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Introducing The Bidding Tool that Bids on Your Behalf

November 09, 2021
 

Introducing The Bidding Tool that Bids on Your Behalf: PROXY BIDDING

 

What does Proxy Bidding mean?

 

Proxy bidding (iBidMANAGER) is also known as max bidding, automatic bidding or absentee bidding.

iBidMANAGER gives Buyers the option of entering their Maximum Bid amount on a particular unit and having `the system` place bids on their behalf, automatically. When competing bids are placed, iBidMANAGER will instantly bid on behalf of the Buyer, in increments of R100, keeping that Buyer on top until their Maximum Bid amount has been reached. If the Maximum Bid Amount has been reached before the unit is sold, iBidMANAGER will notify the Buyer (by SMS/ email) that their Maximum Bid amount has been reached. The Buyer may then choose to increase their Maximum Bid amount and keep bidding, or concede the unit, as desired.

Buyers can use iBidMANAGER to save time, as they don`t have to continually monitor an auction to stay on top. As well, iBidMANAGER makes it easy to bid on multiple units online, without having to be in front of a computer. 

 

What happens if there are multiple Proxy Bidders?

 

There can be several Buyers using iBidMANAGER at the same time on a particular unit. In these cases, the `high bid` may jump by more than the normal R100.00 increment depending on the Proxy`s (Maximum Bids) .

Example:

Unit #100 is being auctioned and has a current `high bid` of R3,000. Jack logs in, looks at the unit and decides he would be willing to pay up to R5,000 for this unit. Jack enters his Proxy Bid (Maximum Bid amount of R5000) into iBidMANAGER and logs out. iBidMANAGER now bids for Jack, putting him on top at R3,100.

Another bidder (not using iBidMANAGER) comes in at R3,200. iBidMANAGER bids for Jack at R3,300. Now, Dianne logs in. She looks at the unit and decides she would be willing to pay up to R7000 for this unit. Dianne enters her Proxy Bid (Maximum Bid amount of R7,000) into iBidMANAGER and logs out.

**Now there are 2 Buyers using iBidMANAGER on the same unit**

The `high bid` instantly goes from R3,300 to R5,000 (Jack`s max) and Dianne becomes high bidder at R5,100. IBidMANAGER will notify Jack of the fact his Maximum Proxy Bid amount has been reached and exceeded. Dianne will stay on top until somebody bids R7,100, whether by proxy or manual bid, or until the auction closes.

 

Does iBidOnStorage know my Maximum Bid amount (Proxy)?

 

No. In order for the process to work and to ensure confidence with our Buyers, neither iBidOnStorage nor it`s Sellers have access to Buyer`s Maximum Bid amount (Proxy). The Proxy Bid is encrypted and secured on a third party server.

 

Can I change my Maximum Bid amount (Proxy Bid)?

 

Yes, you can change your Maximum Bid amount  (Proxy Bid), higher only, but you need to be logged into your Buyer`s Account to do so. Simply re-enter your higher Maximum Bid amount and click on the BID NOW button. Once complete, the green message above the amount will now reflect your new Maximum Bid amount.

 

Call us on 010 025 0861 Or 021 556 2324 to find out more, alternatively email us on [email protected]

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