Home|Auctions|How a Timed Online Auction Works: Soft Closing and Max Bids
How a Timed Online Auction Works: Soft Closing and Max Bids
At Alaska Auction Company, we host two types of auctions; live and timed. Timed online auctions are a great way to get the best deals. If you’re not familiar with timed online auctions, then this is for you! We’ll discuss what timed online auction is, and how they work. What is a timed online auction? A timed online auction has several key features that separate it from a live online auction. First timed online auctions to begin closing at a specific time. Our timed auctions usually begin to close at 6 pm Alaska time. Second, while closing, timed online auctions have a soft close mechanism that prevents bidders from sneaking in a bid at the last second. Lastly, timed online auctions allow bidders to set a max bid. Your max bid is the highest amount that you’re willing to pay for an item.
If you see the icons above on one of our auction listings it means that it is a timed online auction.
Bidding in timed online auctions can be a lot of fun, but what does soft closing and max bid mean?
Check out one of our timed online auctions by clicking the button above.
Soft Closing: Timed online auctions begin to close at a specific time, but that’s not the end of bidding. Timed online auctions continue to accept bids until there are no more bids within two minutes of closing. If someone bids in those last two minutes, the timer to close the lot extends for another two minutes. Soft closing prevents bidders from coming in at the last second and preventing another bidder from bidding before the lot closes.
Max Bid: This is the highest amount you’re willing to pay for an item. When setting a max bid in a timed online auction, you should keep in mind the following. First, when even though you put a max bid well above the current high bid, your starting bid will be one increment above that high bid. Second, if someone then bids against you, your bid will move to the next bid increment up to the amount equal to or less than your max bid. You are not required to set a max bid; this is just a convenience for bidders who do not want to keep coming back and checking on their bids.
Timed online auctions are a great way to get the most out of your bidding. You can set a max bid, which is the highest amount you’re willing to pay for an item, and then wait until that time has passed. A soft close mechanism prevents bidders from sneaking in bids at the last second while closing timed online auction lots. If you have any questions or need help bidding in one of our timed online auctions, you can call us at (907) 349 – 7078 or email us at firstname.lastname@example.org.