What's Proxy Bidding?
OK, so let's say you find something on eBay that you really want....
You're willing to pay $25.00 for it, but the current bid price is only $2.25.
You could take the long route and sit at your computer, outbidding each new
bid until you reach $25.00. (Like you have nothing better to do...!)
Luckily, there's a better way: Let the system be your proxy and do your
bidding for you. You can use a proxy in any type of auction except
a Dutch Auction.
Here's how it works:
- The seller lists an item for auction, determines the length of the
auction, and opens for bidding.
- You decide how much you're willing to pay, enter your first bid and
give your proxy (the system) a confidential maximum bid.
- You note the ending time of the auction and log off.
- Your proxy (the system) engages in a fierce bidding war with other
proxy bidders, and a few live ones—while you go about your business.
- At the end of the auction, you check back in to see how your proxy did.
If other bidders outbid your predetermined maximum, you don't get your item.
But otherwise, you're the winner—and the final price might even be less
than the maximum you had been willing to spend!
Winning was never easier!
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