There are five different types of auction listings on PropertyRoom.com:
Auction: The traditional auction format where the one highest bidder wins.
Reserve Price Auction: Like a traditional Auction, but has a Reserve Price. The Reserve Price is not disclosed, however when the Reserve Price has been met, the listing will continue like a traditional Auction. In a Reserve Price Auction, an item will not sell unless the Reserve Price has been met during the bidding process.
Fixed Price: Either one or many identical items are offered at a fixed price. You will see a "Buy Now" button in place of the "Bid Now" button for fixed price items.
Mega Auction: Multiple Item Auction in that bidders must specify a bid and a quantity and there may be multiple winners. All winners pay their individual bid amount for the quantity of items they won.
Bid To Be Approved: This auction format functions similar to the Reserve Price auction. However in these listings, if the Reserve has not been met the seller may be willing to accept the final, top bid at the end of the auction. The top, final bids under the Reserve are either accepted or not accepted by the seller within one business day after the close of the auction.