Auction is a just like a marketplace where people buy/sell items but only difference is that item is sold to a person who places the highest bid for that item. When we say bid, it means price offered to that item.
Online Auction Software
Auctions is one of the hot verticals today that gives people a flexibility to sell/purchase from anywhere and anytime. We have done several projects in auctions as per client's needs and customized accordingly but the standard features or modules in any auction website remains same.
Now, to get an online auction business, you need to have specialised software for that. Auction software may vary as per features or modules say auction types like B2B/B2C/C2C, bid types like regular/reverse/buy now, listing fees, shipping methods, payment processing etc.