Thread: Bidding?
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Old 07-25-2020, 08:01 PM
TLB TLB is offline
 
Join Date: Jul 2010
Location: Ohio
Posts: 2,419
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It is called proxy bidding and is quite different than "straight" bidding in a live auction. Proxy bidding occurs when bidders have the option to set a maximum price that they would be willing to pay for an item and then allow the computer system to bid for them by the bid increment until someone places a higher bid than their maximum.
The bid increment is pre-set by the auction and is the amount that a proxy bid must increase by. The computer will place a new bid following the bid increment every time someone else places a higher bid than you and will continue to do that until the auction is over and you win, or the price goes over your set maximum. Most online auction systems are set this way; it essentially allows a bidder to tell the computer to let them win the auction at the lowest amount possible price without going higher than their maximum. And this maximum is between the bidder and the computer system--it is not shared with other bidders.
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