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English auction: Easy explanation.

In this video, you will learn about the process of an English auction. #englishauction #bidding #wallstreetmojo #auction #bidders Chapters: 00:00 – Introduction 00:30 – What is an English auction? 01:25 – Examples 02:15 – Types 02:33 – English auction bidding strategy 03:03 – Drawbacks of an English auction 03:31 – Conclusion What is an English auction? An English auction is a process in which a product or an item is listed for sale, and people bids to purchase the thing. The seller sets a reference price, and the bidders bid in ascending order until no more bids are made. Examples We have mentioned an example of an English auction in the video. Check it out to get a better understanding of the process. Types There are two types of English processes. One, which gets over in a single day. And, second, which goes for a couple of days. English auction bidding strategy There are two commonly followed bidding strategies: Price step building Higher price or lighthouse bidding Drawbacks of an English auction Firstly, the entire arrangement for the bidding process costs money, and the auction houses may sometimes be very expensive. Secondly, since the higher price limit is not set, bidders can bid at any high price, cutting out smaller bidders. Finally, the legalities and rules that regulate these processes may sometimes be too much to deal with. This was all about the English auction. Subscribe to the channel so that you don’t miss out on our content, and also give this video a like. ========================================================================== Subscribe to Our Channel – Youtube ►    / @wallstreetmojo   LinkedIn ►   / wallstreetmojo   Facebook ►   / wallstreetmojo   Instagram ►   / wallstreetmojoofficial   Twitter ►   / wallstreetmojo