Magento Auction

After the installation of the module, admin can see "Auction" in the admin panel and can do the configuration. This type of auctions are oftenly used by the auctioneers. In this the auction will be very simple. Bid will start with a base amount and the highest amount bidder will win the auction.

• Admin can enable the module.
• Admin can choose to display Current bid price, Auction details, Bidder name and Bidder Price.
• Admin will enter Winner message.
• Admin will set Auction Rules.

Magento Auction module provides the Increment Auction. In case of Increment Auction, a bid will be raised each time. It is predetermined based on the current high bid. In incremental auction if any bidder places a bid, then the current price will increase with incremental price. Like if you are the first bidder and place a bid of $30. Then current bid becomes $40 ($30 + $10 incremental price). No one can place a bid less than $40. Let's explain this using an example.

The Increment bid is the amount by which a bid will be increment each time the current bid is outdone. Increment bid amount setting will be done by admin.

Magento Auction module supports the Automatic Auction. Store owner can also enable or disable the Automatic Auction option with automatic bidder details, price, bidders, outbid messages. Let's understand about Automatic Auction.

• When you(buyer) place an automatic bid with the maximum amount that you want to pay for the product.
• The other bidders don't know about other's bidder automatic bid if disable by admin.
• The other bidders place bids on based on the current high bid. bid will be placed until the bid meets the reserve price or until it expires.
• If another bidder places the same maximum automatic bid or higher, then you will be notified by mail, so that you can place another bid.
• If Your maximum bid is not exceeded by another automatic bidder or current bid, then you will win the bid at the current bid.

In the Reserve Auction, any item which is on auction will be sold off only after its bidding amount exceeds or matches with the Global Reserve Price, which will be set by the Store Admin. In the email notification option, admin can allow email notification, enable email notification to the outbid buyer and enable email notification to auto bid buyer.

• Admin will enter the Global Reserve Price for the Reserve Auction.
• Any item will be sold off after its bidding amount exceeds or matches with the Global Reserve Price.
• Through email notification, admin can enable email notification to the outbid buyer and auto bid buyer.

Magento auction module offers a wide range of options to the admin. As described previously every auction type comes with standard set of option so almost every parameter of the auction is managed by magento admin auction setting.