Timed online auctions accept bids over a defined period, typically several days, with each lot having a scheduled closing time. The highest bid at closing wins the item. This format allows bidders to research equipment and place bids without attending a live event.
Timed auctions run for a set period during which registered bidders can place bids through the auction platform. Each lot has a scheduled closing time. Bidders can enter a maximum bid amount, and the system bids incrementally on their behalf up to that limit. Soft-close features extend closing time when bids are placed near the deadline.
Soft-close is a bidding mechanism that extends the closing time when activity occurs in the final minutes. If a bid is placed within the soft-close window, the closing time extends to allow competing bidders to respond. This prevents last-second bidding from unfairly winning auctions.
Timed auctions typically include preview periods for equipment inspection. Lot listings include photographs, specifications, and condition notes. Bidders can review this information throughout the auction period before placing final bids.
Timed auctions typically run for 5 to 14 days. The specific duration depends on the auction and equipment categories. Individual listings specify exact bidding periods.
Soft-close extends the closing time when bids are placed within the final minutes. This mechanism allows competing bidders time to respond and prevents last-second bids from unfairly winning.
