With AutoBid, you set the maximum amount you are willing to bid for a vehicle. Route 66 Auctions then automatically places bids on your behalf when another bidder places a higher bid.
Your set AutoBid is therefore not a bid that is immediately placed in full. It is only the maximum amount up to which the system is allowed to bid on your behalf.
The system only bids what is necessary
AutoBid tries to keep you as the highest bidder using the smallest possible bid increments. The system never bids more than necessary and will never exceed your set maximum amount.
If there are no other bidders, your bid will not be increased further.
Example
Suppose:
– the current highest bid is €20,000;
– you set an AutoBid with a maximum of €25,000;
– the minimum next bid increment is €500.
The system will then place a bid of €20,500 on your behalf.
If another participant then bids €22,000, AutoBid will automatically increase your bid to €22,500. If no further bids are placed after that, you win the vehicle for €22,500.
In this example, you therefore do not automatically pay €25,000. That amount was only your maximum limit.
When can my bid increase quickly?
Your bid may increase more quickly when another bidder:
– manually places a bid close to your maximum;
– has also set an AutoBid;
– has set a higher maximum amount than you.
For example, if another bidder has already set an AutoBid of €24,500 and you then set an AutoBid of €25,000, the system may immediately increase your bid to €25,000 because this is necessary to outbid the other bidder.
This does not mean that the system unnecessarily bids up to your maximum. In that case, there was already a competing bid or AutoBid in place.
What happens if two bidders set the same maximum amount?
When two bidders set the same maximum amount, the bidder who set that amount first remains the highest bidder.
It may therefore be wise not to wait until the very last moment to set your AutoBid.
Can anyone else see my maximum AutoBid?
No. Your maximum AutoBid is confidential and only visible to you. Other bidders only see the current highest bid.
Can AutoBid bid above my maximum?
No. The system never bids more than the maximum amount you have set.
When another bidder bids above your maximum, AutoBid stops. You will then receive a notification that you are no longer the highest bidder. You can then decide whether to increase your maximum bid.
Can I change my AutoBid?
You can increase your maximum AutoBid during the auction. Once a maximum amount has been set, it cannot be lowered or cancelled.
Why use AutoBid?
With AutoBid:
– you do not have to constantly follow the auction;
– the system automatically responds to other bidders;
– you never bid above your pre-set limit;
– you may win the vehicle below your maximum amount.
Remember: your AutoBid is your maximum limit, not automatically the amount you will ultimately bid or pay.
