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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.
As of 2016, Mecum auctions 15,000 vehicles annually, ranging from muscle cars to pre-World War I vehicles, with annual sales of $300 million. [29] [30] The company specializes in muscle cars from the 1950s to 1970s. [31] By 2017, the company had added separate auction events dealing solely with motorcycles and farmer tractors respectively.
LAMA's October 3, 2008 Modern Art & Design Auction saw the highest sale total in its history, with $5.17 million in sales achieving 125% over the low estimate. In October 2019, LAMA introduced the LAMA app, holding their first online-only auction and welcoming web-based bidding on live auction lots.
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However, online auction sites, unlike live auctions, usually have an automatic bidding system which allows a bidder to enter their maximum acceptable bid. This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if ...
America's Auction Channel (or AACtv) is an American satellite television network specializing in over-the-air auctions.. AACtv is an American licensed and bonded auction network specializing in live television auctions broadcast via cable television, satellite television and online.
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