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How does "maximum bid" work?

"Maximum bid" is a feature of that ensures the best possible price for you in the bidding process. automatically monitors your bids and ensures that you, as the highest bidder, get the car at a price equal to the second highest bid above the floor price plus $ 100. This is illustrated using the following example. A car is registered in the auction with a floor price of $ 75,000. This floor price cannot be seen on any bidding dealer´s screens.A dealer bids $ 73,000 for the car. In this case, the dealer's maximum bid is $ 73,000, and the highest bid shown on the screen is $ 73,000. The dealer will not get the car, as the floor price has not been reached.You now bid, not knowing the floor price, $ 78,000 for the car. Your maximum bid is thus $ 78,000 (what you are willing to pay for the car) however, at this time in the bidding process, the system records you as the highest bidder with a bid of $ 75,000, ensuring that you do not bid more than the floor price of $ 75,000. If no other bids are made, you purchase the car for $ 75,000.If a third dealer bids $ 77,000 for the car, which currently lists the high bid of $ 75,000, this dealer' maximum bid is recorded as $ 77,000, In this event, the system immediately bids up $ 100 over the last bid, on your behalf, giving you the highest of $ 77,050. If no further bids are made, you get the car for $ 77,050 and have saved $ 950 in relation to your maximum bid. Naturally bids will never be entered for you beyond your maximum bid.


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