If anyone places a bid on item in the last minute of this online auction, the end time for the specific lot is extended by another minute. The process continues until there are no more bids made within the last minute. At that point, that specific lot will end. The remaining items in the auction continues until each lot has no more bids placed and the time runs out. Often times, auction companies will stagger the end times on each of the auction’s items so all lots do not close at the same time. Our company has a stagger time of 5-10 seconds in-between each items as it closes.
Why does our company use the soft close format?
Our company along with many Auction professionals will use a soft close and/or staggering lot ending times to mimic the back and forth of a live auction. More importantly, this technology allows for every bidder an opportunity to advance their bid. This more faithfully captures the true competitive nature of an auction and eliminates sniping or other online strategies or technologies.
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