With Proxy bidding, you have the option to set a maximum price that you would be willing to pay for an item and then allow the Municibid system to bid for you by the bid increment until another bidder places a higher bid than your maximum. This is a great way to participate in bidding without having to keep an active eye on the auction.
After you place your proxy bid, the Municibid system will place a new minimum bid for you every time someone else places a higher bid than you and will continue to do that until the auction is over and you win, or the price goes over your set maximum. You are notified when your maximum has been outbid and have the option to set a new maximum to continue participating in the auction.
Some important things to remember:
You can not lower your proxy/maximum bid after it has been placed.
The system will not allow you to bid against yourself.
If there is a reserve on an item, your bid will go to the lesser of either your maximum bid or the reserve price.
Say you want to buy a table but you are only willing to spend $75 on it. You would enter $75 as your maximum. If the bid increment for the auction is $1 then the computer will increase your bid by $1 every time someone bids higher than you. So, say someone bids $30, the computer would automatically put in a bid for you at $31. If the auction comes to a close and you are the highest bidder with $55 you have successfully used proxy bidding! You would have been willing to pay $75 but you got the table for less than that!
How do I sign up for Proxy Bidding?
You do not need to sign up for Proxy bidding. It is automatically set when you enter a bid above the minimum bid.
Can I lower my Proxy Bid
You can not lower your proxy bid after you place it. Please make sure you are willing to pay what you enter.
I bid the same as someone else but their bid was accepted first
If you place a bid that was the same as someone else but their bid was accepted first then the other bidder most likely had a proxy bid entered before yours.