What is a Max Bid?
When using the AES mobile bidding platform, the bid process follows a formula of meeting a minimum required bid and following established incremental raises until the auction bidding time ends. The bidder with the highest maximum bid at the time of the auction close is the winner.
Maximum bidding allows the user to set a spending limit for each package, and allow the system to automatically bid for them anytime their current bid is surpassed or met. This allows for more competitive bidding, more socializing during the event and a way for eager bidders to increase their odds of being the highest bidder with minimal interaction during the auction.
When a bidder is attempting to place a bid, they will see the below screen. From here they can either bid the minimum amount possible ($40 in the example below) or they can increase their max bid to anything above the the minimum (her the bidder chose to go as high as $70).
Once the user confirms their bid, the system will respond with a confirmation message showing their current bid amount and confirming that the highest bid on the package currently belongs to them.
Now lets suppose that another bidder comes along and wishes to place a bid on the same package. In our example, the current bid is $40 (this is what all bidders will see) but we know that bidder 123 has set a max bid of up to $70 (their spending limit on this package).
Bidder 321 attempts to make a bid at $60 which the system accepts. However immediately after this bid is received, the system will automatically place a bid $10 higher ($70) for our max bidder #123.
Bidder 321 will immediately see that they have been outbid, and need to try a higher amount in order to become the high bidder. This continues until the max bid has been surpassed.
