question Flippa Auction Question

[House5757]

I was recently watching a website auction on Flippa where there were 69 bids. After clicking on the bidders list I noticed that Bidder 7 went from a bid of $336 to $500 without any incremental bids in between (same day) It looks like it is the same bidder or am I reading it wrong? see attachment

 

[TheDnSeller]

I was recently watching a website auction on Flippa where there were 69 bids. After clicking on the bidders list I noticed that Bidder 7 went from a bid of $336 to $500 without any incremental bids in between (same day) It looks like it is the same bidder or am I reading it wrong? see attachment

This is because of proxy or auto bids.

You can setup Flippa to automatically bid on your behalf. This is called a proxy bid.

You can setup the proxy bid with your highest bid amount.

What happened here is the current highest bidder ( bidder 6 ) setup Flippa with a Proxy Bid of $500 or more.

Bidder 7 had also setup Flippa with a $500 max proxy bid.

So in order for bidder 6 to outbid bidder 7 , Flippa would keep on bidding on Bidder6's behalf until it surpasses the max proxy bid setup by bidder 7.

So whoever of the two had setup Flippa with the higher proxy bid amount ( Bidder 6 in this case ) would be the leading bidder.

The bidding went straight from $336 to $500 because $500 is the amount Bidder 6 needs to overcome in order to lead the auction.

Hope it clears the things a bit for you.

 

[House5757]

Thank you, i hadn't considered proxy bids. I'll have to do some research on how to set that up myself

 

[TheDnSeller]

You're Welcome

 

[LamsuanlunT]

I'll have to do some research on how to set that up myself

You don’t have to set up actually. Say a website auction starts at $1 and reserve is set at $100.

Now if you bid $1 it will be on $1. But if you, in order to set proxy bid till $100 so that you will outbid any other bidder within $100, bid $100, then the price will stand directly at $100. That’s because proxy bids doesn’t work untill it reach the reserve price. However, it does work when it’s either a no reserve price or the reserve has been met.

I hope that makes sense.