Seller creates proxy bidding auction with start amount $50, bid threshold $10.
- Buyer #1 place first bid with highest bid amount $100
- System set current bid amount to $50 – equal to auction start amount
- Buyer #2 place 2nd bid with highest bid amount $75
- Plugin evaluate if buyer #2 is winner or not and what will be current bid amount. It compares buyer #1 high amount $100 with buyer #2 high amount $75 and resolve that buyer #1 is still winner.
- Current bid amount is increased to closest (floor) multiple of bid threshold amount and set to $70
- Buyer #3 place high bid $100. It’s equal as high bid of buyer #1. In this case, buyer #1 is prioritized and still winner. Current bid is $100.
- Buyer #4 place high bid $150. It’s more than buyer #1 high bid was,
auction current bid is increased to $110 and buyer #4 is winner
Current auction bid is $1500 and you’ve set threshold amount to $100. This means that next bidder must place bid in amount at least $1600. It might happen buyer would be willing to pay $1550, but will not bid $1600, for this reason seller should not set too high bid threshold.
Buyout – seller can enable buyout and set buyout amount. Buyer that has big interest in auctioned item can pay buyout amount and win & finish auction instantly.
Start date – specifies when auction is kicked-off. Usually auction is kicked-off instantly, but some sellers may want to bring attention to auction before it really starts. Auction can start within 14 days from current date.
