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In the DubLi reverse auction format, the buyer pays the fees, for the benefit of obtaining a lower price on the item they are bidding on. With each buyer that bids, the price goes down. In order to win any item you are bidding on, you must be the lowest bid, and the only one at that price.
With each bid applied credit, the price of the item being bid on decreases by 25 cents, until the lowest price is reached. Reverse auctions have been around for nearly 2500 years, but the DubLi reverse auction is bringing the concept mainstream and making it easily accessible for everyone. |
