I think the 5 minute rule fixes the problem mentioned...
With these bids:
Bidder #1 bids $100 at 9:58 pm...
Bidder #2 bids $120 at 9:59 pm...
Bidder #3 bids $130 at 10:00 pm...
Bidder #4 bids $150 at 10:01 pm...
The $100 bid moves closing time to 10:03
The $120 bid moves closing to 10:04
The $130 bid is timely, and moves closing to 10:05
The $150 bid is before the new closing, and moves the closing to 10:06
No other bids follow, so at 10:06 Bidder #4 wins. And with the 5 minute rule bidders 1, 2, and 3 have had a chance to bid again.
I agree with what Barry says about who could bid after the advertised closing, it should only be folks who've actually bid, I'd think. No new bidders after the advertised closing.
And believe me, the time zone needs to be specified!!!!! I screwed that up myself.
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