The reserve price is a minimum amount you give in, in order for the product to be sold. If no bid is higher than the ‘reserve price‘ the auction will close, without a winner.
The reserve price is optional, you can set it directly from the product editing page.
If the reserve price is not met nor exceeded at the auction expiration, there is no auction winner. You can decide to ‘reschedule’ the auction, which basically means that you extent the auction time but all previous bids are removed (you start again from zero). You can find this option in YITH > Auctions > General.
Example: If the auction is planned to expire 1 August, and up to that date the placed bids didn’t exceed the reserve price. The new expiration date will be set to 21 August (20 days).
In the end, the admin will receive an email about the automatic rescheduling and/or about not reaching the reserve price.