last minute bid is an auction sniping tool. It allows you to watch an auction through eBay, and then place a winning bid at the last possible moment, giving the other bidders no time to outbid the sniper.
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== Why snipe? ==
As eBay is using proxy bidding, legitimate question is – why snipe at all? If you submit your bid at eBay early, and if your maximum bid is higher than that of a sniping user, you will win regardless. While this fact is true, user experience and even some scientific research conducted says that sniping does pay. Here are some reasons why.
1. Your early bid is an important information for other bidders. This specially applies to rare items, value of which is directly determined by interest. Other bidders may realize true value of an item only after you submit your bid. By bidding early, you are helping them, and that’s against your own interest.
2. Bidders tend to be overly optimistic, and therefore enter value lower than what they are really ready to pay. Leave them time to bid again after being outbid, and you will end up paying more, or lose the item you are bidding on.
3. Bidders get excited during auctions, and are often ready to bid way more than what is rational.
4. Ever been victim of shill bidding? It’s a fraudulent practice used by some sellers to inflate the price of an item by using another eBay ID to bid on their own item (and retracting bid if they go too far. Be especially careful if bidders’ IDs are kept private). If you use sniping, fraudulent sellers have no time to conduct shill bidding.
== Further Questions ==
If you have any questions please review our knowledge base, where you will find help, common customer questions, and our support system.