Overtime bidding occurs if there is a bid placed on an item in the final 'X' minutes of the sale. Using the image below as an example, when the bid is placed the end time will extend by a further 10 minutes. Further bids will not extend the end time unless placed in the final 10 minutes.
You can set and edit the Bidding Extension for an auction in the General Settings tab.
You can also turn off a bidding extension at an auction level by selecting no extension from the drop down options.
Why do Auctioneers use Overtime Bidding?
The bidlogix bidding software attempts to re-create the experience of a live auction room. With a fixed cut off time the item is sold to the bidder who clicks the bid button last, whereas with Overtime Bidding the item is sold to the bidder who is willing to pay the highest amount.
On the Public Front End for a Timed Auction:
- You can see the the bidder has approximately 5 minutes left to bid on the item below:
- When they place a bid and confirm you can see an extra 5 minutes have been added on to the item