Gil, I buy stuff at auction all the time.
The State, when auctioning off it's surplus stuff, has to allow 5 minutes after the receipt of the last bid, before the hammer. This allows for slow computers, etc. making it fair to online bidders.
Also, to prevent sniping, every additional bid extends the time 5 minutes.
They just want the max price as a fiduciary act, so it's in all our interest to allow the pause.
Gun peddlers that immediately jump the auction price to the maximum pre-submitted bid aren't really conducting an auction. It's a negotiation.
