In order to sell your items in this auction you must be a registered user. After you have registered just follow these simple steps.

• Click on the category of your choice.
• Click on the link that says: Post Here!.
• Fill out Post Auction form completely and click the Add Item button to make payment for listing and finish.

English Auctions

English auctions are probably the most common type. Users bid the highest price they are willing to pay for an item and bidding activity stops when the auction duration is complete. The item is sold to the highest bidder at their bid price.

English auctions also allow the seller to specify a reserve price below which the item will not be sold. Start now !

Vickrey Auctions

The Vickrey auction allows for selling single items as does the English Auction. The difference is that the highest bidder obtains the item at the price offered by the second highest bidder. This is a good format because bidders have the incentive to bid what they think the item is worth and not worry about what others will bid. Start now !

Dutch Auctions

Dutch auctions are special type of auction designed to handle the case where a seller has a number of identical items to sell. The seller should specify the minimum price (starting bid) and the exact number of items that are available at that price. The bidders bid at or above that minimum price for the number of items that they are interested in buying. At the end of the auction, the highest bidders earn the right to purchase those items at the minimum successful bid.

Here is an example, say there are twenty-five bags being sold at NGN7500.00 and forty-five bidders bid for one bag each, at NGN7500.00. In this case, only the first twenty-five people will be the bidders who get their product successfully. Since the bid amounts are the same, the earlier bids will take merchandise.

Now, let's say that one of those people bids NGN10000 for one bag. Since his bid is higher than all the others, he will certainly be one of the bidders to get the merchandise.

If bidders continue to bid higher than the starting price enough times, then the final bidding price will increase as well. In another instance, if less than twenty-five people bid in our example "bag" auction, only that number of bags will be sold at the opening price of NGN7500.00. For the selling price to increase past the opening price specified by the seller there must be a higher or equal level of demand than the supply indicated. In our example, the selling price would only increase if twenty-four or more bags were bid on, no matter what the amount of each bid.

In a case where a bidder bids for multiple quantities, the bidder who bid the lowest will not always get the merchandise that he/she bid on. If the bidder who made the lowest bid requested a quantity of four bags, he/she may not even be entitled to one bag. For instance, if 12 other higher bidders each bought two bags, there would only be 1 bag left. In this case, the original bidder would only be entitled to one bag, even though he originally bid for four. The way around this problem is to ensure that you are not the lowest successful bidder. Note: A bid's value in the auction is determined by the total number of items bid on, multiplied by the bid price. Start now !

Yankee Auctions

A Yankee Auction is a variation of the Dutch Auction where successful bidders pay what they bid as opposed to paying the price determined by the lowest qualified bidder (as in a Dutch Auction). For sellers Tokunbo.com.ng recommends Yankee Auctions over Dutch Auctions . Start now !

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• Paying for items

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• Packing & shipping items

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Frequently Asked Questions

If you are a customer in need of support please look through the FAQ's for an answer to your question. If your question is not listed then you may submit your question here.