Re:my example - $100

If I'm bidding on a $7.00 item and really want it , I bid $100....

At the last second the sniper bids (let's say) $9.95, gets an 'outbid notice' and I get the item for $10.45 (plus s/h).

Where/how would a "five minute rule" help ME (as the bidder) except to give the 'sniper' enough time to bid me up to $99.95 before backing out?

The seller might love/hate it though if the ending time got extended by five minutes every time a bid was placed. Where would it end?

George