Quantity Variance
Quantity variance is the percentage of items that are deemed to be either in abundance of or less than the amount listed on the auction; ranging between 1-10% per auction. The quantity variance is calculated on a per unit price, and pertains to all merchandise within an auction, including missing or damaged items. However, asset condition of the merchandise within this variance may differ from the rest of the auction items.
| Minimum | Maximum | Increment |
| - | $499.99 | $25 |
| $500 | $999.99 | $50 |
| $1000 | $1499.99 | $75 |
| $1500.00 | + | $100 |
A Dutch auction is used to sell more than one identical lot of merchandise. In this format a bidder must submit both a price and quantity of lots.
All the winners pay the same price. The final amount is determined by the lowest successful bid. For example, in a two-lot scenario should there exist one bidder who places a bid at $1,800.00 for one lot and another bidder who bids $2,000.00 for one lot, they both pay $1,800.00. Likewise in the same two-lot scenario, should you have one bidder who has bid $1,800 for 2 lots for a total of $3600.00 and afterward another bidder bids $2500.00 for 2 lots for a total of $5000.00, the bid would not increase by the lowest increment from $1,800.00 but would increase all the way to $2500.00. There is no proxy bidding in a Dutch auction.
This is simply a sale of a specified amount of goods at a specified price. It is not an auction.
A lot is a specified number of units. The Seller specifies the number of units in a lot when posting the good for sale.
The Seller must set an "opening price" to begin the auction. This amount must be within 30% of the Reserve Price if there is one set. If there is no reserve price set, the Seller may set the Opening Price at whatever amount is desired. Please note that the opening price is for the entire lot, not the per unit price.
This auction format is used most often by Sellers who have only one "lot" (or one unit) of goods at auction. The Standard Auction is a normal, increasing-price format. When choosing to employ a Standard Auction format, the Seller determines the minimum opening bid (price) and a reserve price, if any. There is only one winner in a Standard Auction, and that is the highest bidder at the close of the auction.
One single item or good. Several individual units make up a lot.
