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How does maximum bid work?

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.

  1. A vehicle is registered with a reserve price of £13,000. This reserve price cannot be seen on your screen.
  2. 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.
  3. 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.
  4. 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.

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.


 
   

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E-mail: customercentre@autorola.co.uk