Lowest Unique Bid Auction is one of the types of unique bids where the winner is usually the individual/bidder with the lowest unique bid when the bid closes. The maximum bid value is generally kept at a lower value than the actual value of the item.
Penny Auction is an auction game, where participants pay a non-refundable fee to place a small incremental bid. The auction price increases by a small amount such as 0.01 or 0.06 cents.
A reverse auction is similar to a unique bid auction as the basic principle remains the same; however, a unique bid auction follows the traditional auction format more closely as each bid is kept confidential and one clear winner is defined after the auction finishes.