Didn’t the Auction End?
I Won – Didn’t I?
One of the greatest misconceptions that many new buyers have is related to online auctions is understanding the structure and timing of an online auction; after all, when an auction is scheduled to end, it should end, right?
No, that isn’t the case. In the world of online auctions, most bidding tends to occur in the last several minutes of auction, as the winding down. As a result, a soft close feature is often implemented. If this feature is engaged, the auction will cause an auction to extend beyond the initially scheduled end time.
Understanding a Soft Close
What is a Soft Close?
A soft close is a feature implemented for online auctions to prevent bidders from entering a bid at the very last second before an auction closes.
Why Implement a Soft Close Feature?
Auctions are intended to create an open, fair, and transparent marketplace. Soft closes replicate the fair warning issued at an on-site auction. They allow all bidders the opportunity to place a bid before the lot is closed. The implementation of this feature deters bidders from unfairly bidding at the last second, preventing others from bidding higher.
Ashland Auction & Soft Closes
Ashland Auction Group implements a two-minute soft close on all online auctions. If a bid is placed within the last two minutes of an auction, an additional two minutes will be added onto the scheduled end time. The lot will not close until the auction remains static without any bids taking place for the last two minutes. Since there is no real advantage to bidding at the last second, Ashland Auction Group discourages bidders from waiting until the last second to place a bid.