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This popular feature allows you to set a reserve price below which you are not obligated to sell the item. The sidebar, popup and auction in a post widgets specify whether the reserve has been met or not. If your item does not meet the reserve price the last bidder to have placed their bid is sent an email saying that the auction did not reach your set reserve. You can customize this email too to include more information if you like.
[...] Reserve Price: A highly requested and now finally part of our plugin. Set a reserve price for your auction so you need not sell if the highest bid does not meet it. [...]