What Is Proxy Bidding
Bidding on YallaBid is done using proxy bidding when necessary. Proxy Bidding allows the system to bid only as much as necessary to make sure that the user remains the high bidder, up to the user's maximum amount. In other words, the user should enter the maximum amount they would be willing to pay for the listing and the system will sort out who is willing to pay the most and give that user the lowest price above the other users' maximum bids.
The simplest way to explain Proxy Bidding: You enter the highest bid possible at the moment that you are willing to pay and YallaBid will automatically bid for you until that amount is reached.
An Example of Proxy Bidding
- Ayesha creates a listing with a Starting Price of AED100
- Rashid really wants this item. Knowing that Proxy Bidding is turned on, Rashid enters a Maximum Proxy Bid of AED299
- Michael sees the Current Price as AED105. Micheal enters a bid of AED185.
- Rashid's Maximum Proxy Bid is automatically entered as AED190
- Rishma sees the listing's Current Price as AED190. Rishma enters a bid of AED250.
- Rashid's Maximum Proxy Bid is automatically bumped up to be the current winner with a bid that is one increment higher than Rishma's AED250.
Using the above example, Rashid will keep winning the auction until another bidder places a bid higher than Rashid's highest bid, which is AED299.