Bidding Using Automatic Proxy Bids
Bidders can submit bids for auction events by using the automatic proxy bidding feature. A proxy bid is a bid where the bidder preestablishes the best price for which he or she would supply or purchase the goods or services. Then the system makes bids automatically—as needed to take the lead—to the preset best offer. Thus, the bider gets the best possible deal while still winning the auction. In addition, the system emails the bidder if the best offer becomes outbid. This frees the bidder from having to monitor the auction "in-person" for its duration.
There are a few rules to keep in mind when using automatic proxy bidding:
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You can use proxy bidding on auction-only events.
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Bids compete at the line level based on price.
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The winning bid must be displayed to bidders and bidders must beat the winning bid. You cannot display a bidder's ranking for proxy events.
Bidders who are currently winning on a line may enter a new proxy bid price for the same line. This price overrides the previous proxy price.
For example, if Bidder A had a proxy price of $45 on line 1 with a current bid price of $60, Bidder A could copy in the previous bid and change his or her proxy bid price to $50. Subsequently, $50 would be the new proxy price for Bidder A, not $45. Bidders are allowed to have only an "active" proxy price even if the bidder has multiple bids.
To enable automatic proxy bidding, event creators can:
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Select Auction as an event format on the Event Details (add) page
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Select Enabled in the Proxy Bidding (Auctions Only) field on the Create Events page
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Click Add.
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Select Enabled in the Proxy Bidding field on the Event Settings and Options page