Penny Auction

We’re excited to announce a new feature in the Product Auction App — Penny Auction. This option works somewhat like the existing Joining Fee feature but provides more flexibility for admins to manage how bidders participate.

It is important to note that Joining Fee and Penny Auction cannot be enabled together. Admins must select one of the two options at a time.

You can find this setting in the Product Auction App > Configuration section > Auction Config > Penny Auction.

To enable Penny Auction, the admin needs to create at least one plan. Each plan defines how many bids a participant will get. For example, an admin can set up a plan such as:

• $10 for 1000 bids

This allows bidders to purchase a plan and use their allocated bids across multiple auctions.

Additionally, when a bidder uses Proxy Bidding, every proxy bid placed will deduct one penny bid from their plan balance. This ensures fair usage and encourages more strategic bidding.

By offering Penny Auction as an alternative to the Joining Fee, admins can choose the model that best fits their marketplace while providing bidders with a more engaging and cost-effective way to participate.