The two more minutes is called as “Extended Bidding”. Extended bidding is a dynamic feature that allows the auction system to automatically extend the closing time, which is based on bidding activity.
Specifically, if a bid is placed within the last 2 minutes of an auction, the closing time automatically extends 2 minutes from the time the bid is logged into the system. The "NEW" closing time is indicated under "Extended Closing" on the bid form. Subsequent bids on the item will continue to extend the auction until there is a 2 minute period without any bids. This applies to any bid that is accepted.
The following example assumes extended bidding is set to 5 minutes and the actual extended bidding time for this site may differ as stated above. For example, if the schedule closing time for an item is 5:00:00 PM EST and a bid is logged at 4:57:15 PM EST, then the closing for that item will be extended to 5:02:15 PM EST. If a subsequent bid is placed at 5:01:00 PM EST then the closing will extend to 5:06:00 PM EST.