It could work in high-populated areas where people wouldn’t have to travel far, and maybe for tertiary industry like mechanics and industry. I’m wondering if there’s more you could elaborate on that would promote people willing to travel for an unknown price, get outbid, have to come back, make a bid, possibly get outbid again, and where the item would go if they successfully acquire it?

Marketing wouldn't work right. I wouldn't want to wait for a purchase while not being sure if I'll be the highest bidder. I'll buy what I need at either the nearest seller, the friendliest seller or the cheapest seller.

I don't want to go find out who is the fastest seller in an auction.