A dynamic feature that allows the auction system to automatically extend the closing time of a listing based on bidding activity within a designated period prior to the scheduled closing time. Extended bidding is a system wide setting and applies to listings on an individual basis. All applicable extended bidding information is posted on the bid form.
Extended bidding is on and set to 300 seconds (5 minutes).
Therefore, if a bid is placed within the last 5 minutes of an auction, the closing time automatically extends 5 minutes from the time the bid is logged into the system. The "new" closing time is indicated under "Extended Closing" on the bid form. Subsequent bids on the item will continue to extend the auction until there is a 5 minute period without any bids. This applies to any bid that is accepted.
For example, if the schedule closing time is 5:00:00 PM EST and a bid is logged at 4:57:15 PM EST then the closing will be extended to 5:02:15 PM EST.
Advantages: Allows a bidder, whose limit bid is beaten in the last minutes or seconds, time to re-bid. This prevents a bidder from being "shut out" (also known as sniping) as they would be if the listing had a "fixed closing".
Allows a bidder, whose last minute bid does not overtake the current bidholder's limit bid, time to bid again if still interested in the item.
Extended bidding more accurately simulates a traditional auction process where bidding ends only when the participating parties discontinue bidding within a certain time period. Thus, the bidding continues until everyone has bid as high as they are willing to go. All auction purchases carry a 20% Buyer's Premium, which is clearly stated on the bidding page, in addition to the hammer price.
