Auction glossary
Timed online auction
Also known as · Online-only auction · Timed auction · eBay-style auction
- Definition
- An auction held entirely online in which each lot closes at a scheduled time, often extended by a few minutes if a bid arrives just before the close. No auctioneer calls the lots.
Timed auctions suit large numbers of lower-value lots and let bidders take part at their own pace. Lots usually close one after another at set intervals, and the extension rule (often called a soft close) discourages last-second sniping.
In Selloff, the eBay-style sale type gives each lot its own closing time and adds time for every bid placed in the final minutes; the extension is configurable.
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