Q:

What are live online auctions?

A:

Quick Answer

A live online auction is an auction that allows people to bid for items online at the same time as those on the auction floor. Live bidding websites allow users to access auctions around the world

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Full Answer

A company like eBay allows customers to bid for items online, where each auction lasts for approximately two minutes. Both the seller and the buyer register with the auctioning website to participate. The seller puts details of the product on sale indicating the minimum bid. Live bidding runs from a specific time but has no fixed end time. The auction house holding the event determines the bidding increments. A person who wins the bid pays a buyer's premium fee; this fee goes to the auction house.

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