How Does Proxy Bidding Work ?
For example, a product has been offered at auction for sale at a starting price of 150 BDT.
If "Bidder A" places a bid of 800 BDT for the product, our system will start his bid at 150 BDT and bid up to 800 BDT automatically on his behalf.
★ When "Bidder B" visits the auction, he sees the current bid price as 150 BDT. If "Bidder B" decides to place a bid for 200 BDT, he will be outbid immediately by "Bidder A", and the new minimum bid will be 210 BDT. In order to outbid the "Bidder A", he would need to bid at least 801 BDT.
★ If "Bidder B" places a bid for 800 BDT, which matches "Bidder A"s maximum bid amount, then "Bidder A" would still be the high bidder, but the new minimum bid would be 810 BDT.
★ If no one else place any bid except "Bidder A", then "Bidder A" will win this auction at 150 BDT.
By how much will my bid be increased when proxy bidding in a auction ?
The amount by which your bid is increased will depend on the current price. As the current price goes up, so will the amount of your bid. Automatic bidding will stop when your max proxy bid is reached.
|Current Price||Bid Increment|
|1 BDT - 1,000 BDT||10 BDT|
|1,001 BDT - 5,000 BDT||50 BDT|
|5,001 BDT - 10,000 BDT||100 BDT|
|10,001+ BDT||200 BDT|