1. At an auction site, the seller (either a company or an individual) puts an item up for sale to the highest bidder.

2. Regular auction sites include auctions.yahoo.com, which sells available airline tickets and vacation packages. While you can't punch in your destination of choice, the sellers may have tickets to the very Caribbean island you have been dreaming about all winter.

3. At reverse auctions, individuals specify the price they are willing to pay for a seat and the airlines either agree to the sell it at that price or not.

4. Reverse auction sites include www.priceline.com and www.expedia.com, a Microsoft-owned travel site that has a feature enabling customers to name their price. These sites are fantastic because you can choose your own price, and you might get the ticket. So all you do is sign on, say where you want to leave from and where you want to go, what dates you plan to travel on, and how much you're willing to pay.

5. The drawbacks of reverse auctions are that:

1) you have to put in your credit card number before you know about the exact times of flight, so you're stuck with whatever you get, and

2) you often have to fly at crazy hours.

SoYouWanna know more? Check out our full-length article SYW apply for the Visa Waiver Pilot Program?