At Steffes Group, our mission is to make the auction process smooth and straightforward for our bidders. Recently, we’ve noticed some frustration from participants trying to place last-second bids only to miss out due to timing issues. To help, we’re diving into one of the most valuable tools for any bidder: the Max Bid feature.
What is a Max Bid?
The Max Bid functionality is designed to make your bidding experience easier by eliminating the need for constant manual bidding. Instead of placing individual bids incrementally, you can set your maximum price upfront, and our system will automatically place bids on your behalf, up to your limit.
Why Should You Use Max Bids?
Here are some key benefits and insights about Max Bids:
- Place at Any Time: You can set your Max Bid at any point during the auction.
- Adjust if Needed: If circumstances change, you can increase your Max Bid at any time. However, increasing your Max Bid won’t reset the lot’s timer unless someone else has outbid you.
- Stay Competitive: The system will automatically increase your bid only if someone else places a higher bid. This ensures you stay in the lead up to your max limit without constant manual adjustments.
- Effortless Bidding: You can enjoy peace of mind knowing you’re always in the running without having to monitor the auction around-the-clock.
Tip: To make the most of your bidding experience, ensure your communication preferences are configured in your profile to alert you via email or text when you’re outbid. This ensures you’ll never miss the chance to adjust your Max Bid if necessary.
Debunking the Myth of “Sniping”
Unlike some platforms where last-second bids can secure an item (a practice known as “sniping”), our auction process is different. We emphasize fairness by using a bid extension system. If a bid is placed during the final moments of an auction, the timer resets—typically for 4 minutes (though this can vary by auction). This ensures every bidder has a fair chance to participate.
How to Place a Max Bid
- Ensure you’re registered and approved to bid.
- Navigate to the lot you’re interested in and enter your maximum price in the ‘Place Bid Amount’ field.
- Confirm your bid by clicking the ‘Place Bid Amount’ button.
- Sit back and let the system take care of the rest!
What Happens Next?
- If another bidder places a higher Max Bid, your bid will automatically increase in increments until it reaches your set limit.
- If your Max Bid is surpassed, you’ll receive a notification, allowing you to increase your Max Bid if desired.
- The bidding will continue until no further bids are placed, and the lot’s timer expires.
We’re here to make auctions accessible and enjoyable for everyone. By understanding and utilizing the Max Bid feature, you can bid confidently, avoid the stress of last-minute bidding, and focus on what matters most—securing the items you want.
