What is meant by the "end time" in an auction?

The term "end time" in an auction specifically refers to the moment when bidding is no longer accepted. This is a crucial aspect of the auction process, as it marks the conclusion of the bidding activity for that particular item or lot. After the end time, no further bids can be placed, and the auctioneer determines the winning bid based on the last accepted offer.

Understanding the end time is essential for both bidders and auctioneers, as it sets a clear framework for when participants must finalize their decisions and submit their bids. This clarity helps maintain order and ensures the auction proceeds smoothly, making it a vital point of reference during the event. Knowing when the bidding will close enables bidders to strategize accordingly, potentially leading to a competitive atmosphere as participants make their final offers before the deadline.