Process: Manage Sealed Bid auctions
Flow
Legend

Objective
Sealed Bid auctions trading mechanism.
Description
Sealed Bid auctions allow participants to submit a bid that is seen only by
the auction administrator. Seller sets a submission deadline, and no bids
received after that time are accepted. The bidder does not know 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.
- 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 Sealed Bid auctions. Includes creating, modifying, closing, and
retracting sealed bid auctions.
- Manage bids, includes customers creating, modifying, and withdrawing bids,
customers viewing all bids, seller withdrawing active bids, scheduler
finalizing auction 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.
Edition
Professional, Business, Express Edition
Subprocesses
Business artifacts
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