Bidding Definition of terms
Current Price - The current high bid for the auction.
Minimum Increase - This is the bidding increment or minimum amount between bids.
Your Maximum Bid - The maximum amount you are willing to pay for this auction item.
Your Current Maximum Bid - If you are the current high bidder then this is the maximum
amount you are willing to pay for the auction.
How Bidding Works
The bidding process is based on the concept of entering a maximum bid and the bidding
increment. You enter your bid and the system considers it the maximum you are willing
to bid. The minimum amount that will be bid for you will be the current price plus
increment. The system will also consider other bidders maximum bids when deciding
your bid.
Example #1 No other bidders
Current Price - $100
Bid Increment - $5
Your Maximum Bid - $200
The system will choose the minimum necessary to make you the high bidder.
New Current Price and High Bid - $105
Example #2 Other bidder with $300 maximum
Current Price - $200
Bid Increment - $5
Your Maximum Bid - $500
The system will consider the other bidders $300 maximum and increment by $5.
New Current Price and High Bid - $305