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Quick GoDaddy Proxy Bid Question

Labeled as question in Domain Buying and Domain Purchases, started by milesd8888, Mar 29, 2020

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  1. milesd8888

    milesd8888 New Member

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    Hi,
    I'm watching a few expired domains on GoDaddy's Auction that I REALLY want to win.
    I'm prepared to pay big money for them $10k+ , but right now they are only at $10.

    I want to confirm that if I place a bid, it is automatically treated as a PROXY bid, and that I will only have to pay the next multiple above the highest bidder as long as it is less than $10k.

    In other words, if I place a $10,000 bid, and someone else bids $75, then I will only have to pay $85, not the full $10,000, correct?

    I want to win, but not shoot myself in the foot!

    Thank you,
    Miles.
     
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  2. NickB

    NickB Aka MrAcidic VIP Gold Account

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    From their own website: https://uk.godaddy.com/help/making-initial-bids-or-offers-on-domains-892


    Proxy Bids

    There is no special interface to enter a proxy bid. You'll need to be bidding on a traditional auction listing such as a 7 day auction or an expired auction. In other words, the auction needs to be one where the listing ends at a definitive time and whoever has the highest bid at the end wins.

    To place a proxy bid, simply bid the highest amount you wish as your proxy at any time during the auction and it will take effect. The proxy will only outbid the current highest bid by the lowest bid increment possible. If that bid is then increased, your proxy bid will continue to try to outbid the other bidders until your limit is reached.

    Bid Increment Rules
    The table below outlines the parameters around minimum bid increment rules. For instance, if you see a domain name listed in auction (in expiry, value-priced or 7-day public auctions) and the price is $12, you must bid $17. If a domain is listed at $1100, you must bid $1125.

    Current Price (Current Highest Bid Account) Next Bid Increment
    $5 - $499.99 $5
    $500 - $999.99 $10
    $1,000 - $2,499.99 $25
    $2,500 - $4,999.99 $50
    $5,000 - $9,999.99 $100
    $10,000 - $24,999.99 $250
    $25,000 - $49,999.99 $500
    $50,000+ $1000
     
  3. FolioTeam

    FolioTeam AMDB.tv VIP

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    No, you don't get to pay the full bid in that scenario
     
  4. milesd8888

    milesd8888 New Member

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    Thank you.
    I assume you meant to write “you don’t HAVE to pay”
    Correct?

    Also, i doubt if this is possible, but is there any way to see what other people’s Proxy bids are? (Again, I realize this would defeat the purpose, but still asking]
     
  5. FolioTeam

    FolioTeam AMDB.tv VIP

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    Yes, I meant to say you don't get to pay your proxy bid of $10K if the bidding doesn't go beyond say $85. You pay only $85 dollars in that scenario.

    But if you are unfortunate to have a contender that bids you up to say $9900 and leaves after that, then you will win with your proxy bid of 10 grand and you are expected to pay up or face the consequences of having a banned account (which may even still affect any new ones you might open).

    There is no way to see people's proxy bid. But it doesn't stop people from guessing and bidding you up, making you pay more than you expect.
     
    Last edited: Mar 29, 2020
  6. milesd8888

    milesd8888 New Member

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    Hi All,
    Happy to say I won both of the domains I bid on.
    Thanks for your help.
    Miles
     
  7. FolioTeam

    FolioTeam AMDB.tv VIP

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    Good luck
     

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