Understanding proxy bidding and your maximum
Set the most you are willing to pay and let the system do the incrementing. How it works, and the rules that decide ties.
A proxy bid is a maximum you set once. The system then bids for you, one increment at a time and only as far as it needs to, so you never pay more than you have to and never more than your maximum.
A worked example
A lot stands at $20,000 and the minimum increment is $250 (yours may differ; the lot page shows it). You set a maximum of $22,000. You lead at $20,250. Another buyer bids $21,000: the system answers for you immediately and you lead at $21,250. If they raise their maximum to $23,000, they lead and you are outbid, because your ceiling was $22,000.
The rules, in plain terms
- The higher maximum leads, at one increment above the lower one.
- If two maximums are equal, the one set first leads.
- A normal bid that is higher than every standing maximum simply leads at the amount bid.
- If you are leading you can raise your own maximum at any time; the price does not move until someone else pushes it.
The closing seconds
Every bid placed with more than 30 seconds left adds 10 seconds. A bid in the last 30 seconds resets the clock to 30 seconds. The auction ends only when nobody answers.
Choosing the number
Pick a maximum from comparable vehicles and your own budget, with fees and delivery included, before you look at the current price. If the bidding passes it, let it go: another lot will come along.