The OFFICIAL Definition: “In the context of auctions, a soft close refers to a mechanism that extends the bidding time for a specific item if a bid is placed in the last minutes of the auction.”
Soft Close auctions with MedHatBids.com means you no longer lose an item you are bidding on because someone bids in the last 10 seconds! How many times on other auction platforms have you lost out on a item you wanted so badly but were unable to be online at the end of the clock? I have lost out to many last second bidders because of this scenario and it almost drives you crazy! You spend days following an item only to lose it in the last few seconds to another bidder.
One way out of this scenario is to bid your maximum price and the online auction system will automatically bid for you. BUT a better way is to buy from auctions that use the Soft Close feature. MedHatBids.com uses the HiBid auction platform. They offer the soft close feature and we set the amount of time added to the end of the auction if a last minute bids comes in. During our auctions, any bid in the last 120 seconds adds an additional 120 seconds to the end of the auction. This way, if you have slow internet or you just left for a quick snack break, you won’t necessarily lose out to that last minute predator.
Try this feature out on our current auction or during a future auction. Not everyone likes this feature but I feel it is the fairer way to conduct an online auction. Gives you the feel of actually being there with a bidding paddle in your hand, determined not to be outbid by the other guy or girl.
Hope to be shipping something cool to you soon!
Cheers
MedHatBids.com