10-Minute Rule - What is it?
The 10-Minute Rule refers to what happens when someone bids in the last ten minutes of an auction. At GunAuction.com,
if a bid is placed in the last ten minutes of an auction, the closing time of the auction is extended ten minutes.
The closing time is not extended ten minutes from the previous closing time - but ten minutes from the time of the last
bid. For example, if an auction is scheduled to close at 5:30pm, and someone places a bid at 5:28pm - the auction is extended
until 5:38pm. This is to give everyone interested in this auction an opportunity to participate.
In traditional auctions conducted "offline", everyone is given an opportunity to bid by the auctioneer, as long your place
your bid before the close of the auction. The auctioneer announces his intention of closing the auction by verbally
stating, "Going..., going..., gone!" which gives anyone present the option of speaking up, in effect interrupting
the auction closing process. The 10-Minute Rule is the most feasible way of "interrupting" the auction closing process, providing
the folks interested in that auction, a chance to get back to a computer and place their bid.
The 10-Minute Rule does not apply to BuyItNow, Store Items, Best Offers, or Haggles.