What is a proxy bid?

[heatemyfather]

Can't seem to find an adequate and simple explanation of this function in eBid.

[rocks2dust]

A proxy bid is where you bid the maximum amount you wish to pay for an item and when others make bid, the software will continue to raise your bid until you've reached your maximum bid. For example:

• an auction item starts at £50
• you place a bid at £65
• a second bidder enters a bid of £51
• the software would then enter a proxy bid on your behalf of £52 and you would continue to be the high bidder
• a third bidder enters a bid of £58
• the software would then enter a proxy bid on your behalf of £59 and you would continue to be the high bidder
• should no other bidder enter a higher bid than £59, you will win at that amount

Think of it as a way to ensure that you win the auction at a bit more than the highest bid made by others, without going over your maximum. This differs from many physical auctions in which, if someone bids £60 and you counter with a bid of £100, the bid immediately rises to £100.

[heatemyfather]

A proxy bid is where you bid the maximum amount you wish to pay for an item and when others make bid, the software will continue to raise your bid until you've reached your maximum bid. For example:

• an auction item starts at £50
• you place a bid at £65
• a second bidder enters a bid of £51
• the software would then enter a proxy bid on your behalf of £52 and you would continue to be the high bidder
• a third bidder enters a bid of £58
• the software would then enter a proxy bid on your behalf of £59 and you would continue to be the high bidder
• should no other bidder enter a higher bid than £59, you will win at that amount

Think of it as a way to ensure that you win the auction at a bit more than the highest bid made by others, without going over your maximum. This differs from many physical auctions in which, if someone bids £60 and you counter with a bid of £100, the bid immediately rises to £100.

Hmm, I see, thank you for the explanation. I thought that was common to all such auction sites similar to eBay and eBid, just don't recall seeing it called proxy bidding before.