WP Auctions has three bidding engines. They are explained below.
Standard (Proxy Bidding)
This is the default option. Here Bidder A can enter a proxy Maximum Bid that they are willing to bid up to and be protected in the auction till their Maximum Bid is beaten.
- “Laptop with wheels” has a starting bid of $10.
- John places a maximum bid of $25. His current bid starts at $10.
- Mary places a bid of $20, but is told that her bid is lower than John’s bid.
- The current bid of John is now raised to $20.50 to defeat Mary’s bid of $20.
- Mary can choose to place a new bid which is more than $20.50, to outbid John.
- Bid increments are automatically calculated by our bidding algorithm. The higher the bidding goes the higher the calculated bid increments get.
- If a custom bid increment is set than the bids placed will have to be above that value AND the automatic bid increment will use the same value i.e in the above case if the custom bid increment is $5 the current bid of John would be $25 instead of $20.50.
Simple Bidding (v4.0 only)
In this bidding option the bid placed is the current bid.
- “Cat Sweater with Pom Poms” has a starting bid of $42.
- John places a bid of $62, which is now the current bid.
- Mary places a bid of $70, which becomes the new current bid.
- Bidding continues in this fashion till the auction ends or the auction is closed by the admin.
- The highest bid at the end is winner.
Reverse Bidding (v4.0 only)
- In this bidding option the user has to bid lower in order to win.
- “Google.com Domain” has a starting bid of $150.
- John bids $145, which is now the current bid.
- Mary places a bid of $140, which now becomes the current bid.
- Bidding continues in this way till the auction ends or the auction is closed by the admin.
- The lowest bid at the end is the winner.
Posted in: F.A.Q