(This is a PROXY BID or ABSENTEE BID)
- We use what is known as a PROXY BID engine. This is much like leaving a ABSENTEE BID at a live auction when you can not make it to the live auction. Proxy bidding allows you to enter your MAX BID (Meaning the MOST you wish to bid on an item). The system will automatically advance your bid against other bidders like a absentee bid would do at a live auction (This is done on your behalf until your max is reached or you have won the lot).For example:All auctions start at 5.00 so if you are the first bidder and you enter a MAX BID of say 30.00 the amount showing would be 5.00 with 1 bid placed (and you would be currently winning that auction). If another bidder places a bid of lets say 20.00 the system will automatically advance your bid for you (absentee bid) to 22.00 (and continue to advance it when more bids are placed until your competitors bid either exceeds your MAX BID or the auction ends with you winning the item. It will bid in increments of 2.00 up to 100.00 and after the auction reaches 100.00 it may switch to 5.00 increments.Q: How could someone beat me by a PENNY!?
A: The standard BID INCREMENT is 2.00 (or 5.00 over 100.00) but if you place a PROXY bid (Choose a higher bid yourself of over 2.00) then the next bidder comes and enters a bid at least .01 cent higher then your proxy they become the current winner. This only happens when you or the other person use a proxy bid. Example below.- User1 bids 5.00
– User2 bids 15.00 (Proxy bid over 2.00) but holds the current winning price of 7.00 (2.00 above the previous 5.00 bid)
– User1 bids with a proxy and places a bid of 9.50
** SYSTEM PLACES A ABSENTEE PROXY BID FOR User2 of 11.50 (2.00 over last bid but withing the proxy amount) and shows still winning
– User1 bids a proxy again at 15.50 (.50 cents over the maximum proxy but still more then 2.00 over current bid of 11.50) and takes the winning amount at 15.50You can actually take over a bid with .01 cent if your lucky. If User1 in the above example bid 15.01 when he would have the winning bid at 15.01 and you would need to place your bid at 17.01 or higher. May seam unfair but a penny is a penny. If the other bidder bids the SAME as your PROXY then you continue to WIN as they placed the bid for that amount first. It’s not a bad idea to bid a few cents over your bid.