Process: Manage Open Cry auctions

 

Flow

Legend

 

Objective

Open Cry auctions trading mechanism.

 

Description

In Open Cry auctions, all bids are available for public viewing; each participant knows the other bids submitted.

Every auction is governed by a set of rules that the bidder must read before participating. Auction rules are established during auction creation and include aspects such as these:

• The auction type.
• The product name.
• The quantity available.
• Whether a reserve price exists for the auction.
• The deposit amount to be forfeited if the winner refuses to accept the auctioned items. When an auction closes, deposits for all losers are refunded, while winners' deposits are also put toward the purchase price.
• The auction start date and time.
• The conditions under which the auction will end, such as a scheduled end date and time.
• Bid rules describing the minimum bid price, quantity, and bid increment.
• Pricing mechanisms for the auction. For a non-discriminative pricing mechanism, all winners are required to pay the price paid by the winner with the lowest winning bid. For a discriminative pricing mechanism, auction winners are required to pay their exact bid amounts.

If auction rules change during an auction, bidders must reread the rules before submitting or updating bids. Bids submitted prior to a rule change are not affected and may still win the bidding.

 

Features

• Manage Open Cry auctions, includes creating, modifying, closing, and retracting open cry auctions
• Manage bids, includes customer creating bids, modifying bids, withdrawing bids or autobids, sellers withdrawing active bids, scheduler finalizing auctions and selecting winning bids, and scheduler creating orders for winning bids.
• Notification. Includes auction start notification, auction close notification, winning bid notification, and order complete notification.
• The interval time for auction notification can be set as auction administrators want. The default value is 10800 seconds. If auction administrators want to send notification more rapidly, the time can be set to a lower value.

 

Edition

Professional, Enterprise, Express

 

Subprocesses

• Close auction
• Create auction
• Place order for a winning bid
• Submit bids for Open Cry auction

 

Business artifacts

• Active autobid
• Active bid
• Auction started notification
• Bid override notification
• Current auction
• Order completed bid
• Order completed notification
• Order with pending authorization
• Settlement closed auction
• Winning bid
• Winning bid notification

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