HOW IS A WINNING BID DETERMINED WHEN MULTIPLE BIDS FOR AN ITEM ARE RECEIVED?
During a live (in person) auction, a bidder will lower his bid in increments until he is the only bidder left or until the interest goes below his acceptable minimum level, at which point he would drop out. In contrast to the live auction, the Internet auction has proxy bidding. Proxy bidding is a form of competitive bidding in which bidders enter the minimum interest rate that they are willing to accept for each certificate. The auction system will submit bids on behalf of each bidder. The result of the proxy system is that the electronic agent keeps lowering the bid to submit by quarter percent increments until you are either the only bidder left, (in which case you get the certificate at a quarter percent lower than the previous bid) or until you reach the minimum bid you have set. Zero percent bids will not be treated as proxy bids. They will be awarded at zero percent. If you are the only bidder on a given certificate and your minimum rate is greater than zero percent, the auction
During a live (in person) auction, a bidder will lower his bid in increments until he is the only bidder left or until the interest goes below his acceptable minimum level, at which point he would drop out. In contrast to the live auction, the Internet auction has proxy bidding. Proxy bidding is a form of competitive bidding in which bidders enter the minimum interest rate that they are willing to accept for each item. The auction system will submit bids on behalf of each bidder. The result of the proxy system is that when multiple bidders are bidding, the auction software starts at 18 percent and keeps lowering the bid to submit by quarter percent increments until you are either the only bidder left, (in which case you get the certificate at a quarter percent lower than the previous bid) or until you reach the minimum bid you have set. Zero percent bids will not be treated as proxy bids. They will be awarded at zero percent. In the case of a tie at the winning bid rate, the system awa
Related Questions
- Why was my bid not place eventhough my bid price was higher than the winning bid, my bid is not listed in the bid history, and I never received an email notice?
- Why is Old Dutchman’s Wrought Iron, Inc. bid so much higher than some of the other bids we received?
- HOW IS A WINNING BID DETERMINED WHEN MULTIPLE BIDS FOR AN ITEM ARE RECEIVED?
