Turn auction selling format on or off from General > marketplace settings.
Auction is when one seller offers item(s) for bidding and several buyers compete to offer the price the seller will accept. A type of forward auction are (1) English auction: Bidding starts at the minimum price acceptable to the seller and increases with every new bid by an optional fixed increment.
QTY - Items vs LOTS
Sellers can choose to list 1 product or a LOT which includes multiple quantities of that product. The system will deduct the quantities left until all items in the LOT are won or added to cart and purchased.
Sellers can set a reserve price if they need receive a set price from the auction winner, reserve price is optional and can be enabled from general marketplace settings. Set a reserve price for any category.
Buyers place the highest max bid by proxy. By proxy means that in ILance the automatic-bid feature stands in for bidders so that the bid rises incrementally in response to other bidders’ bids.