Any auction, no matter what the merchandise, location, or technology, only works if there’s more than one interested buyer. It’s the same whether it’s a classic car or a printing press: two people have to play along.
But what happens when an interested buyer wants to participate but can’t be onsite, or can’t even be available to be an internet bidder?
What’s a Maximum Prebid?
Maximum prebidding is a way for internet buyers to be represented in an auction without having to be there. As background, it should be noted that even when there are buyer’s agents involved, they often spend time on the phone during the auction passing information to the buyer about the current bid and the level of activity in the room. The buyer then authorizes the agent to make a bid on his or her behalf.
In some internet auctions, a maximum prebid can be placed for an item that hasn’t yet come to the block for auction. That prebid represents the maximum amount the buyer is willing to pay for the item. The auctioneer knows there is an interested buyer for the item, and can move forward confident that even if there’s only one other bidder on hand, the auction can proceed on that particular item.
Setting a maximum prebid is the most convenient way to participate in an auction without having to be tied to a specific time or date.
A Safer Maximum Prebid: The Proxibid Way
Most auction sites use a maximum prebid system, in some variation or other. However, in almost every instance, the auctioneer is able to see the amount of the buyer’s maximum prebid. When the prebid amount is hidden from the auctioneer, it mimics the actual conditions of an in-person auction—the buyer is represented with absolute fairness.
When the auctioneer knows the amount of the prebid, it’s possible that the auction could be skewed to higher pricing, even subconsciously. Proxibid staff represents the buyer in the auction process, and their sole accountability is to the buyer. The undisclosed maximum prebid system at Proxibid makes it the safest way to purchase valuable items at auction.
The Safest and Most Convenient Auction Site: Proxibid
Proxibid’s policy on concealing maximum prebids brings ultimate confidence to all bidders. Since the amount of the prebid is not disclosed to the auctioneer, the buyer’s interests are represented in a way that is safe and fair.
Not all buyers may need to take advantage of prebidding in the Proxibid Marketplace. In fact, Proxibid offers four different buying models to address every purchasing scenario:
- Timed Auctions end at a specific date and time. The highest bid at the close of the auction is the winning bid.
- Live Auctions are physical auctions conducted at an onsite location, with or without a live audience. Bidders can log on and bid in real-time via Proxibid’s online bidding platform.
- In addition to participating in auctions, buyers can purchase items using Proxibid’s Buy Now capabilities, which enable an immediate purchase at a set price.
- The Make Offer option lets buyers seek out opportunities to negotiate the price of an item.
Proxibid brings a familiar auction environment to commercial, industrial, and personal interests—with the ability to buy or sell a wide array of unique products in a secure environment. With an easy-to-understand process, the entire purchasing experience feels safe, familiar, and comfortable.