Proxy Bidding Rules

First, What is Proxy Bidding?

Proxy bidding is an automated bidding system that allows buyers to set a maximum bid amount they're willing to pay for an item. Selling Lane then automatically places bids on their behalf, incrementally increasing their bid as needed to maintain their position as the highest bidder, up to their maximum amount.

How Our Proxy Bidding System Works

• Setting a Maximum Bid: When you place a bid, you enter the maximum amount you're willing to pay for the item. This amount is kept confidential from other bidders.
• Incremental Bidding: Our system will automatically increase your bid by the smallest possible increment needed to maintain your position as the highest bidder.
• Bid Increments: The increment amount varies based on the current price of the item:
  • If the current bid amount is less than $100 the the increment is $5
  • If the current bid amount is less than $500 the the increment is $10
  • Less than $1,000 then the bid amount is $25
  • < $5,000 then $50
  • < $10,000 the $100
  • < $50,000 then 250
  • Over $50,000 then $500
• Outbid Notifications: If another bidder places a higher maximum bid than yours, you'll receive an outbid notification on the screen and an email (if enabled in your settings).
• Winning the Auction: If your maximum bid is higher than all other bidders, you'll win the auction at the lowest possible price that exceeds the second-highest bidder's maximum bid by one increment.

Example Scenarios

• Scenario 1: You're the First Bidder
• Scenario 2: Another Bidder Enters
• Scenario 3: You Get Outbid

Important Rules and Policies

• No Cancellation: Once a bid is placed, it cannot be canceled or reduced.
• Bid Verification: All bids undergo verification to ensure legitimacy and prevent fraudulent activities.
• Sniping Protection: Our system extends auctions by 30 seconds if a bid is placed near the end, giving all bidders a fair chance to respond.
• Multiple Maximum Bids: If two bidders place the same maximum bid, the earlier bid takes precedence.
• Reserve Prices: Some items may have a reserve price. The item will not sell unless bidding reaches or exceeds this price.

Selling Lane Rules and Policies