SAYS

What is “Lowest Unique Bid”?

Lowest Unique Bid is a reverse auction process. Rather than the bidder with the highest bid winning (as in case of traditional auctions), the winner is the person who has the Lowest Unique Bid.

Every item for auction in SAYS Malaysia has a minimum bid required. You need to have more than the required Contribution Points (CP) in order to participate.

When the auction begins, the first person who puts a bid will have the Lowest Unique Bid. In this case, the winning Lowest Unique Bid is 154CP

Then, a second bidder bid with 157CP as his bid. The bid of 157CP is still unique because no one else bid with this amount, but it is not the lowest unique bid. The bid of 154CP will still be the winning bid.

If a third person placed a bid of 154CP, it means that 154CP is no longer a unique bid. This means that the lowest unique bid right now is 157CP.

If the next person bids 151CP, this means that 157CP is no longer the lowest bid (even though it is still unique). So the current winning bid is 151CP.

A bid of 159CP is also unique, but it is not lower than 151CP. Therefore the current winning bid is still 151CP.

At the end of the auction, the lowest unique bid (151CP) is the winner.