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Last Call for Bids
Wednesday, 01 February 2017 | Hariestu W
All auctions are set to close at a certain time.
If a winning bid is placed within the last 5 minutes of the set closing time, the closing time will be extended automatically by a further 5 minutes.
If a bid is placed within 1 minute of closing time, and that bid is immediately beaten by another bidder's proxy bid, the auction will be extended for 1 minute to give you a chance to rebid.
This likens the Auction to live auction where the bidding only ends when everyone is certain they do not want to place a further bid. It also stops the winning bidder “sniping” a bid 1 second before the end of an auction.
How it works:
- Auction closes at 7.30:00 PM
- The bidding is at $90A bid is placed at $100 at 7:29:10 PM
- The new close time for the auction is set at 7:35:00 PM
- At 7.30:00 the last call comes again.
- If there is a winning bid placed between 7:30:00 PM and 7:35:00 PM the new close will be 7:40:00 PM.
Example of a 1 min Extension for bids that got beaten by proxy:
- Auction closes at 7.30:00 PMThe bidding is at $90
- A bid is placed at $100 at 7:29:30 PM, but get beaten by a proxy bid.
- The bidding is at $105
- The new close time for the auction is set at 7.30:30 PM
- If there is a winning bid placed between 7:29:30 PM and 7:30:30 PM the new close will be 7:35:30 PM.