Online_travel_auction
The term online travel auction is a system of buying and selling travel products and services online by offering them up for auction and then awarding the item to the highest bidder.[1] The need for travel auctions emanated principally due to the high cost of travel. This high cost is also what led to the growth in popularity of low-cost carriers, a concept initially pioneered by Southwest Airlines, and later mimicked by Ryanair.
As with a standard auction, the bidders, having made a judgment on how much a particular voyage is worth to them, place their bid over a set period of time. At the end of this period of time, the highest bidder wins the product at whatever price is finally reached.[2] There are many variations to the way in which Auctions are carried out.
Like a number of other travel websites, travel auction sites pull their stock inventory in from a wide variety of suppliers. The range of products may include cruises, package holidays, hotels and flights.