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Proxy Bidding Explained

OK, you've found a really cool item on LikeItLots, you're willing to pay $25.00 for it, and right now the current bid price is only $2.20. What next?

Well, you could bid just $2.40 and probably be the high bidder... but what happens when you leave your computer and someone else comes in and bids $2.60? Do you have to sit in front of your computer day and night until the auction ends to make sure you win? Thanks to the automatic proxy bidding tool on LikeItLots, the answer is no.

How does Proxy bidding work?

  1. An Auction is listed that starts at $1.
  2. I come along and submit a maximum bid of $100. The proxy server executes this bid, and as there are no other bids yet (mine is the first), the bid is on me for $1.
  3. Now you come along and see that the current bid is $1 and you decide to bid $5. You enter the bid and then you get an immediate outbid notice. Why? Because the proxy system has my $100 maximum bid to execute while keeping the bid at the lowest possible amount.
  4. So you see an outbid notice, and the bid goes up to $5.50, with me as the high bidder.
  5. You rebid $10 and the same thing happens. I am still the high bidder at $10.50 and will remain so until you or someone else surpasses my initial maximum bid.
  6. Now, say you bid $150. The highest bid then falls to you at $101, as you have passed my maximum bid (I'm now out of the running until I place a new maximum bid).
  7. If someone should come by and decide to bid $103, then they would get an immediate outbid notice because the proxy system automatically outbid the new bidder and so on until the new bidder gives up or places a maximum bid which outstrips your $150.
  8. Once your maximum bid is reached, you receive an outbid notification by email. You can decide then whether or not you want to increase your maximum bid.

That's how the LikeItLots proxy bidders work. Because they're unique to every user, proxy bidders will never reveal your maximum bid to anybody else.

How do I go about Proxy bidding?
When you place a bid for an item, LikeItLots asks you for your maximum bid. Enter your maximum bid in the box provided and let LikeItLots do the bidding for you. Simple!