"A smart way to bid to stay in the running & spend as liitle as possible"
A "Maximum Bid" or "Absentee Bid" is the highest price you as a bidder agree to bid on an item. Placing an "Absentee Bid" is a great way to particpate in the RIS Silent Acution both on-line and at the "Live" Silent Auction on Monday, July 26th.
This is the maximum amount you are willing to pay for this item. This amount is not publicly displayed. Although placing a maximum or absentee bid is purely optional, there are at least three key advantages:
- During the OnLine Auction this maximum bid will enable you to automatically stay as the highest bidder on an item you desire up to the amount you have authorized with your maximum bid.
- This authorized Maximum Bid amount will also serve as your "Absentee Bid" at the live auction on July 20th. If this absentee or maximum bid is the highest bid, you win and you will be notified and instructed how to pay for winning bid.
- Even if you plan on attaending the live Silent Auctio on July 26th, placeing an "Absentee bid or Maximum Bid" will allow stay in the running for a desired item during at at the end of the live Silent Auction. Your Absentee bid will be opened at the close of the live silent auction. If your bid is the highest bid, you will be the winner of that item with the next highest bid increment.
For example:
- You place an initial accepted bid of $60 on a $100 valued item which calls for increment increases of $3 on succeeding bids and
- You have you have decided set a maximum bid of $90 and
- Another Bidder places a bid of $63
- RIS proxy services would automatically increase you bid by $3 to $66 or in additional $3 increments to keep you as the highest bidder until your maximum bid of $90 is reached.
- If your highest bid at the close of the internet auction (Midnight, July 18th) has not reached your maximum bid, your bid will then become an "Absentee bid", allowing you to participate in the live silent auction on July 20th, even if you cannot attend.
- For example, If the highest bid placed at the live silent auction is $80 for this item. your final and in this case winning "Absentee Bid" would be $83.
Note: the RIS proxy bidding system only bids up the smallest increment needed for you to become the leading bidder, without exceeding your Maximum bid. Bidders may always choose to increase the amount of their Maximum bid on an item.
