Proxy bidding makes bidding on auctions easier and less time consuming for users. The system is designed to allow automated bids to be placed on your behalf for the lowest amount possible, and up to a maximum bid specified by the user. This allows the User to remain as highest bidder for the auction.
The system places bids continuously until Proxy Amount is reached. Once it hits Proxy, the user has to bid manually on the Auction. Multiple users can place Proxy bid at the same time; the highest amount will get considered as final amount.
For Example:
Current Bid: $10
Bid Increment: $1
- User A places Proxy bid: $ 30 {User A is currently winning the item at $10 and his auto bid of $30 is placed successfully}
- User B places $11 (Current bid + Bid increment; 10+1 = 11) {Behalf of User A system automatically places $12}. Now Current bid is $12.
This process continues until Proxy amount $30 is met.
- Hard Bid
Hard bid allows the User to bid on the current amount. The amount set by the User will consider as Current Price and next User should bid more than that.
In other words, any bid which is higher than the Current bid will consider as Hard Bid.
For Example:
Current Bid: $10
Bid Increment: $1
- User A places Hard bid: $ 30 {User A is currently winning the item at $30}
- User B should place minimum $31 (Current bid + Bid increment; 30+1 = 31)
This process continues until Auction ends.