With the On-line Open Bid Auction do I have to pay my full proxy bid?

Proxy bid dealer auction softwareNo, if you are bidding on a car in an open bid sale and the auction does not meet your maximum bid, you’ll only have to pay the high bid amount (plus any applicable auction fees).

For example, if your maximum bid is $3800 and the high bid during the auction is $2400 and the reserve is met, you’ll get the vehicle for $2400.

Proxy bids are applied in either $50 or $100 increments, depending on the current bid price of the vehicle. Example if you proxy bid $10,000 on a auction that is currently at $8,000 your next bid amount will be $8,100

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Posted on: August 10, 2014