Most auction scripts work on the "highest bid wins" technique.
ICLowBidAuction is a reversal of that principle, allowing users to try and bid smaller amounts of money for a product or service.
When the auction ends, the bids are revealed and the user with the lowest bid sum is declared the winner.
ICLowBidAuction keeps bids secret until the end, to avoid bid wars that might bring down the value of a product underneath an acceptable selling price.
This way, both the seller and the buyer get what they want without devaluing the product.
For a "highest bid wins" auction script, check out ICloudCenter's ICPennyBid script.
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