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What is Proxy bidding?
Experts123
Proxy bidding allows buyers to place a confidential maximum bid, which is the highest amount they are willing to spend. The LabX servers will automatically increment the bid up to the maximum specified in the proxy until the auction is won, or until the maximum bid has been reached. Proxy bidding allows buyers to save time by not requiring their availablity during the auction closing time. Remember: LabX auctions follow an auction overtime format where the auction closing time will be extended by two minutes each time a bid is placed during the final closing minutes of the auction. Proxy bids will continue to be effective during this time. In the event of a tie, the first bid entered is always considered the high bid. If a newly placed bid matches a previously placed proxy bid, the first entered bid will be honoured as the primary bid, and the newly placed bid will be reduced by one dollar, placing it in the second position.