of auction process (also called e-auction, sourcing event, e-sourcing or eRA, eRFP, e-RFO, e-procurement, B2B Auction). Open procurement processes, which are a form of reverse auction, have been commonly used in government procurement and in the private sector in many countries for many ...
An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [ 1 ] [ 2 ] [ 3 ] Similar to in-person auctions, online auctions come in a variety of types , with different bidding and selling rules.
Academy Sports + Outdoors came into existence in 1938, [5] when Arthur Gochman and his business partner purchased Southern Sales, a San Antonio-based Army-Navy surplus chain comprising six stores that were by that year no longer making any profit. At the time, Gochman was a practicing attorney in San Antonio.