Proxy bidding is a way to make sure you don't get outbid just because you can't be checking the auction site during the final hours of an auction.
Be aware!!! If an item has a reserve price on it, and you place a proxy bid higher than the reserve price, your bid will immediately go to the reserve price. Don't place a proxy bid unless you are willing to pay that amount!!!
Item will show if it has a "reserve price" or "reserve price met" beside the current bid shown.
Proxy bidding will keep you in the bidding up to your "Maximum Bid Amount" and it works like this.
Item starts bidding at $10.00. You are willing to pay $50.00 for the item, so you place a proxy bid for $50.00. You are bidder #1.
Bidder #2 places a bid for $20.00 and is told immediately that they have been outbid by another bidder and see this message.
Note:
Your bid was beaten by a proxy bid.
You are not the high bidder!
The item when you return to it will show a bidding history of:
bidder#1 with date and time $10.00
bidder#2 with date and time $20.00 - beaten by proxy bid.
bidder#1 with date and time $20.00
If bidder #2 bids $50.00, bid history will show.
bidder #2 with date and time $50.00 - beaten by proxy bid.
bidder #1 with date and time $50.00
The idea being that Bidder #1 has already agreed to pay every amount up to and including $50.00, therefore every attempt to bid an amount up to and including $50.00 will automatically be outbid by Bidder #1. Like in a real auction when two people respond to an auctioneers request for an amount on an item, the auctioneer will take the bid of the first bidder he sees hold up his card. In this case it is Bidder #1. Bidder #1 stops holding up his card at $51.00 in the example above.
We show the bid and notice it was outbid so when either bidder looks at the bid history, they can tell what happened.
If you have any questions on proxy bidding as done on this Auction Site, please contact me.
For information on Terms of the Auction click here.