What is proxy bidding?

Proxy bidding is a tool for competitive bidding that allows bidders to enter the amount/limit they are willing to bid for an item. Zeus then acts as an electronic agent, submitting bids on behalf of the bidder, by the required increments, until the bidder wins the item or another bidder surpasses the proxy limit.

Zeus allows you to utilize 3 bidding options:

Proxy bid to win (PTW): In a bid up dollar auction, a proxy is set to the highest amount a user is willing to pay. If another user bids on the same item, Zeus will automatically increase the original bid, up to the proxy amount, following the established bid increments. If another bidder surpasses a proxy, they become the leading bidder.

Similarly, in a bid down rate auction, a proxy is set to the lowest rate a user is willing to bid. Again, Zeus will bid on behalf of the user according to the established bid increments until the bid is surpassed.

Proxy bid to tie (PTT): This may be available in bid down rate auctions. The system will bid down low enough for a user to tie another user. Then, a random selection process will determine the winner.

Direct bid to a specific rate (DB): According to the rules of the auction, the user enters the exact amount or rate they want to bid.

As an example, a user wants to bid $10,000 on an item that has a minimum bid of $9,175. The bid immediately goes to $10,000. Even if no one bids against the user, the winning bid amount is at $10,000.