Auction with extended closure

Every auction, except in case of fixed price sale, includes an indication of the extension of the auction closing - this is called closing interval. If the auction receives a bid before closing, the auction will be extended by the closing interval.

For example: auction should close at 10:00:00 and closing interval is set to 5 minutes. Someone places a bid at 09:59:00 (1 minute before the action closes), thus the closing of auction will be postponed to 10:04:00 (by 5 minutes). If another bid is placed within the next 5 minutes, the auction will be extended by another 5 minutes. Thus there will be time to place a new bid after each bid.

Closing interval is set by the seller when inserting the auction. You can choose between three different steps:

• 2 minutes
• 5 minutes
• 10 minutes

What is extended closing good for?
For seller
If many bidders occur right before closing the auction, the auction will not be closed at previously fixed time, but after placing a bid that nobody wishes to outbid. That way the seller receives the best price for his/her goods.
For bidder
In case of extended closing the highest bidder will not have to worry about being outbid at the last second, instead, he/she will have an opportunity to place new bid and still get the goods.


NB! However, the auction will not be extended forever, maximum extension period is up to 3 hours since the initial closing time, which should be enough to reach the highest price.