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Auction Creation Wizard - Bid Extension Window copy #1018

Open jaspercroome opened 5 months ago

jaspercroome commented 5 months ago

Need helper language for the Bid Extension Window slot in the Auction Creation Wizard

The longer version of this will be in a Loom video, but we need short helper text to remind NP Admins what they’re determining by putting a number in the Bid Extension Window in the Auction Creation Wizard.

Is there a tidy way to say this in helper text in the Auction Creation Wizard?

Please note that after an auction has been extended, each new bid sets a new auction end time.

The Bid Extension Window exists to prevent people from sniping the auction at the last second. Setting the Bid Extension Window determines two things:

  1. The window of time prior to the scheduled auction end time where “last minute bids” occur.
  2. The amount of time each “last minute bid” extends the auction end time.

The Bid Extension Window is set in number of minutes. GOODBIDS recommends that you set it to an amount that is a multiple of 60 minutes. Both 480 minutes (8 hours) and 720 minutes (12 hours) have worked well to ensure that bidders who are outbid don’t miss out on their chances to bid again.

If a sample auction is set to end at 9am ET tomorrow, and the Bid Extension Window is set to 480 minutes (8 hours), here’s how it would work:

The Bid Extension Window would begin 8 hours prior to the scheduled auction end time of 9am ET tomorrow. So if someone bids after 1am ET tomorrow, then the new auction end time will be reset to 8 hours after the most recent bid.

For example, if someone bids at 1:01am ET tomorrow, the new auction end time will be 9:01am ET tomorrow.

Other auctions may have shorter extension windows, but in all of our auctions, last minute bids extend the deadline.

Here’s the Discourse thread about this.

Return to main post.

linear[bot] commented 5 months ago
GOO-418 Discussion: anne_marie_cruz on 4/24/2024

**Need helper language for the Bid Extension Window slot in the Auction Creation Wizard** The longer version of this will be in a Loom video, but we need short helper text to remind NP Admins what they’re determining by putting a number in the Bid Extension Window in the Auction Creation Wizard. Is there a tidy way to say this in helper text in the Auction Creation Wizard? Please note that after an auction has been extended, each new bid sets a new auction end time. The Bid Extension Window exists to prevent people from sniping the auction at the last second. Setting the Bid Extension Window determines two things: * The window of time prior to the scheduled auction end time where “last minute bids” occur. * The amount of time each “last minute bid” extends the auction end time. The Bid Extension Window is set in number of minutes. GOODBIDS recommends that you set it to an amount that is a multiple of 60 minutes. Both 480 minutes (8 hours) and 720 minutes (12 hours) have worked well to ensure that bidders who are outbid don’t miss out on their chances to bid again. If a sample auction is set to end at 9am ET tomorrow, and the Bid Extension Window is set to 480 minutes (8 hours), here’s how it would work: The Bid Extension Window would begin 8 hours prior to the scheduled auction end time of 9am ET tomorrow. So if someone bids after 1am ET tomorrow, then the new auction end time will be reset to 8 hours after the most recent bid. For example, if someone bids at 1:01am ET tomorrow, the new auction end time will be 9:01am ET tomorrow. Other auctions may have shorter extension windows, but in all of our auctions, last minute bids extend the deadline. Here’s [the Discourse thread about this](https://goodbids.discourse.group/t/np-admin-instructions-setting-the-bid-extension-window/792). Return to [main post](https://goodbids.discourse.group/t/draft-mode-urgent-admin-and-np-bdp-related-bugs-and-issues/747).