Bid Extension: Propel the Auction to Higher Bids
Have you ever been running an online auction and as the bidding is closing there is a surge in activity? The winner is the one that got that very last bid in at the instant before the auction closes. The winning bidder is super happy but how much higher could the bids have gone?
We at Auctria call these bidders ‘snipers’ and have the answer: a ‘Bid Extension' feature.
Here are a few real-life scenarios that illustrate the situation:
Example #1: Hockey Tickets and a Zamboni Ride at an NHL game.
Had the item had a hard close and no Bid Extension the closing bid would have been $220. Because the Bid Extension feature was selected the bidding for this item was extended for an additional 10 minutes each time a higher bid was placed within 5 minutes of the end. The final bid was $280 yielding an additional $60.
Here is the timeline and bidding that occurred:
Example #2: Reserved Seats at Graduation
Without Bid Extension, the final bid would have been $235
Final Bid $280 Here is what the clock looked like during the extension period.
Set Up Bid Extension Rules on Auctria
Prevent bid sniping by last-minute bids outbidding people before they have a chance to react.
- "Bid Extension*" defaults are set under Website → Online Bidding
- Two new options to specify a trigger window and a Bid Extension
- Any bid placed within the trigger window will cause the closing time to be extended by the amount of the extension period