When bidding on an auction, you have two options:
- Enter the next minimum bid amount (listed below the bid box, e.g. "Bid $26 or more")
- Enter the highest amount (MaxBid) you would be willing to spend on the item. When you enter a MaxBid, the system will automatically outbid other bidders, starting at the next minimum bid amount and stopping at the maximum amount you specified.
For example, say the current bid for an item is $2. You're interested, but wouldn't want to pay more than $10 for the item, so you enter $10 in the bid box. The system will then place your current bid at $3 (raising the current bid of $2 by the minimum increment of $1). If someone else then bids $4, this automatic process will continue until the bid reaches $10, at which point you will have to raise your MaxBid if other bidders are still competing. If no one challenges your bid of $3 before the end of the auction, you will pay $3, not the full $10.
The MaxBid feature allows you to compete for an item without constantly monitoring the lot and manually entering bids. Note: other bidders can't see your MaxBid, and you can't see theirs. You can raise or lower your MaxBid at any time by simply entering a new amount in the bid box.
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