Texas Auction is an ascending auction, which is more strictly tied to real time than other types of auctions. It is the most famous classic ascending auction known around the world. This type of auction is highly competitive and can host a great number of participants. Texas Auction is highly similar to Forward English Auction but has got more benefits for its users. Let’s see the similarities and differences of these two auctions.
Texas Auction, among other types of auctions, soon became available in e-procurement. The first app for Texas Auction for land-lease market appeared in 2019 and this type of auction proved itself successful as an online auction.
What is best to use this auction for?
Ascending auctions are quite beneficial for sellers. Let’s take a look at examples of where we can use Texas Auction to get the biggest profit possible:
- Online charity - you are a volunteer or a charity organization representative and you want to raise as much money for charity as possible? Texas Auction will help you with that because it doesn’t have any value limits!
- Celebrity - you are a celebrity or celebrity’s manager and have some rare personal items or services to sell? With Texas Auction you will get the biggest prices possible.
- Art - you are a talented artist or a gallery owner and want your pieces of art to find a good owner for a respectable price? High competition in Texas Auction will help you along.
- Land lease - you are a landlord with some good land for rent? Get more money for the lease with Texas Auction!
- Transport - you are a collector and want to sell your rare car model or you have a whole rare car dealership for sale? Texas Auction will boost your sales and increase prices for cars.
Pros and cons of the Texas Auction
Texas Auction is known for its highly beneficial structure. Let’s look at the advantages of this auction:
- Lasts less than Forward English Auction due to the larger amount of participants.
- Because of a lot of members, the price of a lot can increase significantly.
- Easy rules of the auction provide excessive effectiveness.
Yet there is a disadvantage:
- Highly competitive ascending auctions can sometimes lead bidders to bid more than they intended. To avoid this, we highly recommend taking notes of your money limits before the auction. As an alternative, you as a bidder can also participate in descending auctions, which may come to your liking as well.
Texas Auction rules and features
The rules of Online Texas Auction are quite similar to the rules of Online Forward English Auction:
- For the authorization of participants, the following disclaimer needs to be accepted first.
- The participants bid higher prices for a lot than the initial price or agree with the current price.
- The last participant to make a bid is the auction winner.
- There is no winner if no bid was made during the round.
- There is no certain amount of rounds in Texas Auction.
Please note, that if no-one places a bid during the first 3 minutes of any round, the auction ends automatically. If any participant places a bid within 3 minutes, a round ends and the next one begins.
By providing software for bringing auctions into e-procurement our developers made the auction process easier and more time-saving. Atreus Saas Auction Platform gives one more unique feature of its auctions - full transparency so that participants can see the whole process to avoid any corruption. To try out a Texas Auction with our unique features click on the link below and get a demo.