How do I extend or change the dynamic close period of my auction?
What's the issue you're facing?
I would like to extend my auction or change the dynamic close period of my auction. How can I do this?
Solution
How to extend the duration of your auction
Once the Online Negotiation Event is underway this is the duration that you would like the Event to last as a minimum. If you choose to have the Dynamic Close option then the duration may extend beyond this minimum, depending on the whether the Dynamic Close is triggered.
We recommend a standard Minimum Event Duration of 30 minutes, as this generally gives all participants enough time. You may wish to run a longer Event if there are many Lots with a degree of complexity, or if you have participants that cover multiple time zones.
- To extend the duration of an ongoing auction click here.
- In the Select Duration drop-down choose how long you would like to extend the duration.
- Note that this will set the duration from the time you select this.
- For example at 10am you choose to extend for 4 hours, this will then change the duration to 4 hours so the auction woud be set to end at 2pm.
- Click on Save Changes
How to amend the dynamic close settings in your auction
The Dynamic Close feature automatically resets the remaining time in the Online Negotiation Event if a bid is placed in the final number of minutes that you specify.
For example, if you specify Dynamic Close for the last 5 minutes, then if a bid is placed within the final 5 minutes, the countdown clock resets to 5 minutes remaining. The Dynamic Close will continue to reset the clock until no further bids are placed.
This feature is recommended for almost all Events that occur. The reason is that participants almost always require some breathing time to revise their offer. It also prevents sniping, which is the placement of a leading bid in the final few seconds. Sniping will only upset other participants as they may wish to respond but without Dynamic Close would be unable to do so.
- To change the dynamic close period click on Settings
- From the Dynamic Close Period drop down select when you would like the dynamic close period to apply from in the auction.
- In the Applies to drop down use the drop down to select which suppliers this will apply to.
- Click on Save Changes
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