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        Classified Pro is an enterprise-class DNN module which helps you creates an online store, auction website or publishes classified ads as easy as ABC. You can view more details at http://dnnmodule.com/Store/ModuleDetail/tabid/117/ProductId/29/Default.aspx. In this page, we mainly discuss its auction feature. Please note, the auction products in our demonstration pages are true products.  You can try to submit your bid to win Classified Pro standard edition (and also other modules) with lower price (e.g, $150) if no one else compete with you.

     Classified Pro module supports nearly all  types of auctions, as follows:

     1. English Auction             View live demo
      English Auction is the most widely used auction type in world, it is also known as an open ascending price auction. This type of auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid higher than the previous bid. The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid. Alternatively, if the seller has set a minimum sale price in advance (the 'reserve' price) and the final bid does not reach that price the item remains unsold. Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid.

       The most significant distinguishing factor of this auction type is that the current highest bid is always available to potential bidders.  The English auction is commonly used for selling goods, most prominently antiques and artwork, but also secondhand goods and real estate.

        2.  Sealed first-price auction        View live demo
       It is also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted.

        This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly. Sealed first-price auctions are commonly used in tendering, particularly for government contracts and auctions for mining leases.

         3. Vickrey auction       View live demo
         Vickrey auction is also known as a sealed-bid second-price auction. This is identical to the sealed first-price auction except that the winning bidder pays the second highest bid rather than their own. This is very similar to the proxy bidding system used by eBay, where the winner pays the second highest bid plus a bidding increment (e.g., 10%).

         4. Second item auction               View live demo
         Second item auction is the only one which supports more than 1 quantity of product. In a second item auction, the seller offers more than one identical item for sale, so that there may be more than one winning bidder. Each bidder can bid for all the items or only some of them, and publicly indicates the price that he/she is willing to pay for each item. However, all winning bidders need to pay only the lowest qualifying (successful) bid. If there are more successful bids than items available, priority goes to the bidders who submitted their bids first.

          In order to beat a competing bidder, one must bid a higher price per item than that competitor, regardless of the number of items that are being bid for. Here is an example of how this might work:

         The seller auctions 5 identical items.
         Bidder "A" bids for 2 items at $20 each.
         Bidder "B" bids for 4 items at $21 each.
          Bidder "C" bids for 3 items at $18 each.

         The outcome of this auction would be:
         Bidder "B" wins 4 items at $20 each....
         Bidder "A" wins 1 item at $20 each.

         The price is $20 because that was the lowest successful bid (hence the second price).
         Since Bidder "A" was only awarded 1 item, and his original bid was for 2 items, he has the right to refuse the purchase of that partial amount.
         As a winning bidder, you have the right to refuse paying if you are only awarded less than the number of the items you were bidding on..