If the final auction price doesn’t meet the reserve, the highest bidder has the exclusive right to make a final offer.
Each bid you place on BeachPrice uses our Auto Max Bid feature. It’s designed to save you time and give you the chance to win an auction at less than the price you were willing to pay
Let's say there's an auction for a fishing quota with the following status:
And let’s assume you're willing to pay up to $500 for it. You enter a Max Bid of $500.
When you place your Max Bid of $500, the system will automatically place a bid of $100 (the starting bid) on your behalf.
If another bidder comes along and places a bid of $110, our system will automatically and instantly place a new bid for you, just above the competing bid, at $120.
This process continues until the competing bids exceed your Max Bid of $500 or the auction ends.
If the auction ends with your Max Bid still being the highest, you'll win the auction, and you'll only pay the lowest necessary amount to outbid other bidders, not necessarily the full $500 you were willing to spend.