Whitetail Exchange

How does Proxy Bidding Work?

There are two different scenarios when proxy bidding is utilized on this web site. Below is a description of both.

Items that have not met their reserve price – When dealing with items that have not yet met their reserve price, the proxy function does not go into effect until the reserve is met. The easiest way to describe how this works is by way of example. Let’s say for example an item is listed with a $100 opening bid, but the consignor has set a reserve price at $1000. Let’s also assume for this example that the bid increments are $10 increments. If the first bidder bids $100 on the item, that bid is recorded as the highest bid, but notes that the reserve is not yet met. If the second bidder bids $800, this will be recorded as the highest bid, again with the reserve not met. If the third bidder bids $1100 the highest bid will be recorded as $1000, the value of the reserve. This is because the Whitetail Exchange software will only take the bid as high as it needs to go to win the item. The bidder is essentially saying that they will go all the way up to $1100. This bidder now has an $1100 proxy and they are the highest bidder at $1000.

If the next bidder places a bid at $1050 the software will accept the bid and automatically tell them that they are outbid. Once this bid is placed the original bidders bid will go to $1060, the next increment.

Items that have met their reserve price – Bids that have met the reserve price work the same way as described above after the reserve was met. A bidder can bid the maximum amount of money they are willing to pay for an item and the software will only take them as high as they need to go to outbid the previous bidder.

This software was designed so the user doesn’t have to constantly monitor their bids. They can put in the maximum amount that they are willing to pay and all bids below that which are submitted by other bidders will be outbid.

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