Process: Manage Open Cry auctions
Flow
Legend

Objective
Open Cry auctions trading mechanism.
Description
In Open Cry auctions, all bids are available for public viewing; each
participant knows the other bids submitted.
Every auction is governed by a set of rules that the bidder must read before
participating. Auction rules are established during auction creation and
include aspects such as these:
- The auction type.
- The product name.
- The quantity available.
- Whether a reserve price exists for the auction.
- The deposit amount to be forfeited if the winner refuses to accept the
auctioned items. When an auction closes, deposits for all losers are refunded,
while winners' deposits are also put toward the purchase price.
- The auction start date and time.
- The conditions under which the auction will end, such as a scheduled end
date and time.
- Bid rules describing the minimum bid price, quantity, and bid
increment.
- Pricing mechanisms for the auction. For a non-discriminative pricing
mechanism, all winners are required to pay the price paid by the winner with
the lowest winning bid. For a discriminative pricing mechanism, auction winners
are required to pay their exact bid amounts.
If auction rules change during an auction, bidders must reread the rules
before submitting or updating bids. Bids submitted prior to a rule change are
not affected and may still win the bidding.
Features
- Manage Open Cry auctions, includes creating, modifying, closing, and
retracting open cry auctions
- Manage bids, includes customer creating bids, modifying bids, withdrawing
bids or autobids, sellers withdrawing active bids, scheduler finalizing
auctions and selecting winning bids, and scheduler creating orders for winning
bids.
- Notification. Includes auction start notification, auction close
notification, winning bid notification, and order complete notification.
- The interval time for auction notification can be set as auction
administrators want. The default value is 10800 seconds. If auction
administrators want to send notification more rapidly, the time can be set to a
lower value.
Edition
Professional, Business, Express Edition
Subprocesses
Business artifacts
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