Trends and Challenges of Electronic Auctions as a New Business Model

The virtual internet based market allowed different forms of trading. Electronic business opens up new markets and market segments. Auctions are a very reliable and competitive trading model which allows to achieve fair prices and to choose the optimal business partners. The purpose of this model is that the system can extend the duration of the auction until they met various commercial applications.The basic motivation for research in this paper is the increasing trend of the use of electronic auctions in the process of selling and buying products and services.