To save you having to manually keep an eye on individual item bidding you could decide at any point that there is a Max Bid that you’re prepared to go to. This means that the system will automatically place incremental bids, up to this level, if other bidders outbid you. The benefit is that you don’t need to keep such a close eye on the bidding.
All you need to do is place a bid that is the maximum you’re prepared to go to. Take care to only place this type of bid if you really are prepared to pay this price!
The maximum bid system will ensure that you ‘outbid’ any other bids by the minimum incremental bid upto the level of your Max bid. In others words, if there’s no need to pay your Max bid to win the auction you won’t- you’ll just pay the minimum amount required to win the item.
An example of how Max Bid works:
- Auction opening price is £25 (minimum incremental bid £5)
- Bidder 1 places a bid of £40 which becomes their Max bid (not visible to others), Current bid becomes £25 ie the minimum amount required to win the item.
- Bidder 2 places a bid of £35 to beat the Current bid. They are told their bid was ‘Successful but they’ve been Outbid’. The Current bid becomes £40- Bidder 1 is winning.
- Bidder 2 places another bid of £45. This bid becomes £45 as the Current bid as it outbids the Max bid of Bidder 1. Bidder 2 is now winning the auction with a Maximum Bid of £45.
- The auction ends and Bidder 2 wins the auction and has to pay £45 as the winning bid.
Please note: if your bid is exactly the same as another person’s Maximum bid then the other person’s bid will automatically win as this was placed first.