Different Types of Auctions

[romualda]

I am looking to bid on a travel auction and have a question. What is the difference between a Single Auction, a Dutch Auction and a Best Shot Auction?

[romualda]

Single Auctions:

Following the "winner takes all" principle, Single Auctions have just one package for sale, and are open for bids by registered Luxury Link users. If you wish to bid on an item, be sure to note the "Retail Value" of the offering. Remember to also note the "Minimum Bid" posted on the auction page which will indicate the minimum amount you must bid at that time to win the trip.



Bidding is open until the auction closes, and you are free to submit as many bids as you wish throughout the length of the auction. We encourage you to visit the page often to check the bidding status.

[romualda]

Dutch Auctions:

The Dutch Auction features more than one identical package for sale, and can have multiple winners. Each Dutch Auction states the number of packages available, the retail value, the minimum bid, the bid increments, and the closing time of the auction.



At the auction close, all winning bidders will pay the same price, which is the lowest successful bid.

[romualda]

Best Shot Auctions: The Best Shot AuctionTM allows you to set the price you are willing to pay for the travel package. You may submit just one bid for these auction items, so be sure to take your "Best Shot"! Your price may range anywhere between the retail value and the minimum selling price. [ Each Best Shot AuctionTM states the number of units available, the retail value, the minimum starting price, and the closing time of the auction. ]

All winning bidders will pay the same price, which is the lowest successful bid. This price may be equal or LESS than your Best Shot bid but never more.

[travel2fun]

Moderator, thank you for lifting the fog on this subject.

[bcjjtaylor]

How are Dutch Auctions found on the LL site?

[CMDAVILACLI]

good question about the dutch auctions... I used to see quite a few of these, but rarely see them anymore. Can you specify just "dutch auctions" anywhere?

cmdavilacli

[michael_choe_ll]

unfortunately the answer is no.

almost all auctions are single. we have very few dutch and best shot today.

would this be something you would like?

the reason for the change is that we want to make the package about the destination/property, less emphasis on the type of auction.

michael

[CMDAVILACLI]

good reply, Michael. I liked the dutch auction for the fact that if several people really liked the package, then several people would end up going. In fact, my mother has won (in the past) several great dutch auctions from LL and the price was even better because of the pricing structure that applied.



Maybe it would be interesting to see an auction that offers two+ packages... and see how the community responds to it.



cmdavilacli