The most traditional auction to consider is the forward auction. A forward auction is usually referred to simply as an “auction.” During a forward auction, the supplier (auctioneer) is the host in the transactions, and buyers (bidders) are invited to bid for the purchase of a product or products from the seller. The auction usually starts with a low price that the buyers will bid up until a set time has expired or no other buyer wishes to place a higher bid. Forward auctions are most typically used when organizations would like to sell off excess inventory, machinery, or equipment that is no longer in use to maximize revenue.
