Maximum bid obtains the best possible price for you. Autorola.co.uk automatically monitors your bids and ensures that you, as the highest bidder, get the vehicle at a price equal to the second highest bid above the reserve price plus £ 50. This may sound a bit cryptic, but can be easily illustrated using an example.
If no further bids are made, you get the vehicle for £14,050 and have saved £950 in relation to your maximum bid. Naturally bids will never be entered for you beyond your maximum bid.
- A vehicle is registered with a reserve price of £13,000. This reserve price cannot be seen on your screen.
- A dealer bids £ 10,000 for the vehicle. In this case, the dealer's maximum bid is £10,000, and the highest bid shown on the screen is £10,000. The dealer will not get the vehicle, as the reserve price has not been reached.
- You now bid £15,000 for the vehicle. Your maximum bid is £15,000, but for the time being you are recorded as the highest bidder with a bid of £13,000. Autorola.co.uk ensures that you do not bid more than the reserve price of £13,000. If no other bids are made, you purchase the vehicle for £13,000.
- A third dealer bids £14,000 for the vehicle, which currently lists a highest bid of £14,000. This dealer' maximum bid is £14,000, but Autorola.co.uk immediately bids up £ 50 on your behalf, giving you the highest bid of £14,050.