How Proxy bidding works

When you place a bid, you can enter the highest amount you’re willing to pay for the car “Proxy Bid” . Only you get to see your Proxy Bid,  the seller DOES NOT see your Proxy Bid amount.

Auction Simplified software places bids on your behalf using the system bid increment amount, which is based on the current high bid. We only bid as much as necessary to make sure that you remain the high bidder, or to meet the reserve price, up to your maximum amount.

Our bid increments for open bidding and Proxy Bidding are as follows:

If current bid is  $2,500 or below, the bid increment is $50

if the current bid is $2501 or above the bid increment is $100

If another person places the same Proxy Bid or higher, we’ll notify you so you can bid again. Your Proxy Bid is kept confidential.

Example:

The current bid for an item is $1000.00. Kevin is the high bidder, and has placed a Proxy Bid of $1200.00 on the item. Kevin’s Proxy Bid is kept private from other viewers.

Beth views the car and places a Proxy Bid of $1500.00. Beth becomes the high bidder.

Kevin’s bid is raised to his maximum of $1200.00. Beth’s bid is now $1300.

We send Kevin an email to let him know that he has been outbid. If he doesn’t raise his maximum bid, Beth could win the car if she is not outbid and the reserve is met.

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Posted on: August 10, 2014