Automatic Proxy Bidding

Event creators can allow bidders to submit proxy bids to price-based auction events. This feature enables bidders to submit the lowest price bid for the requested goods or services. Then the system makes bids automatically—as needed to take the lead—to the preset best (proxy) offer. Thus, the bidder gets the best possible deal while still winning the business.

For example, the event creator may enable proxy bidding on a buy auction event. The event has one line with a start price of 100 USD and a bid decrement of 5 USD. If proxy bidding is enabled, bidders can enter the absolute lowest price that they are willing to offer and allow the system to bid on their behalf. So assume that Bidder A has the current winning price of 90 USD. Bidder B could enter a proxy bid price of 70 USD. Upon posting the bid, Bidder B's current bid price would actually be set to 85 USD (the current winning price minus the bid decrement). If Bidder C then bid 78 USD, then Bidder B's current winning bid price would be updated to be 73 USD, which is Bidder C's bid price minus the 5 USD decrement. Therefore, Bidder B would still have the winning bid.