What is an 'online auction'?

An 'online auction' refers to auctions that are conducted over the internet, enabling participants to place bids remotely from anywhere with internet access. This format has gained popularity due to its convenience, as it allows bidders to engage with auctions without the need to be physically present at a venue. In contrast, the other options describe formats that do not align with the characteristics of an online auction.

For instance, normal auctions held at physical locations require bidders to be present at those sites, which limits participation compared to the flexibility of online bidding. Similarly, an auction format that mandates in-person attendance does not meet the criteria for being classified as online since it involves physical presence. Finally, auctions where bids are only placed by mail also lack the immediacy and interactive aspect of online auctions, further distinguishing them from this digital bidding model.