SWAPD auctions feature an automated bidding system, ideal for those unable to be present at the auction’s end. This max bid functionality acts as a virtual proxy, placing higher bids on behalf of the user, up to a user-specified maximum limit.
Operating the Max Bid Feature
Activating the max bid is straightforward. Simply enter the highest amount you’re willing to pay in the bid field, check the Enable Max Bid box, confirm your bid, and the system will take over the bidding process for you.
Example Scenario:
- The auction’s current bid is at $100.
- You decide to bid $1000 and activate max bid.
- This action increases the current bid to $110 (as our auctions move in minimum increments of $10).
- From this point, the system will automatically outbid others, up to your $1000 limit.
Be aware that other bidders might also use max bids. Thus, your bid might not always rise by the standard $10 increment but could jump higher depending on the existing highest max bid.
For Instance:
- The ongoing bid is $100.
- You set a max bid of $1000.
- The bid immediately escalates to $460. This is because another user had a hidden max bid of $450, which your $1000 bid surpasses by the $10 minimum.
- The system will continue to bid on your behalf up to the $1000 threshold.
Withdrawing Max Bids
Participants have a five-minute window to cancel their max bid in the event of an error or change of mind. To do this, simply click the Cancel button to withdraw your max bid.