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Siebel eAuction Guide > English and Modified English Auctions >
Bidding Rules Used with a Modified English Auction
An auction set up as a Modified English auction means that at the auction's close, all winners are assigned the price of the lowest winning bid. This type of auction is useful when the lister has a large quantity of identical items to sell and wishes to be fair to all winners by awarding each of them the same price at the close of the auction.
When a multiple-quantity auction closes, each winner is assigned the lowest winning bid (that has satisfied the lister's reserve price) and it is this bid amount that appears on the auction invoice.
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Siebel eAuction Guide Published: 18 April 2003 |