Quote:
Originally Posted by Boog
Well that was a strange auction. I watched it the last 30 minutes. It sold for
$87,500. What was strange was at the 1 minute mark another bid was placed and the clock reset to 2 minutes and counted down until the next bid was placed then it reset to 2 minutes again and counted down. It did this about 5 times. I've not seen that before.
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Some of the online equipment auctions we buy on do it that way. We bought a compactor online a couple of weeks ago. The bid "renewed" four or five times before it ended. We usually do a proxy bid for our max amount, so if somebody puts a bid in at the last second the bidding renews.