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penny auction

Definition

penny auction rate
(Noun) All products start their bids at £0.
Each bid increases the price by 1pence (plural: pennies).
Every product has a designated timer.
When the timer reaches zero, the highest bidder wins.
If another user bids before the timer expires, the timer restarts – thus keeping the auction alive.
Usage: Danielle won a penny auction over the internet.


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