I want to pass along a change that is being made at GoDaddy Auctions that might have an impact on your bidding strategy. Here’s the message I received from my account manager at GoDaddy this afternoon:
“As it stands now, any bid that is placed in the last 5 minutes of an auction auto-extends the auction by 5 minutes. This will change to auto-extend to only 1 minute, and a maximum time of 5 minutes 59 seconds (5:59). For example, if you place a bid on an auction that has 4:30 left, it will auto-extend this auction to 5:30.”
“Also as it stands now, any increase of a winners proxy bid amount counts as a new bid and extends the time, this will be fixed to only extend when current price changes.”
Although this change may not seem major, it will have an impact on those who participate in domain name auctions at GoDaddy.
Hey Elliot, As a point of clarification the auction will extend out to 5 minutes if a bid was placed anywhere within the last 4 minutes. If a bid is placed with 4:30 left then it’ll extend a bit beyond 5 minutes but never exceeding 6.
So, the notion that it will only extend one minute is a misinterpretation and poor explanation on our part given only a specific example. So, let me try to be a bit more clear with what’s happening on Monday…
Any bid that changes the current price of an auction will extend the time left of that auction to at least 5 minutes. If the bid is placed with between 4 and 5 minutes left then the auction will extend 1 minute, pushing it beyond 5. At no time will an auto extension move the time left to less than 5 minutes.
Thanks for the clarification, Paul.
to Pual Nicks which email should I look for that states auctions no longer show winning results as “closed” or if it has been sold at a buy it now…I have to believe an email exists for that correct? ? ? ?
And Mr.Hicks would love an explanation why…that is really the core idea….Thanks!