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How does proxy bidding work?
Say for example, a domain is in auction with a starting bid price of $12.99.
If bidder A places a bid of $20.00 for the domain, our system will start his bid at $12.99 and bid up to $20.00 automatically on his behalf.
When bidder B visits the auction, he sees the current bid price as $12.99. If bidder B decides to place a bid for $14.00, he will be outbid immediately by bidder A, and the new minimum bid will be $15.00. In order to outbid the first bidder, he would need to bid at least $20.01.
If bidder B places a bid for $20.00, which matches bidder A's maximum bid amount, then bidder A would still be the high bidder, but the new minimum bid would be $21.00.
If an auction price reaches $50, proxy bids will be tiered based on the current high bid.