The Last Minute Bidding Rule: Ensuring A Fair Auction For All Bidders

The last minute bidding rule means auctions are automatically extended for five more minutes if a new bid is placed within the last five minutes of the auction end time. Each of the bidders will be notified that you have been outbid and you are no longer the highest bidder. This is to allow all customers the same opportunity to bid on material by allowing an additional 5 minutes per bid.

For Example: If a seller has an auction ending at 10:00 AM PST. The last minute bidding rule allows the auction to extend for an additional 5 minutes. The bid at 9:59 am extended the auction to 10:04 am The bid at 10:00 am extended the auction to 10:05 am The bid at 10:02 am  extended the auction to 10:07 am The bid at 10:06 am extended the auction to 10:11 am Since the last bid on the auction is at 10:06 it will be awarded the the auction if it has met the reserve or the buyer will have 4 hours to review the auction and award it to them if it meets the amount they would like to receive for the auction.