That is what happens when, for whatever reason, the winning bidder of an auction does not complete the transaction and the deal is cancelled and the item is offered to the 'runner up' at that person's high bid. If the winning bid is for $37, then the Second Chance offer is for $36, and so on. It is also used when a seller has two or more identical items (like dvds) and can make the offer to the under bidders as well as selling to the winner.
If you are the seller and would like to read all about it, go here:
http://pages.ebay.ca/help/sell/second_chance_offer.html
and if you are the buyer, go here:
http://pages.ebay.ca/help/buy/second-chance.html
